Fiscal Policy

Taxes

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Taxes provide the revenue that finances government programs at all levels, with income and payroll taxes the largest federal revenue sources. Under the graduated tax system in the United States, those with larger incomes generally are taxed at higher rates than those with lower, but special tax breaks and loopholes can create complexity and inequity.

A red traffic light stands in front of the U.S. Capitol building in Washington (REUTERS/James Lawler Duggan).

Opinion

Tax-Policy Procyclicality

October 1, 2013, Carlos A. Vegh and Guillermo Vuletin

Carlos Vegh and Guillermo Vuletin examines recent research showing that tax policy tends to be procyclical in developing countries and acyclical in developed countries, and that while some developing countries have managed to escape the procyclical fiscal policy trap, some developed nations – notably Eurozone members – are falling into it.

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The Urban-Brookings Tax Policy Center

The Center is made up of nationally recognized experts in tax, budget and social policy who have served at the highest levels of government. TPC provides timely, accessible analysis and facts about tax policy to policymakers, journalists, citizens and researchers. 
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