Democrats and Republicans have exchanged formal budget proposals in recent days as they continue to joust over tax increases, spending cuts and how to avoid the year-end “fiscal cliff” that could throw the country into another recession.The fiscal cliff is…
Democrats and Republicans have long appeared to have an irreconcilable difference on tax policy: Democrats want more revenue, raised entirely from households with annual incomes over $250,000, while Republicans don’t want any new revenue, particularly from higher tax rates on…
The country needs a very different type of tax reform today than it did when Congress passed the Tax Reform Act of 1986, according to former Treasury secretary Lawrence Summers. (more…)
At last week’s 105th annual conference of the National Tax Association in Providence, R.I., former Clinton Treasury secretary and Obama economic advisor Lawrence Summers explained that the tax reform needed today is very different from the Tax Reform Act of…