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Friday, June 20, 2014

Taxes

Econ Comments & Analysis                                                                                            
Real Clear Markets | The Massive Tax Increase Hidden Inside Obamacare
With this week's federal announcement that millions of middle- and low-income people are getting a surprisingly large number of taxpayer dollars attached to their participation in the Obamacare health plans, can we begin to take seriously the idea that the fiscal policies and regulations hidden in the Affordable Care Act are shrinking our economy?
Mercatus | Reforming the Mortgage Interest Deduction
The mortgage interest deduction (MID)—the second largest tax break in the United States at $69 billion per year—has long been touted as a critical tool for promoting middle-class prosperity and homeownership. But Americans may be surprised to learn that the only taxpayers who receive a large benefit from this deduction are those in upper income brackets; most taxpayers don’t benefit at all from the deduction.

Blogs                                                                                                                             
CBO | Projections of Tax Expenditures
On the basis of estimates prepared by the staff of the Joint Committee on Taxation, CBO projects that, under current law, all tax expenditures in the individual and corporate income tax systems will total roughly 8.2 percent of GDP in fiscal year 2014, if their effects on social insurance taxes as well as on corporate and individual income taxes are included. CBO estimates that the comparable total for 2017 is 9.0 percent.