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Tue, 29 Jan 2008 00:00:00 CST | Tax Foundation's Tax Policy Blog

In this week's edition of The Onion, their weekly "interview" of guests on the street asks the question "Congress agreed on an economic stimulus package that would give individual taxpayers a rebate of up to $600. What do you think?"

Our favorite response was from Neville Head, who is a dog trainer:

"I hope buying $600 worth of waffles helps the economy, because that's what I'm going to do."

(Just hope Neville isn't moving to New Mexico because he may encounter a fat tax in the future if he does.)

Barbados Police Commissioner Explains A Certain Shooting - Continues To Ignore Other Incidents

Sun, 17 Feb 2008 13:33:48 +0000 | Barbados Free Press

Folks, I have to run out and pick up the wife but when I return I will finish writing this article. I think that Commissioner of Police Dottin is addressing the shooting that we talked about in our article Bystander Accidentally Shot By Barbados Police - Left To Die By The Roadside. Read our previous article for [...]

More on States Exporting Tax Burden to Out-of-State Businesses

Tue, 25 Mar 2008 00:00:00 EDT | Tax Foundation's Tax Policy Blog

An excellent article appeared yesterday in the Asbury Park Press on the dangers of "economic nexus" - the practice of states imposing taxes on businesses that have no employees or property within the state. An excerpt from "Revenuers get aggressive" by Jason Method:

In 2001, using the same nexus theory, Los Angeles County, Calif., unsuccessfully attempted to force the company that owns DirecTV to pay property taxes on its satellites in orbit.
But some out-of-state business owners say New Jersey has become so aggressive that the tax bills have crossed over to the absurd.
Closer to home, New Jersey in 2003 sent a $15,000 corporate tax bill to a software developer in South Carolina, six years after the developer sold a $695 computer program to an Atlantic City casino.
Carey J. "Bo" Horne, 60, of Seneca, S.C., said he was stunned when he got the tax bill from New Jersey. The home-based software developer never even visited the state to do business.

Read the rest of the article here.

Read about our efforts to have the U.S. Supreme Court settle this issue here, a recent congressional bill that has been introduced to stop these destructive state practices, and information from a recent hearing on the bill, detailing a story of truckers being shaken down by tax collectors on the state line.

Memo to Bruce Bartlett: Just Do the Math

Fri, 22 Feb 2008 17:35:22 +0000 | The Fair Tax Blog

The Beacon Hill Institute’s David G. Tuerck has published a new article in Tax Notes titled “Memo to Bruce Bartlett: Just Do the Math” (link to PDF). The article begins: In the November 13, 2006, issue of Tax Notes, my coauthors and I published an article (the BHI/Kotlikoff study) in which we hoped to resolve [...]

Correction: Elegance Is Abundant; Groceries Are Less So

Thu, 27 Mar 2008 23:43:15 GMT | New York Times

A photograph with the ?Living In? article last Sunday about Clinton Hill, Brooklyn, was published in error. It shows properties on Lafayette Avenue in Fort Greene, not in Clinton Hill. Also, the article misidentified the street of the local branch of the Brooklyn Public Library. It is on Washington Avenue, not Clinton Avenue.

The Trillion-Dollar War

Tue, 15 Apr 2008 10:23:00 EST | Tax and Fiscal Policy (mercatus.org)

This article by Mercatus Center Senior Research Fellow Veronique de Rugy appeared as the May 2008 cover story in Reason. The article addresses the current spending levels and process used to fund the War on Terror.

NYT and WaPo on McCain Economics and Holtz-Eakin's Role

Wed, 23 Apr 2008 00:00:00 EDT | Tax Foundation's Tax Policy Blog

The New York Times and Washington Post had two articles today discussing McCain's economic policies and his economic staff. First, David Leonhardt wrote a column in the New York Times that focused mostly on McCain's advisor Douglas Holtz-Eakin, former director of the Congressional Budget Office, who is widely respected in tax policy circles in Washington.

Another McCain article, this one in the Washington Post by Ruth Marcus, looks at "McCainonomics." Marcus mostly criticizes McCain's current positions on tax policy, arguing that they are irresponsible.

One correction is necessary in Marcus's article regarding AMT where she writes: "In fact, getting rid of the AMT -- as opposed to patching it to make sure it does not catch increasing numbers of taxpayers -- would primarily benefit those with annual incomes of $500,000 or more."

That is not really true. While an AMT repeal would hit what most people would call rich (200,000 - 500,000), it doesn't really hit people above $500,000 due to the fact that the AMT rates are much lower than the ordinary rates of 33 and 35 percent that these taxpayers are hit with. The Joint Committee on Taxation estimates that for tax year 2010 (the peak of AMT for the near horizon), under current law, those making above $500,000 in AGI would only pay $15 billion in AMT out of a total AMT payments (plus lost credits) amount of $119.5 billion. Approximately 56 percent of tax returns with AGI above $500,000 would be hit by AMT. The fact of the matter is that the hardest hit group is between $200,000 and $500,000, which would pay an additional tax of $46.8 billion (98.1 percent of tax returns in that group would pay AMT).

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