An effective marginal tax rate (ETR) measures an investor’s tax burden on returns from an investment. CBO estimates that the ETR, on average, for all capital income is 18 percent. ETRs on returns from investment vary by sector, ranging from 29 percent for businesses to virtually zero for owner-occupied housing.

In this report, CBO estimates ETRs under current law and eight policy options for taxing capital income.

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CBO analyzed possible transitions to four alternative market structures that involve choices about whether and how the government would continue to guarantee payment on mortgages and mortgage-backed securities.

This report examines various mechanisms that policymakers could use to attract more private capital to the secondary mortgage market and addresses how those mechanisms could be combined in different ways to help the market transition to a new structure during the coming decade.

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The total costs of carrying out the Navy’s 2015 shipbuilding plan—an average of about $21 billion per year (adjusted for inflation to 2014 dollars) over the next 30 years—would be one-third higher than the funding that the Navy has received in recent decades, CBO estimates.

The Navy would probably need to purchase substantially fewer ships than planned to comply with the caps on defense funding.

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Legislation enacted in 2014 calls for the Veterans Health Administration (VHA) to expand the availability of health care to eligible veterans. The structure of VHA and published studies suggest that VHA care has been less expensive than care provided by the private sector.

However, limited evidence and substantial uncertainty make it difficult to reach firm conclusions about whether it would be cheaper to expand veterans' access to health care in the future through VHA facilities or the private sector.

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CBO estimates that the development of shale resources will increase GDP by about two-thirds of 1 percent in 2020 and about 1 percent in 2040, and that the increases in GDP will lead to slightly larger percentage increases in federal revenues. The effect of shale development on domestic energy prices will continue to be larger for natural gas than for oil.

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Taxing Capital Income: Effective Marginal Tax Rates Under 2014 Law and Selected Policy Options
Transitioning to Alternative Structures for Housing Finance
An Analysis of the Navy's Fiscal Year 2015 Shipbuilding Plan
Comparing the Costs of the Veterans' Health Care System with Private-Sector Costs
The Economic and Budgetary Effects of Producing Oil and Natural Gas From Shale