Paul L. Caron
Dean
Pepperdine Caruso
School of Law
Think Tank Reports
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The 25 Highest State & Local Sales Tax Rates
There are 107 major metropolitan areas in the United States with populations in excess of 200,000. The Tax Foundation lists the 25 highest combined sales tax rates — state, county, and city: Table 1State, County and City Sales Tax Rates in Cities with Population Over 200,000, Ranked by Combined Sales Tax RateRates as of July 1,…
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Cost of Government Day: Aug. 19
Thursday, August 19, was Cost of Government Day, as calculated by Americans for Tax Reform Foundation and the Center for Fiscal Accountability: This is the day on which the average American has earned enough gross income to pay off his or her share of the spending and regulatory burdens imposed by government at the federal,…
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Property Tax Per Capita: 12 of 13 Highest Are Obama Blue States, 9 of 12 Lowest Are McCain Red States
Tax Foundation, State and Local Property Tax Collections Per Capita by State, Fiscal Year 2008: Rank State Property Tax Per Capita 1 DC $2,938 2 NJ $2,625 3 WY $2,385 4 CT $2,381 5 NH $2,317 6 NY $2,009 7 RI $1,957 8 VT $1,896 9 MA $1,789 10 IL $1,662 11 FL $1,649 12…
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CBPP: Wealthy Would Benefit from Extension of ‘Middle-Class’ Bush Tax Cuts
Following up on yesterday's post, CNN: A Surprise Tax Cut for the (Almost) Rich: Center on Budget and Policy Priorities, High-Income People Would Benefit Significantly From Extension of “Middle-Class” Tax Cuts A fact generally overlooked in the debate over whether Congress should extend the high-income Bush tax cuts — i.e. those targeted exclusively at couples…
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Paul O’Connor Named President of Tax Executives Institute
Paul O’Connor, Vice President, Taxes, for Millipore Corporation in Billerica, Massachusetts, has been elected the President of Tax Executives Institute (TEI), effective August 10. (Millipore Corporation is a subsidiary of Merck KGaA, Darmstadt, Germany.) From the TEI press release: Founded in the United States in 1944, TEI is the preeminent association of in-house tax professionals,…
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More on the Expiration of the Bush Tax Cuts
The Atlantic, What to Do About the Bush Tax Cuts Center on Budget and Policy Priorities, Extension of High-Income Tax Cuts Would Benefit Few Small Businesses; Jobs Tax Credit Would Be Better Center on Budget and Policy Priorities, Letting High-Income Tax Cuts Expire Is Proper Response to Nation’s Short- and Long-Term Challenges Christian Science Monitor,…
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ATR: Obama’s Broken Tax Pledge
Americans for Tax Reform, Gibbs Misleads Public on Obama’s Broken Tax Pledge: White House spokesman Robert Gibbs seems to have forgotten that his boss has already broken his central campaign promise – a “firm pledge” that “no family making less than $250,000 a year will see any form of tax increase. Not your income tax,…
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Brookings: A VAT Is Part of the Solution
The Tax Policy Center has published A Value-Added Tax for the United States: Part of the Solution, by William G. Gale & Benjamin H. Harris. Here is the abstract: The U.S. faces a large medium-term federal budget deficit and an unsustainable long-term fiscal gap. Left unattended, these shortfalls will hobble and eventually cripple the economy.…
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Tax Foundation Releases 2011 Tax Calculator With 3 Bush Tax Cut Scenarios
The Tax Foundation has released a tax calculator at www.MyTaxBurden.org, which allows taxpayers to compare their 2011 federal income tax liabilities under three scenarios (methodology here): All the Bush tax cuts expire completely at the end of this year All the Bush tax cuts are extended into 2011 or made permanent President Obama’s budget is adopted,…
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The Economic Case Against the Death Tax
The Heritage Foundation has published The Economic Case Against the Death Tax, by Curtis S. Dubay. Here is the abstract: 2010 is the only year since 1916 in which heirs to an estate will not have to pay the dreaded death tax. Victory for small businesses? Not yet—due to a legal quirk, the death tax…
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Dividends and Capital Gains by Age Group: Seniors Rule
From the Tax Foundation (dividends, capital gains):
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Heritage Foundation Hosts Panel Discussion Today on The Impact of the Expiration of the 2001 and 2003 Tax Cuts
The Heritage Foundation hosts a panel luncheon at noon today on Capitol Hill on Impact on the Economy, Small Businesses, and Seniors from Expiration of 2001 and 2003 Tax Relief: The 2001 and 2003 tax relief packages expire at the end of 2010. That is less than 6 months from now. If Congress fails to…
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CBPP: Proposed Unlimited Estate Tax Exemption for Farms Is Misguided
The Center on Budget and Policy Priorities today released Unlimited Estate Tax Exemption For Farm Estates Is Unnecessary and Likely Harmful, by Gillian Brunet & Chye-Ching Huang: Proponents of repealing the estate tax have made farmers, along with small business, the face of their cause, driving some policymakers to push for special preferences for farms…
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Income Mobility Mitigates Income Inequality
The Tax Foundation today published Income Mobility and the Persistence of Millionaires, 1999 to 2007, by Robert Carroll: Concern over the rising gap between the rich and poor has been the primary rationale for President Obama's redistributive policies. But one important aspect of the American economy that should lessen concerns about snapshots of income inequality…
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Why Does Obama Exclude Tax Expenditures From Proposed Presidential Rescission Authority?
