Do We Need a Tax Cut?
As the economy languishes and the presidential election nears, politicians of both parties are searching for ways to stimulate the economy and promote economic growth.
Auto Fuel Economy Standards: Good for the Environment or a Cause of Highway Dealths?
The Corporate Average Fuel Economy (CAFE) program was part of legislation enacted in 1975 to reduce American dependence on foreign oil. Studies show that the CAFE is already responsible for 2,200 to 3,900 additional traffic dealths per model year fleet because it has forced a decrease in vehicle weight, putting smaller, less safe cars on the road. Raising the CAFE standards would more than double the number of CAFE-caused fatalities.
Why Does Crime Pay?
America is burdened by an appalling amount of crime. Although the crime rate is not soaring as it did during the 1960s and 1970s, we still have more crimes per capita than any other developed country.
If the Budget Summit Was a Success, Why is the Five-Year Deficit Heading Toward $1 Trillion?
The recently released 1992 federal budget documents the failure of the federal government to live within its means.
Will The New Budget Package Create A Recession?
The United States has experienced the longest peacetime economic expansion in its history, due to tax reductions enacted during the 1980s.
Rethinking the Clean Air Act Amendments
The Clean Air Act was passed in 1970 and has been amended on several occasions. Recent amendments proposed by President Bush have been so altered in the Senate and the House of Representatives that they now risk a presidential veto. These altered proposals would create costly burdens for consumers, workers and industry in an effort to reduce acid rain, and ozone pollution, emissions from automobiles, and toxic chemicals.
State Governments Turn to New Taxes
This year 25 states — leb by California, Massachusetts, New Jersey, and New York — have approved roughly $10 billion in new taxes, making 1990 the second-largest state tax increase year on record. No state cut taxes significantly.
Do We Need New Taxes?
In budget summit negotiations, the President and Congress originally had agreed in principle to reduce the federal deficit by $50 billion next year and $500 billion over the next five years. About half of the first year's reduction was to come from reduced spending and the other half from increased taxes. Events in the Middle East and an apparent economic recession, however, have caused many to question the wisdom of any tax increase at this time.
How to Stimulate Economic Growth and Reduce the Deficit at the Same Time
President Bush and congressional leaders have agreed that any new budget package must contain incentives for investment and capital formation. The overriding reason for the budget summit is to reduce the federal deficit, however. This backgrounder addresses ways of achieving both goals.
Would a Capital Gains Tax Cut Increase or Reduce Government Revenue?
Last year the House passed a capital gains tax cut which subsequently died in the Senate. The Joint Committee on Taxation (JCT) prediceted the bill would reduce federal revenues by about $60 billion over the next decade. The National Center for Policy Analysis predicted the bill would increase federal revenue by $60 billion. Congressional opponents of a capital gains tax cut agreed with the JCT. Congressional supporters agreed with the NCPA.
Should Income Tax Rates For Wealthy Taxpayers Be Increased?
Lower personal income tax rates are Ronald Reagan's most significant legacy. The highest rate was 70 percent in 1980. Tax reform in 1981 reduced it to 50 percent and in 1986 to 28 percent that prevails today. Although tax rates are much lower, the federal government now collects more revenue (as a percent of GNP) than it did in 1980.
Should 85 Percent of Social Security Benefits Be Taxed?
The elderly pay income taxes on up to one-half of their Social Security benefits if their total income exceeds $25,000 (individual) or $32,000 (couples). They pay taxes on 50 cents of benefits for each $1 of income above these income thresholds.