1 / 111

Tax Reform in the United States

Tax Reform in the United States. by Jon Forman Alfred P. Murrah Professor of Law University of Oklahoma Norman, Oklahoma & ATAX Fellow, UNSW Tax-Work-in-Progress Seminar University of Sydney August 2, 2011. Overview. The Budget Outlook Short-term Long-term Taxes

micah-little
Download Presentation

Tax Reform in the United States

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Tax Reform in the United States by Jon Forman Alfred P. Murrah Professor of Law University of Oklahoma Norman, Oklahoma & ATAX Fellow, UNSW Tax-Work-in-Progress Seminar University of Sydney August 2, 2011

  2. Overview • The Budget Outlook • Short-term • Long-term • Taxes • The Current Tax System • Recent Tax Reform Proposals

  3. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2010), at 2, http://fms.treas.gov/fr/10frusg/10frusg.pdf.

  4. Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2011 to 2021 (January 2011), at xv, http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf.

  5. Congressional Budget Office, Four Observations about the Federal Budget (March 7, 2011), at 6 http://www.cbo.gov/ftpdocs/120xx/doc12087/CBO_Presentation_to_NABE_3-7-11.pdf.

  6. http://cboblog.cbo.gov/?p=2371

  7. Getting back in the black Australian Government, Budget Overview (2011), at 8, http://cache.treasury.gov.au/budget/2011-12/content/download/Overview.pdf.

  8. Australian Government, Budget Overview, Budget Statement 1, at 1-13 (2011), http://cache.treasury.gov.au/budget/2011-12/content/download/bp1.pdf.

  9. Short-Term:Projected Budget Totals Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2011 to 2021 (January 2011), at xii, http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf.

  10. Congressional Budget Office, Four Observations about the Federal Budget (March 7, 2011), at 7, http://www.cbo.gov/ftpdocs/120xx/doc12087/CBO_Presentation_to_NABE_3-7-11.pdf.

  11. Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2011 to 2021 (January 2011), at 86, http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf.

  12. Congressional Budget Office, Four Observations about the Federal Budget (March 7, 2011), at 8, http://www.cbo.gov/ftpdocs/120xx/doc12087/CBO_Presentation_to_NABE_3-7-11.pdf.

  13. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2009).

  14. Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at xi, http://www.cbo.gov/doc.cfm?index=12212.

  15. Sources of Growth in Federal Spending onMajor Mandatory Health Care Programs & Social Security, 2011 to 2035 (% GDP) Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at 11, http://www.cbo.gov/doc.cfm?index=12212.

  16. Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at 62, http://www.cbo.gov/doc.cfm?index=12212.

  17. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2010), at iii, http://fms.treas.gov/fr/10frusg/10frusg.pdf.

  18. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2010), at viii, http://fms.treas.gov/fr/10frusg/10frusg.pdf.

  19. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2010), at 12, http://fms.treas.gov/fr/10frusg/10frusg.pdf.

  20. U.S. Department of the Treasury, Financial Management Service, A Citizen’s Guide to the Financial Report of the United States Government (2010), at 18, http://fms.treas.gov/fr/10frusg/10frusg.pdf.

  21. Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at 80, http://www.cbo.gov/doc.cfm?index=12212.

  22. Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at 80, http://www.cbo.gov/doc.cfm?index=12212.

  23. Taxes • Overview of the federal tax system • Recent tax reform proposals

  24. Joint Committee on Taxation, Present Law and Historical Overview of the Federal Tax System (JCX-1-11), January 18, 2011, www.jct.gov. Joint Committee on Taxation, Present Law and Historical Overview of the Federal Tax System (JCX-1-11), January 18, 2011, at 70,www.jct.gov.

  25. Congressional Budget Office, The Long-Term Budget Outlook (June 2011), at 64, http://www.cbo.gov/doc.cfm?index=12212.

  26. Tax-to-GDP ratio, 2008 OECD Tax Database, http://www.oecd.org.

  27. Edward D. Kleinbard, Muddling Through the Budget Crisis (January 6, 2011); OECD Tax Database, http://www.oecd.org.

  28. Joint Committee on Taxation, Present Law and Historical Overview of the Federal Tax System (JCX-1-11), January 18, 2011, at 72,www.jct.gov.

  29. Congressional Budget Office, Trends in Federal Tax Revenues and Rates (December 2, 2010), at 10, http://finance.senate.gov/imo/media/doc/120210DEtest.pdf.

  30. U.S. Standard Deductions, Personal Exemptions, and Simple Income Tax Thresholds, 2011 Rev. Proc. 2011-12, 2011-2 IRB 297, http://www.irs.gov/pub/irs-irbs/irb11-02.pdf.

  31. Tax Rate Schedules for Various Taxpayers, 2011

  32. Joint Committee on Taxation, Present Law and Historical Overview of the Federal Tax System (JCX-1-11), January 18, 2011, at 71, www.jct.gov.

  33. Proposed Budget Receipts Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2011 to 2021 (January 2011), at 87, http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf.

  34. Center on Budget and Policy Priorities, Top Ten Tax Charts (April 14, 2011), http://www.offthechartsblog.org/top-ten-tax-charts/.

  35. U.S. Payroll Tax Rates: Selected Years 20 18 16 14 12 Percent paid jointly by employee and employer Medicare 10 Social Security 8 6 4 2 0 1940 1960 1980 2010 Year

  36. Center on Budget and Policy Priorities, Top Ten Tax Charts (April 14, 2011), http://www.offthechartsblog.org/top-ten-tax-charts/.

  37. Joint Committee on Taxation, Present Law and Historical Overview of the Federal Tax System (JCX-1-11), January 18, 2011, at 66, www.jct.gov.

  38. Center on Budget and Policy Priorities, Top Ten Tax Charts (April 14, 2011), http://www.offthechartsblog.org/top-ten-tax-charts/.

  39. Top 10 Income Tax Expenditures, 2012 (Billions) 44 2012 Federal Budget, Analytical Perspectives, Chapter 17, Tax Expenditures, Table 17-3, http://www.whitehouse.gov/omb/budget/Analytical_Perspectives.

  40. Congressional Budget Office, The Budget and Economic Outlook: Fiscal Years 2011 to 2021 (January 2011), at 97. http://www.cbo.gov/ftpdocs/120xx/doc12039/01-26_FY2011Outlook.pdf.

  41. 46 • Office of Management and the Budget, Budget of the United States Government, Fiscal Year 2010 (2009), at 11, http://www.gpoaccess.gov/usbudget/fy10/pdf/fy10-newera.pdf.

  42. Productivity and Real Income 20 Facts About U.S. Inequality that Everyone Should Know, http://stanford.edu/group/scspi/cgi-bin/facts.php.

  43. Rising Poverty U.S. Census Bureau, Income, Poverty, and Health Insurance Coverage in the United States: 2009, at 14, (Current Population Report No. P60-238, September 2010), http://www.census.gov.

  44. Congressional Budget Office, Trends in Federal Tax Revenues and Rates (December 2, 2010), at 24, http://finance.senate.gov/imo/media/doc/120210DEtest.pdf.

  45. Rising Inequality

More Related