The Republican Study Committee (RSC) released its FY 2023 budget today, led by Budget and Spending Task Force Chair Rep. Kevin Hern (R-OK) and RSC Chairman Jim Banks (R-IN), and prescribes several pro-growth tax reforms that would simplify the tax code and encourage business investment. Among the most impactful reforms are permanence for the Tax […]
Key Findings The waning pandemic and robust economic recovery have come with many benefits—plentiful jobs and fast-growing (nominal) incomes—but also serious challenges such as high and rising inflation. Rather than pushing for more fiscal stimulus or leaving it to the Federal Reserve to handle inflation through higher interest rates, policymakers should focus on boosting the […]
Table of Contents Key Findings There are two layers of tax on investment income. First, corporations pay the corporate income tax on their profits. Second, shareholders pay an income tax on the dividends they receive (dividends tax) and capital gains they realize (capital gains tax). On average, in the OECD, long-term capital gains from the […]
Last week, Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced legislation to encourage saving for retirement. The bill, titled Securing a Strong Retirement Act, offers more than 30 changes to simplify and expand the use of different types of retirement accounts. This proposal builds on the SECURE […]