Taxes

New Taxes on the Wealthy Are Bad News for Everyone

The new health care law will substantially increase the tax burden of high-income workers and small businesses over the next few years.  Those tax increases could be piled on top of other tax increase…

The Politics of Estate Tax Reform

If it seems as if Congress has been wrangling over the estate tax for decades, that is because it has. Though majorities in both houses of Congress have supported repeal and the law has been changed f…

The High Marginal Cost of the Estate Tax

The estate tax is not yet dead, by a long shot. Federal taxes on estates fell as a result of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). In fact, the estate tax will even d…

Estate Tax Myths

Congress is facing a tax deadline. Under legislation passed in 2001, the federal estate tax is being phased out: The tax rate is falling and the value of the property of the deceased that is exempted…

Soaking the Rich and Drenching Small Business

As soon as 2010, small businesses could face three simultaneous tax hikes that would raise their marginal tax rate as high as 66.9 percent. Democrats in Congress plan to raise taxes on top earners by…

The New Federal Tobacco Tax: Who Loses?

The recent expansion of the State Children's Health Insurance Program (S-CHIP) was funded by an increase in federal excise taxes on tobacco products. Congress increased the federal tax on cigarettes b…

Not-So-Sweet Excise Taxes

Some members of Congress want to raise excise taxes to pay for health care reform and energy technology development.  Federal excises on tobacco and alcohol are often called sin taxes; others designed…

How Tax Relief Can Stimulate Economic Growth

Congress is debating an economic stimulus package that would substantially increase federal spending, but may not speed recovery from the current recession.  The Congressional Budget Office estimates…