Sima J. Gandhi (Center for American Progress), Rescission Decision: Tax Expenditures Belong on the Cutting Block: The House Budget Committee will hold a hearing Thursday morning on a White House proposal to give the president authority to force reconsideration of items in spending bills that he concludes are not a good use of public resources.…
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More on Do Property Tax Caps Work?
Following up on my post, Do Property Tax Caps Work? (May 25, 2010): the Center on Budget and Policy Priorities today released Property Tax Cap Wouldn’t Improve New Jersey Policies: A report released by the Manhattan Institute argues that a property tax cap has reduced property taxes and school spending in Massachusetts without compromising student…
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Top 5% (>$212k/year) Earn 30% of Income, Pay 40% of All Taxes; Hillary Clinton Says That’s Not Enough — Urges Global Push for Tax Increases
Tax Policy Blog, Rich Pay 40% of Nation’s Tax Burden, Hillary Clinton Says Its Not Enough, by Scott A. Hodge: Ben Smith at Politico has posted a video of Hillary Clinton stating that she does not think America’s rich are paying their fair share of taxes. She said, “The rich are not paying their fair…
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Will the Estate Tax Rise From the Grave in 2011 (or Sooner)?
The Tax Foundation today released Federal Estate Tax: Will It Rise From the Grave in 2011 or Sooner?: The scheduled but nevertheless unexpected repeal of the federal estate tax in 2010 and the prospect of its reinstatement in 2011 bring debate over the estate tax, or “death tax,” to the fore again. Some of the…
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Tax Liabilities for Sample Families Under Bush & Obama Tax Law
The Tax Foundation today released Taxpayers Face Uncertainty in 2011 as Bush and Obama Tax Cuts Expire: Below are tax calculations for a few sample taxpayers. Since it’s not clear how Congress and the President will deal with the expiration of all the tax cuts, we calculate them in three ways. The first is what…
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50-State Ranking: Mortgage Interest Deduction
Tax Foundation, Tax Savings from Mortgage Interest Deduction Vary Significantly from State to State: Mortgage Interest Deduction by State, Tax Year 2008 State Percentage of Returns Claiming Deduction Rank Average Deduction(all returns) Rank Average Deduction(for returns claiming one) Rank United States 26.83% $ 3,279 $ 12,221 Alabama 24.02% 32 $ 2,226 36 $ 9,267 38…
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Do Property Tax Caps Work?
Wall Street Journal, The Tax Caps Cometh: Massachusetts Shows How to Put a Lid on Education Spending Increases, by William McGurn: In Indiana, Republican Gov. Mitch Daniels has succeeded in lowering property taxes on homes to 1% of assessed value. In New Jersey, another Republican, Gov. Chris Christie, has introduced a reform package that would…
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50-State Ranking: Filers With $0 Tax Liability
The Tax Foundation today released States Vary Widely in Number of Tax Filers with No Income Tax Liability: One of the most reported topics during the latest tax filing season was the record number of Americans who filed an income tax return but had no income tax liability after taking their credits and deductions. According…
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CBPP Criticizes Proposed Estate Tax Deal
Following up on my recent posts: Estate Tax Deal in the Works? (May 12, 2010) Senate Estate Tax Deal Falls Apart (May 19, 2010) Center on Budget and Policy Priorities, Stalled Proposal to Cut Estate Tax Further Is Deeply Flawed and Should Not Be Revived: A proposal that several senators were developing — before negotiations…
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Tax Revenues Fall in 45 States
The Tax Foundation reports today that state tax revenues fell 8.9% in 2009 from 2008, with 45 states collecting less tax revenues. (In contrast, federal tax revenues fell 16.6% in 2009.) State revenues fell in four of the five taxes: Property Tax: +3.6% Selective Sales Tax: -2.7% General Sales Tax: -5.5% Individual Income Tax: -12.5 Corporate Income…
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State & Local Tax Burden as a Percentage of State Income
The Tax Foundation has published this downloadable 50-state map of State and Local Tax Burden as a Percentage of State Income Ranking [click on chart to enlarge]: