Tax
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Tax Proposals in the 2010 Budget The Tax Policy Center offers the table below as a guide to the tax provisions of President Obama’s 2010 Budget. Subsequent pages provide detailed descriptions and brief commentaries on each provision. Linked tables show the distributional effects of the overall proposal and of major elements of the plan. Further details on the analysis appear below the table. Download complete analysis in PDF format
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Individual Tax Provisions Provisions Affecting Lower- and Middle-Income Households Provide Making Work Pay Credit
-535
Expand Earned Income Tax Credit
-21
Expand refundability of Child Tax Credit
-71
Expand saver’s credit and automatic enrollment in IRAs and 401(k)s
-61
Provide American Opportunity Tax Credit
-49
Eliminate Advanced Earned Income Tax Credit
1
Provisions Affecting High-Income Households Reinstate 36 and 39.6 percent rates for high-income taxpayers1
320
Reinstate personal exemption phaseout and limitation on itemized deductions for high-income taxpayers 1
178
Impose 20 percent rate on capital gains and dividends for high-income taxpayers 1
118
Limit value of itemized deductions to 28%
267
State and Local Finances State and local governments collect roughly half of all taxes in the United States. In 2006, state governments raised nearly $1 trillion in general revenues. Local governments collected almost $800 billion more. Revenue transfers from the federal government raised total funds to about $2.7 trillion or roughly 58 percent of total government spending. •
Data on state revenues
•
Data on state and local government revenues
Main features of state tax systems: states rely on a broad range of sales, income, excise, and property taxes to finance their operations.
Media Statement New Tax Working Group to assist government Against the backdrop of a challenging economic and fiscal environment and tax reviews overseas, Finance Minister Bill English and Revenue Minister Peter Dunne today announced the formation of a new Tax Working Group to address key medium-term tax policy challenges facing New Zealand. The Group, initiated jointly by tax policy officials at the Treasury and Inland Revenue, and tax specialists at the Centre for Accounting, Governance and Taxation Research (CAGTR) at Victoria University of Wellington (VUW), will be coordinated by the CAGTR. The Group’s remit is to consider the medium-term direction of the current tax system in a changing global environment and work through the pros and cons of a variety of policy options. Through a series of regular meetings between June and November 2009, and papers prepared by officials or commissioned from tax experts, the Tax Working Group will provide a forum for informed discussion over medium-term tax policy that can feed into advice to Ministers and wider public debates on tax policy. A one-day conference in December 2009 will provide opportunities for discussion around the Group’s conclusions and recommendations. Regular updates on the Group’s work will be available on the Treasury website. The Group will be chaired by VUW Pro Vice-Chancellor and Dean of the Faculty of Commerce and Administration, Professor Bob Buckle. Private sector and university experts on the Group will include Rob Cameron, Paul Dunne, Arthur Grimes, Rob McLeod, Gareth Morgan, Geof Nightingale, Casey Plunket, John Prebble, Mike Shaw, John Shewan, Mark Weldon and David White. Welcoming the initiative, Finance Minister Bill English said "a strategic review of the tax system is necessary – particularly in light of the challenges posed by the current economic and fiscal environment and our medium-term goal of a 30 percent top personal tax rate." Revenue Minister Peter Dunne said there was an opportunity for the group to make a highly useful contribution. “We look forward to considering the interesting ideas that will no doubt emerge from the Tax Working Group.”
View distribution tables
Individual Tax Provisions Provisions Affecting Lower- and Middle-Income Households Provide Making Work Pay Credit
-535
Expand Earned Income Tax Credit
-21
Expand refundability of Child Tax Credit
-71
Expand saver’s credit and automatic enrollment in IRAs and 401(k)s
-61
Provide American Opportunity Tax Credit
-49
Eliminate Advanced Earned Income Tax Credit
1
Provisions Affecting High-Income Households Reinstate 36 and 39.6 percent rates for high-income taxpayers1
320
Reinstate personal exemption phaseout and limitation on itemized deductions for high-income taxpayers 1
178
Impose 20 percent rate on capital gains and dividends for high-income taxpayers 1
118
Limit value of itemized deductions to 28%
267
State and Local Finances State and local governments collect roughly half of all taxes in the United States. In 2006, state governments raised nearly $1 trillion in general revenues. Local governments collected almost $800 billion more. Revenue transfers from the federal government raised total funds to about $2.7 trillion or roughly 58 percent of total government spending. •
Data on state revenues
•
Data on state and local government revenues
Main features of state tax systems: states rely on a broad range of sales, income, excise, and property taxes to finance their operations.
Media Statement New Tax Working Group to assist government Against the backdrop of a challenging economic and fiscal environment and tax reviews overseas, Finance Minister Bill English and Revenue Minister Peter Dunne today announced the formation of a new Tax Working Group to address key medium-term tax policy challenges facing New Zealand. The Group, initiated jointly by tax policy officials at the Treasury and Inland Revenue, and tax specialists at the Centre for Accounting, Governance and Taxation Research (CAGTR) at Victoria University of Wellington (VUW), will be coordinated by the CAGTR. The Group’s remit is to consider the medium-term direction of the current tax system in a changing global environment and work through the pros and cons of a variety of policy options. Through a series of regular meetings between June and November 2009, and papers prepared by officials or commissioned from tax experts, the Tax Working Group will provide a forum for informed discussion over medium-term tax policy that can feed into advice to Ministers and wider public debates on tax policy. A one-day conference in December 2009 will provide opportunities for discussion around the Group’s conclusions and recommendations. Regular updates on the Group’s work will be available on the Treasury website. The Group will be chaired by VUW Pro Vice-Chancellor and Dean of the Faculty of Commerce and Administration, Professor Bob Buckle. Private sector and university experts on the Group will include Rob Cameron, Paul Dunne, Arthur Grimes, Rob McLeod, Gareth Morgan, Geof Nightingale, Casey Plunket, John Prebble, Mike Shaw, John Shewan, Mark Weldon and David White. Welcoming the initiative, Finance Minister Bill English said "a strategic review of the tax system is necessary – particularly in light of the challenges posed by the current economic and fiscal environment and our medium-term goal of a 30 percent top personal tax rate." Revenue Minister Peter Dunne said there was an opportunity for the group to make a highly useful contribution. “We look forward to considering the interesting ideas that will no doubt emerge from the Tax Working Group.”
