Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Gov’t Reports
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Joint Tax Committee Releases Description of Revenue Provisions in President’s FY 2007 Budget
The Joint Committee on Taxation today released Description of Revenue Provisions Contained in the President’s Fiscal Year 2007 Budget Proposal (JCS-1-06) (322 pages): This document, prepared by the staff of the Joint Committee on Taxation, provides a description and analysis of the revenue provisions modifying the Internal Revenue Code of 1986 that are contained in…
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Joint Tax Committee Releases Tax Treatment of Health Care Expenses
The Joint Committee on Taxation has released Present Law and Analysis Relating to The Tax Treatment of Health Care Expenses (JCX-12-06), in advance of tomorrow’s scheduled Senate Finance Committee hearing on Taking a Checkup on the Nation’s Health Care Tax Policy: A Prognosis. Here is the Joint Tax Committee’s Introoduction: The Senate Committee on Finance…
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CBO Releases Projecting Capital Gains Realizations
The Congressional Budget Office has released CBO’s Methods for Projecting Capital Gains Realizations: The attached table shows capital gains tax rates, realizations, tax liabilities, and tax receipts since 1990….On the basis of CBO’s extrapolation of the available data for 2004, it appears that realizations increased by about 80 percent from 2002 to 2004. CBO has…
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NY Times: Census Bureau Report on After-Tax Poverty Rates Generates Controversy
On Friday, we blogged the U.S. Census Bureau’s new release, The Effects of Government Taxes and Transfers on Income and Poverty: 2004. Saturday’s New York Times has an interesting article about the ensuing controversy, Report on Impact of Federal Benefits on Curbing Poverty Reignites a Debate, by Erik Eckholm: A brief report this week from…
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Census Bureau Releases Pre- and After-Tax Poverty Rates
The U.S. Census Bureau has released The Effects of Government Taxes and Transfers on Income and Poverty: 2004. From the summary: The report provides alternative national poverty rates that range from 8.3%, using a more comprehensive definition of income that includes the value of noncash benefits and excludes taxes, to 19.4%, using another definition of…
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CBO Releases Utilization of Tax Incentives for Retirement Saving
The Congressional Budget Office has released Utilization of Tax Incentives for Retirement Saving: An Update. Here is part of the Summary and Introduction: This paper updates the CBO’s Utilization of Tax Incentives for Retirement Saving (August 2003). That paper examined participation rates and contributions to employment-based retirement plans, individual retirement accounts (IRAs), and Keogh plans…
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New Census Bureau Data on Per Capita State Tax Burden
The U.S. Census Bureau has released state-by-state tax burden data for 2004: Per Capita Tax Burden State Per Capita Tax Burden 1. Hawaii $3,050.03 2. Wyoming $2,973.87 3. Connecticut $2,941.21 4. Minnesota $2,890.90 5. Delaware $2,862.03 6. Vermont $2,844.96 7. Massachusetts $2,628.26 8. New Jersey $2,415.82 9. California $2,391.65 10. Michigan $2,381.34 11. New York…
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2007 Tax Expenditure Budget
Buried deep in the Fiscal Year 2007 U.S. Government Budget documents posted here yesterday is this 45-page report on tax expenditures. (Thanks to Mike McIntyre (Wayne State) for extracting this for our readers.)
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Treasury Releases FY 2007 Blue Book
The Treasury Department today released its General Explanations of the Administration’s Fiscal Year 2007 Revenue Proposals (the Blue Book) (147 pages). From the press release (JS-4011): In addition to permanent extension of the President’s tax relief enacted in 2001 and 2003, the President’s FY 2007 Budget includes several new initiatives, including: Increased expensing for small…
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Budget of the U.S. Government, Fiscal Year 2007
The White House today released the Budget of the United States Government, Fiscal Year 2007: Budget of the United States Government Fiscal Year 2007 Budget of the United States Government, Fiscal Year 2007—Appendix Historical Tables, Budget of the United States Government, Fiscal Year 2007 The Budget Message of the President Overview of the President’s 2007…
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CRS Releases Federal Tax Reform and Its Potential Effects on Saving
The Congressional Research Service has released Federal Tax Reform and Its Potential Effects on Saving (RS22367) (1/26/06): It is often argued that the saving rate in the United States is too low. Many observers suggest that the federal tax system can provide an effective way of increasing the U.S. saving rate. Indeed, one of the…
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IRS Releases Papers from 2005 IRS Research Conference
The Statistics of Income Division has released selected papers and other materials produced by IRS employees and others for the 2005 IRS Research Conference held on June 7-8, 2005, in Washington, D.C. These materials are included in the proceedings of the conference — The IRS Research Bulletin: Recent Research on Tax Administration and Compliance, Publication…
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SOI Releases Corporation Source Book
The Statistics of Income Division has released Corporation Source Book, 2000: Data tables from the Tax Year 2000 Corporation Source Book of Statistics of Income (Publication 1053) are now available in Excel spreadsheets for viewing or downloading from Tax Stats at the IRS.gov Web site. These tables present detailed income statement, balance sheet, tax, and…
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Joint Tax Committee Releases Explanations of Proposed Tax Treaties
In connection with a hearing scheduled by the Senate Foreign Relations Committee for February 2, 2006, the Joint Committee on Taxation on Friday released explanations of proposed tax treaties between the United States and: Sweden (Income Tax) (JCX-1-06) (50 pages) France (Income Tax) (JCX-2-06) (26 pages) France (Estate & Gift Tax) (JCX-3-06) (16 pages) Bangladesh…
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CBO Releases The Budget and Economic Outlook: 2007 – 2016
The Congressional Budget Office has released The Budget and Economic Outlook: Fiscal Years 2007 to 2016. For the summary, see here.
