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DC Trip 2011 - Tax Reform
 

DC Trip 2011 - Tax Reform

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    DC Trip 2011 - Tax Reform DC Trip 2011 - Tax Reform Presentation Transcript

    • Why so much current talk about tax reform?    Jim Gould Tucker Shumack  
    • Sense that our corporate tax system is uncompetitive
      • US corporate rate:  35% vs. Average OECD Rate: 26%
      • US worldwide system vs. territorial system of most of our major trading partners
    • Sense the tax code is cluttered and inefficient
      • 1987: 128 items on tax expenditure list
      • 2010: Over 200 items on tax expenditure list
      • 1998: 45 temporary tax provisions
      • 2010: 147 temporary tax provisions
    • Concern that too many people are exempt 1985: Approximately 20% of individuals paid no income tax 2010: Approximately 50% of individuals paid no income tax
    • Concern that the high-bracket taxpayers have made out too well
      • Top income tax rate: 39.6% in 2000; 35% now
      • Rate on capital gains: 20% in 2000; 15% now
      • Rate on dividends: 39.6% in 2000; 15% now
      • Estate tax: 55% in 2000; 35% now
      •      
    • Concern that the tax system raises too little revenue
      • 2010 federal revenue: 14.9% of GDP
      • Average federal revenue last 40 years: 18% of GDP
      • 2000 federal revenue: 20.6% of GDP