Federal Fiscal & Tax Policy
How should we tax the Great Wealth Transfer?
Legislated changes in business income taxes over the past 20 years have led to a dramatic reduction in the federal income tax base and revenues. As a result, a significant share of income is never subject to tax. For example, more than half of non-corporate business income in the National Income and Product Accounts does not show up on tax returns.
On January 11, the Urban-Brookings Tax Policy Center hosted an event on this divergence between economic and taxable income and its implications for tax policy. Results from new research using the Survey of Consumer Finances will be presented with an eye towards understanding which forms of income do not show up on tax forms, where in the income distribution that divergence is occurring, and the revenue implications of broadening the business income tax base.
Viewers submitted questions for speakers via email to [email protected] and via Twitter with #TaxingIncome.
In Partnership With
Agenda
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January 11
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Introduction
William G. Gale Senior Fellow - Economic Studies, The Arjay and Frances Fearing Miller Chair in Federal Economic Policy, Co-Director - Urban-Brookings Tax Policy Center -
Presenter
Download the conference draft: Taxing business incomes: Evidence from the Survey of Consumer Finances
Download the conference draft: Simulating income tax liabilities in the Survey of Consumer Finances
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Discussants
Janet Holtzblatt Senior Fellow - Urban-Brookings Tax Policy Center
Alice Henriques Volz Principal Economist - Federal Reserve Board
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