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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 TC Beirne School of Law University of Queensland Brisbane, Australia July 29, 2011. Overview. The Budget Outlook Short-term Long-term Taxes

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Tax Reform in the United States

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  1. Tax Reform in the United States by Jon Forman Alfred P. Murrah Professor of Law University of Oklahoma Norman, Oklahoma & ATAX Fellow, UNSW TC Beirne School of Law University of Queensland Brisbane, Australia July 29, 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

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