Crs Report for Congress: Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945 (Updated) (Paperback) (ISBN-13: 9781294274117)

Income tax rates are at the center of many recent policy debates over taxes. Some policymakers
argue that raising tax rates, especially on higher income taxpayers, to increase tax revenues is part
of the solution for long-term debt reduction. For example, in the 112th Congress the Senate passed
the Middle Class Tax Cut (S. 3412), which would allow the 2001 and 2003 Bush-era tax cuts to
expire for taxpayers with income over $250,000 ($200,000 for single taxpayers). Other
policymakers argue that maintaining low tax rates is necessary to foster economic growth. For
example, the House passed the Job Protection and Recession Prevention Act of 2012 (H.R. 8),
which would extend the 2001 and 2003 Bush-era tax cuts for one year. The Senate also
considered legislation, the Paying a Fair Share Act of 2012 (S. 2230), that would implement the
so-called "Buffett rule" by raising the tax rate on high-income taxpayers.

Author: Congressional Research Service the Libr,Thomas L. Hungerford
ISBN-10: 1294274112
ISBN-13: 9781294274117
Publisher: Bibliogov
Language: English
Published: 11/11/2013
Pages: 28
Format: Paperback
Weight: 0.15lbs
Size: 9.69h x 7.44w x 0.06d