Because colleges and universities serve a public purpose--advancing higher education and promoting myriad forms of research--they enjoy a variety of tax preferences. In addition to being exempt from paying federal income taxes, institutions of higher learning can accept tax deductible charitable...

Under budgetary paths, but not particular policies, specified in the 2016 budget resolution conference report, total debt would be smaller than in CBO’s baseline. Economic output would be lower in the next few years but higher thereafter.

For the past four decades, the individual income tax has consisted of two parallel tax systems: the regular tax and an alternative tax, which was intended to impose taxes on high-income individuals who use tax preferences to greatly reduce or eliminate their liability under the regular income...