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278 IRET Congressional Advisory 1 (2011)

handle is hein.taxfoundation/iretcgadv0275 and id is 1 raw text is: INSTITUTE FOR RESEARCH ON THE ECONOMICS OF TAXATION IRET is a non-profit 501 (c)(3) economic policy research and educational organization devoted to informing the public about policies that will promote growth and efficient operation of the market economy. September 14, 2011 Advisory No. 278 Testimony of Stephen J. Entin President and Executive Director Institute for Research on the Economics of Taxation before the Senate Committee on Finance hearing on Tax Reform Options: Marginal Rates on High-Income Taxpayers, Capital Gains, and Dividends September 14, 2011 Chairman Baucus, Senator Hatch, and Members of the Committee, my name is Stephen J. Entin. I am President of the Institute for Research on the Economics of Taxation. Thank you for the opportunity to testify today on the subject of marginal tax rates on upper income individuals, the tax treatment of capital gains and dividends, and their relationship to tax reform. I hope to address two issues in the hearing title. First, what would raising tax rates on the upper income taxpayers' ordinary income, capital gains, and dividends do to the economy and the budget? Second, what is genuine tax reform, and does it include such policies? My conclusions, briefly, are: Higher marginal tax rates on any group, especially those already paying the highest rates, would reduce GDP and income across the board, not just for the people paying the initial tax bill. The burden of higher taxes on capital formation falls largely on labor in the form of lower wages and hours worked.1 Increasing the double taxation of corporate income by raising tax rates on capital gains and dividends would dramatically reduce capital formation and wages, and would not raise the expected revenue. g~*m 6S~ 6 I lIe 6 ~. ~lI

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