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National Tax Journal articles from September 2007
Quarterly journal provides institutional, empirical and analytical research in government finance, taxation and public sector finance and policy.
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National Tax Journal archives from September 2007
Individual income taxes after 2010: post-permanence-ism.
September 1, 2007... INTRODUCTION
Tax policy changes during the last six years have been significant. A dozen tax bills with gross revenue changes in excess of $1 billion have been enacted into law and the total estimated reduction in tax receipts is...
Estate planning under the Bush tax cuts.
September 1, 2007... SUMMARY OF TRANSFER TAX CHANGES MADE BY EGTRRA
EGTRRA phases out and temporarily repeals the estate and GST tax (but not the gift tax) by reducing rates, increasing the amount of unified credit that exempts an amount (the applicable credit...
The AMT: what's wrong and how to fix it.(alternative minimum tax)
September 1, 2007... INTRODUCTION
The original minimum tax was an add--on tax intended to ensure that high-income people paid at least some tax. It has morphed and mutated into what is now the individual alternative minimum tax (AMT), a complex, unfair, and...
Can America afford to get sick?(health care spending)
September 1, 2007... INTRODUCTION
Eighteen years ago, Henry Aaron, Barry Bosworth, and Gary Burtless posed the question, "Can America afford to grow old?" That study was seminal because the long-term budget projections were explicitly tied to a macroeconomic/...
The economic effects of the president's proposal for a standard deduction for health insurance.
September 1, 2007... INTRODUCTION
Health care costs continue to rise rapidly in the United States. The growth in health care costs has been exceeding GDP growth by two percentage points annually since 1940. In 1960, health expenditures were just 5.3 of Gross...
The president's proposed standard deduction for health insurance: evaluation and recommendations.
September 1, 2007... INTRODUCTION
President Bush's FY 2008 budget proposed major changes in tax incentives for health insurance and health care. His plan would eliminate most current tax exclusions and deductions for health insurance premiums and out-of-pocket...
Health Savings Accounts: will they impact markets?
September 1, 2007... INTRODUCTION
In the over 30 years since the passage of the Employee Retirement Income Security Act of 1974 (ERISA), retiree income security risk burdens have shifted steadily from employers to households. A primary avenue for this...
Turning workers into savers? Incentives, liquidity, and choice in 401(k) plan design.
September 1, 2007... INTRODUCTION
Company-sponsored defined contribution (DC) plans are now at the heart of the US private-sector retirement system, with nearly 60 million private sector employees holding $2 trillion in 401(k) pension assets. (1) Those who...
What is the effective Social Security tax on additional years of work?
September 1, 2007... INTRODUCTION
In the U.S., Social Security system retirement benefits are based on the average of the highest 35 years of earnings during an individual's working life. This "high-35" approach--especially when combined with wage-indexing of...
Why do firms offer risky defined-benefit pension plans?
September 1, 2007... INTRODUCTION
In the aggregate, private defined-benefit (DB) pension plans in the United States are underfunded by a considerable margin. The Pension Benefit Guaranty Corporation (PBGC), the federal insurer of such plans, puts the aggregate...
What can we learn about uncertain tax benefits from FIN 48?
September 1, 2007... INTRODUCTION
What are public corporations recording and disclosing about their tax expense during 2006 in advance of the effective date of Financial Interpretation No. 48's Accounting for Uncertainty in Income Taxes (FIN 48) requirement to...
The foreign source income repatriation patterns of US parents in worldwide loss.
September 1, 2007... INTRODUCTION
On average 40 percent of US corporations with foreign source income are not taxable because they are in loss, and annually these loss firms are responsible for about 13 percent of foreign source dividend repatriations. (1) Yet...
Do capital income tax cuts trickle down?
September 1, 2007... INTRODUCTION
Capital income tax reductions are often used to stimulate economic activity during business downturns or to promote economic growth. In general, lowering capital income tax rates improves the after-tax rate of return of...
Understanding the tax gap.
September 1, 2007... INTRODUCTION
The term "tax gap" has been used repeatedly by pundits and policy makers. These individuals exhibit a wide range of understanding of the concepts underpinning the tax gap estimates. Our aim with this article is to provide...
Tax compliance and the neuroeconomics of intertemporal substitution.
September 1, 2007... INTRODUCTION
It is well understood that human decisions are more complicated than standard economic models assume. Indeed, the reason for modeling a problem is to simplify it in such a way that we can understand some portion of the problem...
An agent-based model of tax compliance with social networks.
September 1, 2007... BACKGROUND
Tax evasion as a social phenomenon has received increasing amounts of attention in the literature as researchers seek improved approaches to modeling noncompliance. In related research, others have sought approaches that more...
The federal role in state taxation: a normative approach.
September 1, 2007... INTRODUCTION
States have considerable flexibility under the U.S. Constitution for imposing the taxes they choose. Generally, states are free to levy taxes without consideration of how other states are affected or without constraints...
How federal policymakers account for the concerns of state and local governments in the formulation of federal tax policy.
September 1, 2007... INTRODUCTION
In Showdown at Gucci Gulch (Birnbaum and Murray, 1987), chronicling the passage of the Tax Reform Act of 1986, the issues of state and local tax preferences are front and center. The lobbying effort to remove from the...
Pre-emption: federal statutory intervention in state taxation.
September 1, 2007... INTRODUCTION
The extent to which subnational governments can independently choose their fiscal (and other) policies is a critical issue in any federation. In the United States, state governments enjoy a high but not unlimited degree of...
Lending a helping hand: two governments can work together.(federal-state tax relations)
September 1, 2007... INTRODUCTION
States rely heavily on the federal income tax regime; however, they also reflect their own preferences, for example, by legislating deviations from federal taxable income. These differences in taxing systems have created a...