Taxing business income: Evidence from the Survey of Consumer Finances
Past Event
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 events@brookings.edu and via Twitter with #TaxingIncome.
Agenda
Introduction
William G. Gale
The Arjay and Frances Fearing Miller Chair in Federal Economic Policy
Senior Fellow - Economic Studies
Director - Retirement Security Project
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
John Sabelhaus
Nonresident Senior Fellow - Economic Studies
Discussants
Janet Holtzblatt
Senior Fellow - Urban-Brookings Tax Policy Center
Alice Henriques Volz
Principal Economist - Federal Reserve Board
More Information
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