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Monday, January 30, 2006

Center on Budget and Policy Priorities Releases Tax Reports

Cbpp_logo_4 The Center on Budget and Policy Priorities has released several new tax reports:     

This paper, using data from the Federal Reserve Board and the Tax Policy Center, refutes the claims that the benefits from extending the capital gains and dividend tax cuts are widespread and that such an extension is critical for the strength of the stock market.

This analysis shows that the long-term trend towards increased income inequality, with income gains at the very top of the income spectrum dwarfing such gains among the middle class, has reasserted itself.

This analysis finds that capital gains income subject to taxation has become increasingly concentrated among the top one percent of the population. As a result, the benefits of extending the capital gains and dividend tax cuts are also likely to have become increasingly concentrated.

New forecasts issued by the Congressional Budget Office confirm that if the tax cuts and Alternative Minimum Tax relief are extended, the nation faces large and growing deficits over the next ten years, with total deficits of between $3.5 and $4 trillion over that period.

http://taxprof.typepad.com/taxprof_blog/2006/01/center_on_budge_1.html

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