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Options to Cut Taxes [i] (June 2000)

handle is hein.congrec/cbo06651 and id is 1 raw text is: OPTIONS TO CUT TAXES June 2000 NOTES Unless otherwise indicated, all years referred to in this report are fiscal years. Numbers in the text and tables may not add up to totals because of rounding. Preface This memorandum, which first appeared as Chapter 2 in the Congressional Budget Office's (CBO's) March 2000 Budget Options volume, examines a range of major proposals that have been prominent in the public debate over cutting federal taxes. After an overview of the current federal tax system and discussion of three criteria for assessing tax changes, the memorandum considers specific proposals to reduce revenues under each of four basic approaches: broad-based tax cuts that affect most taxpayers, tax cuts aimed at reducing particular disincentives in the current tax system, tax cuts designed to simplify the tax system or improve compliance, and tax cuts that provide new incentives for particular types of behavior. Roberton Williams, G. Thomas Woodward, and Richard Kasten of CBO's Tax Analysis Division wrote the memorandum. Barry B. Anderson, Arlene Holen, and Steve Lieberman, all of CBO, provided helpful comments. Sherry Snyder edited the memorandum, and Christine Bogusz proofread it. Kathryn Quattrone prepared it for publication, and Laurie Brown prepared the electronic versions for CBO's World Wide Web site (www.cbo.gov). Contents THE FEDERAL TAX SYSTEM * The Individual Income Tax * Social Insurance Taxes * Other Federal Taxes CRITERIA FOR ASSESSING TAX CHANGES

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