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Full-Text Articles in Law
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Retirees Beware: Don't Worry About The British-- 2013 Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Articles
Retirees beware. The easy money policy of the Federal Open Market Committee and the 15 percent tax rate on qualified dividends have encouraaged retirees, especially middle-income retired savers, to reorient their nest eggs away from certificates of deposit, treasuries, and money market funds to dividend-paying stocks and mutual funds. According to the IRS, 43 percent of taxpayers age 65 or older reported qualified dividend income amounting to nearly half of the qualified dividend income reported by all taxpayers. By contrast, 46 percent of taxpayers age 65 or older reported net capital gains amounting to 30.5 percent of the net capital …
Political Hot Potato: How Closing Loopholes Can Get Policymakers Cooked, Stephanie Mcmahon
Political Hot Potato: How Closing Loopholes Can Get Policymakers Cooked, Stephanie Mcmahon
Faculty Articles and Other Publications
Loopholes in the law are weaknesses that allow the law to be circumvented. Once created, they prove hard to eliminate. Acase study of the evolving tax unit used in the federal income tax explores policymakers' response to loopholes. The1913 income tax created an opportunity for wealthy married couples to shift ownership of family income between spouses, then to file separately, and, as a result, to reduce their collective taxes. In 1948, Congress closed this loophole by extending the income-splitting benefit to all married taxpayers filing jointly. Congress acted only after the federal judiciary and Treasury Department pleaded for congressional …
The Tax Revenue Capacity Of The U.S. Economy, James R. Hines Jr.
The Tax Revenue Capacity Of The U.S. Economy, James R. Hines Jr.
Book Chapters
The United States imposes smaller tax burdens than do other large high-income countries, its 24.8 percent ratio of tax collections to GDP in 2010 representing the lowest fraction among the G-7. The United States also differs from other G-7 countries in relying relatively little on expenditure-type taxes. It follows that there is significant unused tax capacity in the United States that could be deployed to pay the country’s debts, but that the most promising source of additional tax revenue is expenditure taxation that is widely perceived to have very different distributional features than the income taxes on which the U.S. …