Federal Revenue and Spending" Want to know how the Federal government is raising and spending your money? This excellent web resource from the Heritage Foundation details the rise of federal spending, trends in taxation and borrowing. Brian M. Riedl, Rea Hederman and Ethan Baker provide the data in "Federal Revenue and Spending: A Book of Charts".
By Heritage Foundation , US.
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International Tax Competition" As international capital and labor mobility rises, the risks associated with not having an efficient federal tax structure increase. Chris Edwards and Veronique de Rugy argue that the US should respond to rising tax competition by moving toward a low-rate consumption-based system. "International Tax Competition: A 21st-Century Restraint on Government", is published by the Cato Institute.
By Cato Institute , US.
Taxes on Consumption" Since the mid-1980s there have been 7,000 federal tax code changes and a 74 percent increase in the number of pages of tax rules in the US. Complying with federal tax requirements wastes 6 billion hours each year as families and businesses fill out tax forms, keep records, and learn tax rules. The key factor that causes rising income tax complexity is that the tax base is inherently difficult to measure. The Haig-Simons measure of income favored by many academic theorists is economically damaging and too impractical to use in the real world. As a result, policymakers have fallen back on ad hoc and inconsistent rules to define the income tax base. The complexity and inefficiency of the individual and corporate income taxes have led to great interest in replacing them with a consumption- based tax. The leading consumption-based tax proposals, including the national retail sales tax and the Hall-Rabushka flat tax, could dramatically simplify federal taxation. Those tax systems would eliminate many of the most complex aspects of federal taxation, including depreciation accounting and capital gains taxation. "Simplifying Federal Taxes. The Advantages of Consumption-Based Taxation" by Chris Edwards is published by the Cato Institute.
By Cato Institute , US.
We Tax Dead People, Don't We? " Attitudes towards inheritance taxes expose people's underlying political beliefs in a way that few other public policy issues do. Opponents believe the tax impairs economic growth, destroys small businesses and family farms, encourages spendthrift behaviour, generates huge compliance costs, and leads to ingenious sheltering schemes. Supporters see a highly progressive tax that patches loopholes, helps provide equality of opportunity, reduces the concentration of wealth, and encourages charitable giving. William G. Gale and Joel Slemrod provide this excellent analysis of the US debate on proposals to repeal the Estate (Death) tax. Brookings Institution.
By Brookings Institution , US.