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It's not like I'm poor : how working families make ends meet in a post-welfare world
\"This book chronicles the impact of the sweeping transformation of the social safety net that occurred in the mid-1990s. With the dramatic expansion of tax credits--a combination of the Earned Income Tax Credit and other refunds--the economic fortunes of the working poor have been bolstered as never before. 'It's Not Like I'm Poor' looks at how working families plan to use their annual windfall to build up savings, go back to school, and send their kids to college. But dreams of economic mobility are often dashed by the reality of making monthly ends meet on meager wages.\"--Provided by publisher.
Book
It's not like I'm poor : how working families make ends meet in a post-welfare world
The world of welfare has changed radically. As the poor trade welfare checks for low-wage jobs, their low earnings qualify them for a hefty check come tax time—a combination of the earned income tax credit and other refunds. For many working parents this one check is like hitting the lottery, offering several months' wages as well as the hope of investing in a better future. Drawing on interviews with 115 families, the authors look at how parents plan to use this annual cash windfall to build up savings, go back to school, and send their kids to college. However, these dreams of upward mobility are often dashed by the difficulty of trying to get by on meager wages. In accessible and engaging prose, It's Not Like I'm Poor examines the costs and benefits of the new work-based safety net, suggesting ways to augment its strengths so that more of the working poor can realize the promise of a middle-class life.
eBook
Borderline Case
The growing integration of world markets for capital and goods, coupled with the rise of instantaneous worldwide communication, has made identification of corporations as \"American,\" \"Dutch,\" or \"Japanese\" extremely difficult. Yet tax treatment does depend of where a firm is chartered. And, as Borderline Case documents, there is little doubt that tax rules for firms doing business in several nations-firms that account for more than three-quarters of corporate R&D spending in the United States-have substantial effects on corporate decisionmaking and, ultimately, U.S. competitiveness.
This book explores the impact of the U.S. tax code and its incentives on the international activities of U.S.- and foreign-based firms: basic research outlays, expenditures on product and process development, and plant and equipment investment. The authors include industry experts from large multinational firms in technology and pharmaceuticals, academic researchers who have explored the quantitative impact of tax provisions on R&D, and tax policy analysts who have examined international tax rules in the broader context of tax reform.
These experts look at how corporate investment and R&D are shaped by specific tax provisions, such as the definition of taxable income, relative tax burdens on domestic and foreign business, taxation of earnings repatriated to the United States, deductibility of expenses of worldwide operations, and U.S. corporate taxes relative to other countries. The volume explores prescriptions and prospects for tax reform and reviews major reform proposals and their implications for the behavior of multinational business.
eBook
Race and Class Matters in Tax Policy
The Earned Income Tax Credit (EITC), which is available only to low-income workers, is headed for extinction or at least the \"end of the EITC as we know it.\" Recently we were informed that 1.6 million low-income taxpayers had their tax refunds frozen over the last five years, although the vast majority did nothing wrong. Low-income taxpayers are far more likely to be audited than their high-income counterparts. In fact, since 1998 over $1 billion has been spent auditing low-income taxpayers. This Essay shows that the EITC is headed for extinction because the EITC has a \"welfare\" taint. The EITC first received a welfare taint during the Clinton Administration, and it has continued during the Bush Administration. In order to reverse the trend, EITC taxpayers will have to be painted in a more sympathetic or \"deserving\" light. This Essay suggests that the truth actually will help here, given that the racial analysis of the EITC shows that the vast majority of EITC taxpayers are white. Because scholars have ignored the race and class effects of the EITC, they offer no solution to improve the plight of low-income taxpayers. Building upon Professor Derrick Bell's interest-convergence thesis, I predict that if the race and class information can be properly \"packaged,\" the EITC's elimination can be prevented.
Journal Article
Tax Refunds and Microbusinesses: Expanding Family and Community Wealth Building in the Borderlands
The Earned Income Tax Credit (EITC) is the largest antipoverty fiscal policy program for working families administered by the Internal Revenue Service (EITCs totaled $42 billion in 2003). For the 2004 tax season, U.S.-Mexico border county EITC refunds reached $1.9 billion while total tax refund amounts for low-income borderlands families topped $2.6 billion. Questionnaires administered during the tax-filing season to working families in Texas, New Mexico, Arizona, and California border counties collected more than forty-five hundred surveys that canvassed respondents on a variety of financial behaviors and tax refund expenditures. Additionally, researchers recorded data on tax filers using their tax refunds to capitalize microbusinesses and respondents' desires to know more about operating a microbusiness. Empirical analysis employing logistic regression produces results that parallel previous findings in the literature and suggests actionable policy prescriptions that may support family and community entrepreneurial activities in the borderlands.
Journal Article
A Failure of Philanthropy: American Charity Shortchanges the Poor, and Public Policy Is Partly to Blame
Helping the poor & disadvantaged is supposedly a main goal of philanthropy. Yet American charity does a bad job of funneling resources from the Haves to the have-nots. Our government encourages & rewards this failure with hefty tax incentives to donors -- incentives which themselves favor the privileged over the less fortunate. If a major point of philanthropy is to serve the underserved, then public policies regulating charity need to change. Adapted from the source document.
Journal Article
Death by a thousand cuts
This fast-paced book by Yale professors Michael Graetz and Ian Shapiro unravels the following mystery: How is it that the estate tax, which has been on the books continuously since 1916 and is paid by only the wealthiest two percent of Americans, was repealed in 2001 with broad bipartisan support? The mystery is all the more striking because the repeal was not done in the dead of night, like a congressional pay raise. It came at the end of a multiyear populist campaign launched by a few individuals, and was heralded by its supporters as a signal achievement for Americans who are committed to the work ethic and the American Dream.
Graetz and Shapiro conducted wide-ranging interviews with the relevant players: members of congress, senators, staffers from the key committees and the Bush White House, civil servants, think tank and interest group representatives, and many others. The result is a unique portrait of American politics as viewed through the lens of the death tax repeal saga. Graetz and Shapiro brilliantly illuminate the repeal campaign's many fascinating and unexpected turns--particularly the odd end result whereby the repeal is slated to self-destruct a decade after its passage. They show that the stakes in this fight are exceedingly high; the very survival of the long standing American consensus on progressive taxation is being threatened.
Graetz and Shapiro's rich narrative reads more like a political drama than a conventional work of scholarship. Yet every page is suffused by their intimate knowledge of the history of the tax code, the transformation of American conservatism over the past three decades, and the wider political implications of battles over tax policy.
eBook
Taxation and Leverage in International Banking
This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy.
eBook
Taxpayer Confusion: Evidence from the Child Tax Credit
We develop an empirical test for whether households understand or misperceive their marginal tax rate. Our identifying variation comes from the loss of the Child Tax Credit when a child turns 17. Using this age discontinuity, we find that despite this tax liability increase being lump-sum and predictable, households reduce their reported wage income upon discovering they have lost the credit. This finding suggests that households misinterpret at least part of this tax liability change as an increase in their marginal tax rate. This evidence supports the hypothesis that tax complexity can cause confusion and leads to unintended behavioral responses.
Journal Article