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An Updated Analysis of the 2008 Presidential Candidates' Tax Plans: Updated September 12, 2008

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Publication Date: September 2008

Publisher(s): Tax Policy Center

Author(s): Roberton Williams; Leonard E. Burman; Surachai Khitatrakun; Jeff Rohaly; Eric Toder

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Federal Budgets & Fiscal Policy; Taxes and Social Programs; Budget Issues; General Tax Policy

Type: Report

Abstract:

Tax and fiscal policy will loom large in the next president's domestic policy agenda. Nearly all of the tax cuts enacted since 2001 expire at the end of 2010 and the individual alternative minimum tax (AMT) threatens to ensnare tens of millions of Americans. While a permanent fix palatable to both political parties has proven elusive, both candidates have proposed major tax changes. This report describes how we performed our modeling and analysis, outlines the major tax proposals, and discusses the implications of their policies for the revenue raised, taxpayer economic activity, and the distribution of the tax burden.