Taxes directly affect Americans by compelling them to surrender part of their income to the government, and indirectly since the taxing power can positively or negatively affect economic growth.
In the U.S., our tax regimes are in serious need for reform, both at the state and federal level. Our tax code fails to sufficiently incentivize investment, the primary driver of economic growth. And it hobbles U.S. companies as they compete internationally.
IPI believes that the purpose of taxes is to raise the revenue necessary to fund the legitimate functions of government while imposing the least possible impact upon the functioning of the economy. We therefore believe that taxes should be simple, transparent, neutral, territorial and competitive.
Because of its tremendous potential to stimulate real long-term economic growth, tax reform should be a top priority of policymakers.
Honey I Shrunk the Surplus - How Clinton and Congress Squandered Your Financial Future
1998 was supposed to be the year when fiscal good times finally overflowed the U.S. Treasury and put money back into the pockets of ordinary Americans in the form of tax cuts. What happened?
An Analysis of the "Taxpayer Relief Act of 1998"
This issue brief looks at the major proposals and the bill’s economic and revenue effects.
Reducing the Marriage Penalty--A Good Way to Cut Taxes?
The purpose of this issue brief is to focus on how changing the tax treatment of married couples would affect the economy. As background, the first section explains how the tax code and marital status interact. The next section estimates the economic and revenue consequences of four proposals
while the last section discusses whether reducing marriage penalties makes for good tax policy.
The New Schedule D--As in "Disaster"
New requirements to track additional asset holding periods have greatly increased the complexity in calculating capital gains taxes. Our researchers, Gary and Aldona Robbins, point out the reasons why these added complications are totally unnecessary.
What to Do With Budget Surpluses? Here's a Clue
Two words: Tax cuts. Surpluses should not be used for new government spending, or for paying down the national debt. They should be used to help return the overall tax burden to a reasonable level.
A Bridge Too Far: President's Tax Proposals Take Us in the Wrong Direction
In his fiscal year 1998 budget, President Clinton has proposed a hodgepodge of targeted tax credits, tax deductions, tax cuts and tax increases. Problem is, the tax credits, tax deductions, and tax cuts have "sunset" provisions, meaning that if balanced budget goals are not achieved, they will expire in 2001. But--you guessed it--the tax increases go on indefinitely. There's no "sunset" for them if the budget balances.
Another Look at the Kennedy Tax Cuts -- What Can We Learn from the Tax Policy of the 1960s?
This is a comprehensive examination of the Kennedy tax cut program, beginning with the changes in depreciation rules in 1962. The conclusion is that the Kennedy tax cuts clearly stimulated the incredible economic growth and job creation of the 1960s, despite the charges of recent critics. And economic growth only slowed when taxes began rising again toward the end of the decade.
An Analysis of the Dole-Kemp Tax Cuts
Candidates Bob Dole and Jack Kemp have proposed a dramatic tax cut plan that is designed to stimulate increased economic growth, remedy the decline in the value of the dependent deduction, and reduce the punitive treatment of capital gains. An analysis demonstrates that the plan is likely to achieve its goals, and only requires a spending cut of less than 2% to pay for itself.
A Primer on Refundable Tuition Tax Credits President's Proposal Scores an "E"--Expensive!
President Clinton has proposed a 2-year, $1,500 per year refundable tuition tax credit for the first two years of post-secondary education. But for every new student drawn to postsecondary education, the President's proposal would spend $51,500. Because already today, over 62 percent of all high school graduates go to college, and because tuition rates have risen in correspondence to the increase in federal student aid, the President's proposal is at least an inefficient expenditure of taxpayer funds.
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