News
Washington Times | Taxpayers still owed $132.9B from bailout
Some bailout programs, such as the effort to help homeowners avoid foreclosure by reducing mortgage payments, will last as late as 2017, costing the government an additional $51 billion or so.
Blogs
Tax Foundation | The Buffett Rule: Lessons from the Recession on Taxing Millionaires
Comparing the 2009 data to the pre-recession data for 2007 shows that not only did the number of millionaires fall by 40 percent, but the overall income of millionaires fell by 50 percent. The result for the U.S. Treasury was that 54 percent of the total drop in tax revenues during this period was due to the falling tax collections from millionaires.
Library of Economics | One-Sentence Tax Reform
If A and B earn the same income, but A saves and B spends more, then A should not have to pay higher lifetime taxes.
Marginal Revolution | Cell phone taxes and the tragedy of the anticommons
In the United States we tax cell phones more than beer. The usual explanations for high taxes, negative externalities and low elasticity of demand don’t seem to apply to cell phones.
The American | Look at just how progressive the U.S. tax system is
Great, great table from the Tax Foundation looking at the average real income tax rate for various income groups.
Reason | The Tax Foundation Releases 2012 State Business Tax Climate Index
The states of interest include: Illinois, which raised taxes that have gone into effect; Connecticut, which raised taxes that are going into effect; Colorado, which had a tax increase ballot initiative defeated by voters; and finally New Jersey, which is exploring cutting taxes.
