News
CNN Money | California wants to tax rich to solve budget woes
Tax the rich! That's how California Governor Jerry Brown wants to solve the state's growing budget crisis that now nears $16 billion.
Econ Comments & Analysis
WSJ | 'Taxmaggedon' Is a Real Threat
Nine years ago this month Congress passed President George W. Bush's Jobs and Growth Tax Relief Reconciliation Act. That bill's lower rates on capital, as well as the continuity in tax policy it established, have helped make our economy far more resilient.
WSJ | California Ugly
It looks like that Facebook IPO may not be enough to save California's fisc after all. Facebook co-founder Eduardo Saverin has renounced his U.S. citizenship to move to Singapore, which has no capital gains tax. And now we learn the Golden State's budget deficit will come in at $16 billion, up from a merely awful $9.2 billion estimate in January.
Blogs
The American | New report suggests it’s high taxes, not spending cuts, killing Europe
A new budget and economic forecast from the European Commission shows pretty clearly what has gone wrong in Europe. The above chart shows the composition of EU austerity. In 2011-2012, 1.3 percentage points of GDP retrenchment comes from taxes, while 2.0 points comes from spending cuts.
Tax Foundation | Maryland Income Tax Proposal Raises Rates Above $100,000
Maryland's tax special session began today; expect more analysis on it from us tomorrow. However, we just received detail on S.B. 1302, the "State and Local Revenue and Financing Act of 2012." The bill would raise income tax rates for high-income earners, defined as those making at least $100,000. The proposal also more aggressively phases out exemptions for those filers.
