Corporate tax rates among industrialized nations have been declining steadily since the mid 1980s. Theories of globalization, capital mobility and tax competition have been proposed to explain these changes. Less attention has been paid to the changes in corporate tax receipts during this period...

Federal legislation to legalize, regulate, and tax cannabis could have significant impacts on the federal budget. While the specific details of any potential cannabis legalization legislation are unknown at present, such reforms are likely to affect both tax receipts and federal outlays through...

Alex Brill and Scott Ganz estimate per-capita state-level and county-level non-mortality and total economic burdens of the opioid crisis in 2015.

This report investigates the impact of a revenue-neutral carbon tax whereby revenues raised from a $25/ton carbon tax are used to reduce the tax rate on wage income by a commensurate amount. Recognizing that such a reform is not revenue-neutral for every single taxpayer, nor even revenue-neutral...

This paper consists of three parts. First, I review the legislative history related to the enactment of two major tax cut proposals during George W. Bush's presidency, the first in 2001 and the second in 2003. Second, I present results from a simple tax calculator that calculates the expected...

he U.S. income tax system, which collected $1.5 trillion in receipts in fiscal year 2007, has, as its principal base, wage income plus the income from capital. To understand how the tax code affects the macro economy, one must understand how taxing wages affects work and how taxing capital...

While there has been much discussion in the media about the potential long-term negative impact of some healthcare reform proposals pending in Congress on the U.S. fiscal deficit, there has been scant attention paid to the potential impact of the recently enacted stimulus bill on the long-term...

By any measure, the U.S. labor market is in poor health, a condition that is not likely to immediately improve. In early February, Federal Reserve Chair Ben Bernanke cautioned that ‘‘with output growth likely to be moderate for a while and with employers reportedly still reluctant to add to...

The stock market has been on a roller coaster in recent years, and such volatility always creates winners and losers among investors, especially those who concentrate their bets on a few individual stocks instead of a broadly diversified investment portfolio. The S&P 500 plunged over 40 percent...

Policymakers and policy analysts are well aware of both the near- and long-term fiscal threats posed by inaction. The consequences of failing to solve these problems, however, are less appreciated. Each problem has a unique makeup and poses specific challenges to policymakers. This paper...