Explaining “Unexplained Weakness” in Corporate Income Tax Receipts
Recent revisions to estimates of corporate profits may explain the unanswered question of why corporate income tax receipts have underperformed CBO estimates in recent years.
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PDF Brief Brief
Senator Michael Bennets the Real Deal Tax Plan Projected Budgetary Effects
This legacy brief is available as a downloadable PDF.
Policy Options: Raising the Social Security Taxable Maximum
We estimate the budgetary, economic and distributional effects of raising the Social Security taxable maximum to $300,000 starting on January 1st, 2021. We project that it would raise $1.2 trillion of additional revenue on a conventional basis over the 10-year budget window and lower GDP 1.7 percent by 2050. Families in the top 10 percent of the income distribution would bear 93 percent of the overall burden of this tax increase.
PDF Brief Brief
Senator Elizabeth Warrens Wealth Tax Projected Budgetary and Economic Effects
This legacy brief is available as a downloadable PDF.
Policy Options: Eliminate Itemized Deductions
We estimate the budgetary, economic and distributional effects of eliminating all Schedule-A itemized deductions starting on January 1st, 2021. We project that it would raise about $2.1 trillion of additional revenue on a conventional basis over the 10-year budget window and increase GDP by 2.3 percent by 2050. Families in the top 10 percent of the income distribution would bear 75 percent of the overall burden of this tax increase.
The Revenue-Maximizing Capital Gains Tax Rate: With and Without Stepped-up Basis at Death
Under current law, PWBM estimates that a 33% capital gains tax rate maximizes revenue, but this rate increases to 42% if stepped-up cost basis at death were eliminated.