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GAO Releases State Revenue Impacts of Internet Tax Moratorium
The Government Accountability Office today released Internet Access Tax Moratorium: Revenue Impacts Will Vary by State (GAO-06-273) (55 pages). Here are the Highlights: The Internet tax moratorium bars taxes on Internet access services provided to end users. GAO’s interpretation of the law is that the bar on taxes includes whatever an access provider reasonably bundles…
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CBO Releases Historical Effective Federal Tax Rates: 1979 to 2003
The Congressional Budget Office has released Historical Effective Federal Tax Rates: 1979 to 2003. Here is the Introduction: The following tables update the series of historical effective tax rates estimated by the Congressional Budget Office (CBO) by providing values for an additional calendar year: 2003. The tables show effective tax rates for the four largest…
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Census Bureau Releases 2006 Statistical Abstract
The U.S. Census Bureau has released the 2006 Statistical Abstract of the United States. Of particular interest to readers of this blog is Section 13: Income, Expenditures, and Wealth (Tables 650 – 704), including: Table 659. Personal Income and Its Disposition: 1990 to 2004 Table 662. Personal Income Per Capita in Current and Constant (2000)…
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SOI Releases Tax Stats Dispatch 2005-29
The Statistics of Income Division has released Tax Stats Dispatch 2005-29 with three items: Estate Tax Returns Filed in 2004: A table containing data from Estate Tax Returns filed in Calendar Year 2004 is now available. The table shows the amount of gross estate, types of property, deductions, taxable estate, estate tax, and tax credits.…
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SOI Releases New Statistics of Income Bulletin
The Statistics of Income Division has released (IR-2005-147) the Fall 2005 Statistics of Income Bulletin with these new studies: Individual Income Tax Returns, 2003, by Michael Parisi & Scott Hollenbeck: The Bulletin contains an in-depth look at the 130.4 million individual income tax returns filed for tax year 2003, a slight increase from the 130.1…
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Tax Gap at Record High 14.4%
The Bureau of Economic Analysis has released a new estimate of the tax gap — the gap between personal income and AGI — in Comparison of BEA Estimates of Personal Income and IRS Estimates of Adjusted Gross Income. The new report pegs the tax gap at 14.4%, the highest figure in the 46 years the…
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CBO Releases The Long-Term Budget Outlook
The Congressional Budget Office last week released The Long-Term Budget Outlook. Here is the Executive Summary: As health care costs continue to grow faster than the economy and the baby-boom generation nears eligibility for Social Security and Medicare, the United States faces inevitable decisions about the fundamentals of its spending policies and its means of…
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Joint Tax Committee Releases Reports on H.R. 4440, The “Gulf Opportunity Zone Act of 2005”
The Joint Committee on Taxation on Friday released Technical Explanation of the Revenue Provisions of H.R. 4440, The "Gulf Opportunity Zone Act of 2005" as Passed by the House of Representatives and the Senate (JCX-88-05) Estimated Revenue Effects of the Revenue Provisions of H.R. 4440, The "Gulf Opportunity Zone Act of 2005" as Passed by…
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CBO Releases Analyzing the Economic and Budgetary Effects of a 10% Cut in Income Tax Rates
The Congressional Budget Office yesterday released Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates. Here is the Summary: This brief by the CBO analyzes the macroeconomic effects of a simple tax policy: a 10% reduction in all federal tax rates on individual income. Because there is little consensus…
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CBO Releases Corporate Income Tax Rates: International Comparisons
The Congressional Budget Office yesterday released Corporate Income Tax Rates: International Comparisons (60 pages). From the Preface: Corporate income taxes can distort the allocation of productive resources both within the United States and across countries. This Congressional Budget Office (CBO) paper—prepared at the request of the Chairman of the House Committee on Ways and Means—examines…