Taxes

Does It Pay to Save?

Does it pay to save?  The answer is often no.  In fact, penalties for saving are astronomical for some households, particularly young, single-parent and lower-income families.  But these are the very…

A Wiser Way For Retirees to Donate

Charitable gift funds are more than a toy of the nearly rich. They offer a surprising advantage to retirees with ordinary incomes. Using a charitable gift fund, a retired couple can increase their giv…

Twelve Reform Steps for Texas

Texas needs to end its addiction to inefficient, unresponsive public policies.  To that end, the Legislature should go cold turkey and consider 12 radical changes.

Taxes and Economic Growth

Some activities of government clearly contribute to economic growth. Beyond some minimum level, however, government becomes a net drain on the economy. Empirical evidence shows that as the tax burden…

Killing the Death Tax

This summer, the Senate fell short of the super-majority needed to bring to a vote a measure permanently repealing the estate tax.

Wealth, Inheritance and the Estate Tax

It is commonly assumed that inheritances are a major source of wealth inequality and that the offspring of wealthy families tend to be as rich as their parents due to bequests.  This perception is one…

The Alternative Minimum Tax Threatens Middle-Income Families

The Alternative Minimum Tax (AMT) enacted in 1978 was intended to tax the small number of wealthy individuals who, in any given year, legally owe no personal income tax due to the many exemptions allo…

We All Pay for the Estate Tax

Congress is debating repeal of the estate tax — again. The 2001 tax cuts included a gradual phase-out and full repeal of the estate tax in 2010. But due to the sunset provision imposed by federal budg…