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Tax Foundation

  1. The United States is rare among countries in that it has a worldwide tax system. Under such a system, U.S. corporations are required to pay taxes to the United States on all their income, regardless of where it was earned. This contrasts with a territorial system, in which only income earned in the United States […]
  2. Earlier this week, we reported that the Trump administration may consider reducing the cap on the home mortgage interest deduction from a maximum of $1 million acquisition debt to $500,000. We estimated that this proposal could raise as much as $95 billion to $300 billion over the next decade, depending on how the cap is […]
  3. A few weeks ago, some reports claimed that Steve Bannon, the White House Chief Strategist, supports a top tax rate of 44 percent on taxpayers earning more than $5 million. While this proposal was quickly batted down by the White House, it is still worth taking a look at. The White House wants tax reform […]
  4. Update (8/9/17): Added an estimate of how much this proposal would raise over a decade if phased-in slowly Recent reports suggest that the Trump administration is looking to limit the home mortgage interest deduction as another means to pay for lower tax rates as part of tax reform. Against both current law and the House […]
  5. The elimination of tax expenditures is a popular way to pay for tax reform, but not all tax expenditures are equally worthy of elimination. It is important to ask, for each expenditure, whether it serves a reasonable purpose and whether it accomplishes that purpose in a reasonable way.

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