News
WSJ | Corporate Taxes on Table in Cliff Talks
The White House has told Republicans it would include an overhaul of the corporate-tax code as part of any deal to reduce the deficit, people familiar with the talks said, a move to court business groups as budget negotiations intensify.
Politico | 180 economists oppose tax hike
A letter signed by 180 economists opposed to tax increases as part of a fiscal cliff deal will be delivered to Congress on Wednesday, according to a national anti-tax group.
National Journal | White House Adds Corporate Tax Reform to Cliff Offer
The White House sweetened its latest offer to House Republicans by including in the details an overhaul of the corporate tax code, according to sources familiar with the fiscal cliff talks.
Econ Comments & Analysis
WSJ | Taxes Are Much Higher Than You Think
President Obama argues that the election gave him a mandate to raise taxes on high earners, and the White House indicates that he won't compromise on this issue as the so-called fiscal cliff approaches.
NBER | The Hated Property Tax: Salience, Tax Rates, and Tax Revolts
Because of the manner in which it is normally paid, the property tax is almost certainly the most salient major tax in the U.S. The property tax is also the least popular tax and the only major tax whose revenues have declined as a share of income.
Blogs
Library of Economics | When Taxes are Cut, What Does Regressive Mean?
How starting with a progressive tax system and cutting everyone's taxes by the same percent gives you a regressive tax cut.
Tax Foundation | Virginia May Consider Gasoline Tax Increase
In FY 2013, the Virginia state government is expected to spend around $4.9 billion on transportation, including some $4.1 billion on roads. However, the state gasoline tax of 17.5 cents per gallon will raise just $961 million; other road- and vehicle-related state taxes raise another $1.3 billion.
Library of Economics | The More-Visible Are Property Taxes, the Lower they Are
People hate the property tax more than other taxes. There are fairly regular "tax revolts" against the property tax, many of which are based on local or statewide referenda.
CATO | Regardless, You'll Pay More
The president may be calling for $1.6 trillion in tax hikes by 2022 in exchange for not driving the country over the cliff, but that does not count Obamacare, which will impose an additional $1 trillion in new or increased taxes over the next ten years, a big portion of which take effect in 2013.
National Review | More on Increasing Tax Rates On High-Income Earners
Recently I’ve been reading economists Leonard Burman and Joel Slemrod’s Taxes in America. Like pretty much everything else these two write, this book is well worth reading.
