December 3, 2010
In addition to the information provided in my testimony yesterday, you can find further information on trends in federal revenues and how changes to U.S. tax law would affect the behavior of taxpayers and the economy in the following CBO publications:
- Trends and projections of federal revenues are discussed in The Budget and Economic Outlook: An Update (August 2010); and Sources of the Growth and Decline in Individual Income Tax Revenues Since 1994 (May 2008).
- Analyses of the effects of tax policy options on economic activity are discussed in Statement of Douglas W. Elmendorf, Director, Congressional Budget Office, before the Senate Committee on the Budget, The Economic Outlook and Fiscal Policy Choices (September 28, 2010); An Analysis of the Presidents Budgetary Proposals for Fiscal Year 2011 (March 2010); and Analyzing the Economic and Budgetary Effects of a 10 Percent Cut in Income Tax Rates (December 2005).
- The effects of tax rates on economic activity are examined in The Effect of Tax Changes on Labor Supply in CBOs Microsimulation Tax Model, Background Paper (April 2007); Computing Effective Tax Rates on Capital Income, Background Paper (December 2006); Effective Marginal Tax Rates on Labor Income (November 2005); and Taxing Capital Income: Effective Rates and Approaches to Reform (October 2005).
- Subsidies to expenditures through the tax code are discussed in An Overview of Federal Support for Housing, Issue Brief (November 3, 2009); Key Issues in Analyzing Major Health Insurance Proposals (December 2008), pp. 2937; The Deductibility of State and Local Taxes (February 2008); and Statement of Peter R. Orszag, Director, Congressional Budget Office, before the House Committee on the Budget, Performance Budgeting: Applications to Health Insurance Programs and Tax Policy (September 20, 2007).
- Supplemental analyses and detailed data on average federal tax rates and income, by income category, for 1979 to 2007, are available.
- Issues involving tax rates and how household income changes over time are discussed in Effective Tax Rates: Comparing Annual and Multiyear Measures (January 2005).