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Daily Archives: November 1, 2012

CRS – Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945

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Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945. Thomas L. Hungerford, Specialist in Public Finance, September 14, 2012

  • “Income tax rates have been at the center of recent policy debates over taxes. Some policymakers have argued that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part of the solution for long-term debt reduction. For example, the Senate recently passed the Middle Class Tax Cut (S. 3412), which would allow the 2001 and 2003 Bush tax cuts to expire for taxpayers with income over $250,000 ($200,000 for single taxpayers). The Senate recently considered legislation, the Paying a Fair Share Act of 2012 (S. 2230), that would implement the “Buffett rule” by raising the tax rate on millionaires. Other recent budget and deficit reduction proposals would reduce tax rates. The President’s 2010 Fiscal Commission recommended reducing the budget deficit and tax rates by broadening the tax base—the additional revenues from broadening the tax base would be used for deficit reduction and tax rate reductions. The plan advocated by House Budget Committee Chairman Paul Ryan that is embodied in the House Budget Resolution (H.Con.Res. 112), the Path to Prosperity, also proposes to reduce income tax rates by broadening the tax base. Both plans would broaden the tax base by reducing or eliminating tax expenditures.”
  • This CRS published via New York Times – see the related article, Nonpartisan Tax Report Withdrawn After G.O.P. Protest
  • Related postings on the financial system

    • IMF Financial Access Survey Database

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    “The FAS is the sole source of global supply-side data on financial inclusion, encompassing internationally-comparable basic indicators of financial access and usage. In addition to providing policy makers and researchers with annual geographic and demographic data on access to basic consumer financial services worldwide, the FAS is the data source for the G-20 Basic Set… Continue Reading

    Doing Business 2013 – Smarter Regulations for Small and Medium-Size Enterprises

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    International Finance Corporation, World Bank: “Doing Business 2013: Smarter Regulations for Small and Medium-Size Enterprises assesses regulations affecting domestic firms in 185 economies and ranks the economies in 10 areas of business regulation, such as starting a business, resolving insolvency and trading across borders. This year’s report data cover regulations measured from June 2011 through… Continue Reading

    Extreme Weather and Climate Change in the American Mind, Fall 2012

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    News release: “The year’s string of “weird weather” — what weather professionals generally refer to as “anomalies” — appears to have had some significant impact on Americans’ attitudes toward global warming as a factor in determining every-day weather, according to new survey results. A question that arises now and in coming cooler months involves just… Continue Reading

    Papers Delivered at GPFI 1st Annual Conference on Standard – Setting Bodies and Financial Inclusion

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    Issues Paper 3 – Financial Inclusion – A Pathway to Financial Stability? Understanding the Linkages, Oct 26, 2012 Issues Paper 2 – Proportionality in Practice across the Standard-Setting Bodies: Applying Standards and Guidance while Supporting a Financial Inclusion Agenda, Oct 26, 2012 Issues Paper 1 – Standard-Setting Body Engagement on Financial Inclusion: Progress and Challenges,… Continue Reading

    September jobless rates down over the year in 345 of 372 metro areas; payroll jobs up in 267

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    News release: “Unemployment rates were lower in September than a year earlier in 345 of the 372 metropolitan areas, higher in 22 areas, and unchanged in 5 areas, the U.S. Bureau of Labor Statistics reported today. Two areas recorded jobless rates of at least 15.0 percent, while 41 areas registered rates of less than 5.0… Continue Reading

    Real Consumer Spending Picks Up in September

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    News release: “Personal income increased $48.1 billion, or 0.4 percent, and disposable personal income (DPI) increased $43.0 billion, or 0.4 percent, in September, according to the Bureau of Economic Analysis. Personal consumption expenditures (PCE) increased $87.9 billion, or 0.8 percent. In August, personal income increased $17.8 billion, or 0.1 percent, DPI increased $15.1 billion, or… Continue Reading