The United States is the only developed country to practice a system of extraterritorial taxation that treats the tax residents of other countries as simultaneously subject to U.S. worldwide taxation based on citizenship. This extraterritorial tax system is a separate and more punitive tax...

Under the President’s proposed budget for 2016, CBO estimates, the federal budget deficit would decline from $486 billion in 2015 to $384 billion in 2016, but then climb in subsequent years, reaching $801 billion in 2025. Federal debt held by the public would remain in the vicinity of 72...

Under current law, CBO estimates the deficit will total $486 billion in 2015, about the same as in 2014. However, because the nation’s output has increased, the projected deficit for 2015 represents a slightly lower percentage of GDP—2.7 percent. If current laws generally remain unchanged,...

The President's proposals would, relative to CBO's current-law baseline, boost deficits from 2014 through 2016 but reduce them from 2017 through 2024, CBO and JCT estimate. Deficits would total $6.6 trillion between 2015 and 2024, $1.0 trillion less than the cumulative deficit in CBO's baseline....

Under current law, the deficit will decrease to $492 billion in 2014, CBO projects, as revenues continue rebounding from their low in the recession. But beginning in 2016, deficits will rise again—largely because of an aging population, rising health care costs, an expansion of federal...

When policymakers look to trim fat from the federal government they too often ignore half the problem: the vast and complicated set of spending programs administered by the IRS. These programs are often referred to as tax expenditures, but this paper argues that they should be viewed just like...

Public Accounts Committees (PACs) has significant role to play in enhancing oversight and accountability for the use of public funds. This paper discusses the role of PACs in promoting effective, efficient and economic (EEEs) use of public resources for the benefit of the public. It also...

Although federal deficits have shrunk markedly in recent years, growing spending for Social Security and major health care programs, along with increasing interest costs, would cause them to rise steadily over the long term. The larger deficits would cause federal debt to grow faster than the...

Both the supporters and opponents of President Bush's 2001-2003 tax cuts assert that the cuts are steps toward smaller government. That claim appears to misunderstand the notion of the size of government and rests on spending illusion - confusing the amount of the nominal dollar flows between...