Only seniors who are among the richest two percent of taxpayers would lose any of their dividend tax cuts under proposals being discussed. Arguments that corporations would reduce dividend payments in response are not credible because two-thirds of dividends are paid to tax-exempt entities.
July 2010 Archives
The explosion of the Deepwater Horizon drilling rig has focused the world’s attention on the environmental disaster in the Gulf of Mexico. It also reminds us of another disaster — the U.S. international tax system.
On July 14, Douglas Holtz-Eakin, chief economic adviser for John McCain’s presidential campaign and former director of the Congressional Budget Office, gave written and oral testimony to the Senate Finance Committee concerning the Bush tax cuts. To make his case, Holtz-Eakin endorsed several myths about the Bush tax cuts.
In the wake of the disastrous oil spill in the Gulf of Mexico, the public and the media have turned their attention to some of the subsidies provided through the tax code to BP, the corporation that leased the ill-fated Deepwater Horizon drilling platform. This report describes the biggest tax subsidies enjoyed by oil and gas companies and explains that these subsidies do nothing to encourage energy independence or cleaner energy.
CTJ Director Bob McIntyre recently testified before the National Commission on Fiscal Responsibility and Reform. The testimony discusses income tax reform as a means of raising revenue.
CTJ Reports
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