Tax Reform

What Are People Saying About Tax Day?

April 15, 2014
Publication Image Happy Tax Day!

Another April 15th, come and gone, here's hoping you got a refund and saved a portion of it! There's been a surprising number of articles and opinion pieces swirling around Tax Day this year. We thought we'd highlight some that jumped out at us, here's a sampling:

ASSET BUILDING PROGRAM APPLAUDS SENATOR RON WYDEN’S TAX REFORM VISION

February 11, 2014
WASHINGTON, DC – New America’s Asset Building Program applauds the incoming Chair of the United States Senate Finance Committee, Senator Ron Wyden (D-OR), for his bold vision for tax reform and support for universal children’s savings accounts (CSAs).

The Asset Building Program's Favorites of 2013

December 19, 2013
Publication Image The end of the year is traditionally a time for reflection, and everyone, everywhere on earth loves a listicle, so my colleagues and I decided to pull together a look back on the year that was for the Asset Building Program. Below you’ll find links to some of our favorite pieces of the year and the pieces that tiny elves (ok, Google Analytics) tell us were most popular with you, our readers.

Upcoming Webinar: How the Federal Tax Code is Driving Inequity And What You Can Do About It

October 21, 2013

The Asset Building Program is a co-sponsor for an upcoming webinar (coordinated by Asset Funders Network and PolicyLink) on November 7th regarding the relationship between inequity and current tax policy. Check out the description below and register to attend here. You can also check out our recent paper on this issue: Personal Savings and Tax Reform.

The primary purpose of the U.S. tax system is to generate public revenue, but it also serves as a vehicle to advance public policy goals. For example, the tax code includes provisions that incentivize taxpayers to take certain action – like buying a home, or saving for higher education or retirement – by providing them with tax credits, deductions, exclusions, and preferential rates. These tax benefits reduce government revenues, disproportionately benefit wealthier households, and provide limited benefits for low- and moderate-income families and households of color.

Deliberations about reforming the federal tax code – including discussions about the cost and benefits of various tax expenditures – are underway in Congress. These discussions provide a unique window of opportunity for advocates to call for a more inclusive, progressive, and equitable tax code – one that provides fair benefits to all U.S. households. 

Tax Reform and Asset Building

September 25, 2013

On September 12th, 2013, Elliot Schreur presented "Tax Reform and Asset Building" to the 2013 National Community Tax Coalition conference.

You can find a copy of the presentation here.

 

Just Who is Middle Class?

September 17, 2013

Dylan Matthews at Wonkblog does us all a service today by passing around this chart from today's Census Bureau release on Income, Poverty and Insurance:

As he notes in his post, "If you're in a family of four, and your family's income surpasses $66,000 a year, you're doing better than the typical American family. If you're making six figures, then you're doing much better than the typical American family. If you're making $200,000 or more, you're in truly rarified territory."

Asset Building News Week, July 22-26

July 26, 2013
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The Asset Building News Week is a weekly Friday feature on The Ladder, the Asset Building Program blog, designed to help readers keep up with news and developments in the asset building field. This week's topics include tax reform, inequality, and public assistance.

Paper Release: Personal Savings and Tax Reform

July 22, 2013
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With Congress locked in a seemingly endless loop of disagreement and dysfunction, hoping for a big, bipartisan effort to reform our tax code seems more and more like wishful thinking. Still, there are signs of promise. Senator Max Baucus and Representative Dave Camp, both chairmen of their respective tax-writing committees, launched a nation-wide “road show” last week to bring attention to the need for tax reform. While much of the attention generated by the effort has focused on the big money of corporate tax reform, a more urgent issue for average Americans is reforming personal savings incentives. A new paper that I co-authored with Reid Cramer explains why our current system, though supposedly providing generous tax incentives to save for retirement, homeownership, and education, actually fails to support savings among lower- and middle-income Americans and, in doing so, wastes billions of taxpayers’ dollars every year.

Personal Savings and Tax Reform

  • By
  • Reid Cramer,
  • Elliot Schreur,
  • New America Foundation
July 22, 2013

The tax code is riddled with inequities, especially for families with lower incomes and fewer resources. While some low-income households benefit from refundable credits provided in the tax code such as the Earned Income Tax Credit, many more are categorically excluded from benefiting from valuable tax incentives. The nearly 70 percent of Americans that do not itemize on their tax returns cannot access a range of valuable benefits, deductions, and write-offs that amount to huge tax-saving benefits to higher-income households.

Asset Building News Week, April 15-19

April 19, 2013
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The Asset Building News Week is a weekly Friday feature on The Ladder, the Asset Building Program blog, designed to help readers keep up with news and developments in the asset building field. This week's topics include housing, unemployment, financial products, taxes, and inequality.

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