The Tax Reform Tradeoff: Eliminating Tax Expenditures, Reducing Rates
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
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The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
“Lawmakers have squandered a generational opportunity to reform our tax code in a responsible way," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/12/peterson-foundation-statement-on-tax-legislation
Major tax expenditures tend to benefit high income taxpayers more than lower income groups.
https://www.pgpf.org/blog/2016/04/who-benefits-from-tax-expenditures
As the coronavirus (COVID-19) pandemic took hold, economic activity slowed and tax revenues in most states began to decline.
https://www.pgpf.org/blog/2020/12/state-tax-revenues-took-a-hit-in-the-wake-of-the-pandemic
The benefits from tax breaks do not flow equally to households of different income levels.
https://www.pgpf.org/blog/2022/03/who-benefits-more-from-tax-breaks-high-or-low-income-earners
Corporate tax receipts dropped by 31% in 2018 — an unprecedented decline during a time of economic growth. Explore what's responsible for the plunge.
"Tax Cuts 2.0 is a fitting name, because this bill would add more than $2.0 trillion to our national debt over 10 years once it kicks in," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
“Another round of tax cuts financed with borrowed money is doubling down on fiscal irresponsibility," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2018/09/peterson-foundation-statement-on-new-round-of-tax-cuts
A key provision of the ARP advances half of the expected credit for 2021 in periodic payments, which have now begun.
https://www.pgpf.org/blog/2021/07/what-to-know-about-the-new-monthly-child-tax-credit-payments
Adjustments to the U.S. corporate income tax system could influence the level of domestic investment, economic growth, and hiring; such adjustments would also alter the amount of revenues collected by the federal government, which would have an effect on the nation’s fiscal outlook.