Erica York
Fox Business
Arlington, VA, United States
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Past articles by Erica:
Expanded child tax credit complicates filing season
Those who took the child tax credit may be in for a surprise change in their refund size, or other potential complications, highlighting the downsides of administering family programs without a plan. → Read More
Lawmakers Could Pay for Reconciliation While Improving the Tax Code
With corporate and individual rate hikes potentially out of the Build Back Better (BBB) reconciliation package, lawmakers are weighing alternative options to raise revenue. Rather than come up with complicated changes to the tax base, or untested proposals such as mark-to-market for billionaires, they should prioritize options that raise revenue while improving the structure of the tax code. → Read More
What’s Going on with the Child Tax Credit Debate?
President Biden expanded and fundamentally changed the Child Tax Credit (CTC) for one year in the American Rescue Plan (ARP) passed in March 2021. Policymakers are now deciding the future of the expansion as part of the proposed reconciliation package, but a wide range of estimates for the effects of a permanent expansion is confusing the debate. → Read More
Top Combined Capital Gains Tax Rates Would Average Nearly 37 Percent Under House Dems’ Plan
Seven states would face combined top marginal capital gains tax rates of more than 40 percent, nearing the top rate among OECD countries, currently levied by Denmark at 42 percent. → Read More
Don’t Copy European Drug Pricing Policies that Reduced R&D and Innovation
Rather than pursuing policies that have demonstrably reduced R&D and innovation elsewhere, and that would disincentivize R&D in the U.S., lawmakers should continue to ensure an ecosystem that encourages risk-taking and R&D. → Read More
Claiming 97 Percent of Small Businesses Exempt from Biden Taxes Is Misleading
The Biden administration recently cited an analysis from Treasury claiming that “the President’s agenda will protect 97 percent of small business owners from income tax rate increases.” However, the figure is misleading. To assess the economic effect of higher marginal tax rates, it matters how much income or investment will be affected—not how many taxpayers. → Read More
House and Senate Proposals Would Make Incremental Reforms to Retirement Savings
While falling short of comprehensively reforming the complex U.S. retirement savings system, House and Senate lawmakers have proposed bipartisan bills to help simplify and expand access to retirement savings accounts to more workers. → Read More
CBO Report on R&D and Tax Policy in the Pharmaceutical Industry
In a new report, the Congressional Budget Office (CBO) analyzes federal policies that influence R&D spending in the pharmaceutical industry. The report highlights how taxes affect R&D investment incentives, underscoring the importance of structuring the tax code so that it is not biased against investment. → Read More
25 Percent Corporate Income Tax Rate Would Make U.S. Above Average Compared to Peers
Some lawmakers have expressed concerns about President Biden’s proposal to raise the federal corporate income tax rate from 21 percent to 28 percent, and instead suggest raising the rate to 25 percent. → Read More
Tax Policy in the First 100 Days of the Biden Administration
In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. → Read More
Tax Policy in the First 100 Days of the Biden Administration
In his first 100 days as president, Joe Biden has proposed more than a dozen significant changes to the U.S. tax code that would raise upwards of $3 trillion in revenue and reduce incentives to invest, save, and work in the United States. → Read More
Biden’s Proposed Capital Gains Tax Rate Would be Highest for Many in a Century
President Biden's proposed capital gains tax rate would the highest for many in a century. Learn more about the Biden capital gains tax rate proposal. → Read More
Top Combined Capital Gains Tax Rates Would Average 48 Percent Under Biden’s Tax Plan
The top federal rate on capital gains would be 43.4 percent under Biden's tax plan (when including the net investment income tax). Rates would be even higher in many U.S. states due to state and local capital gains taxes, leading to a combined average rate of over 48 percent compared to about 29 percent under current law. → Read More
Comparing the Trade-offs of Carbon Taxes and Corporate Income Taxes
President Biden’s choice to fund new spending programs with increased corporate taxes comes with trade-offs for American output and incomes. → Read More
Raising the Corporate Rate to 28 Percent Reduces GDP by $720 Billion Over Ten Years
Our economic modeling provides more context, for instance, about how the effects of a higher corporate income tax rate compound over time, which we estimate would reduce GDP by a cumulative $720 billion over the next 10 years. → Read More
Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion
As the Biden administration and Congress consider making the expanded child tax credit permanent, a nearly $1.6 trillion expansion of tax code-administered benefits, they should consider financing it in a way that doesn’t create significant headwinds to economic recovery. Read More → Read More
Making the Expanded Child Tax Credit Permanent Would Cost Nearly $1.6 Trillion
Families with children will see a significant increase in their maximum child tax credit (CTC) in 2021 thanks to the American Rescue Plan Act (ARPA) expanding child-related tax benefits. President Biden is now exploring how to make the ARPA’s temporary expansion of the CTC permanent. Whether and… Read More → Read More
House Ways and Means Committee Takes First Steps Toward Additional Coronavirus Relief Legislation
The nine legislative measures released by the House Ways and Means Committee under the budget reconciliation instructions begins to put legislative text to Congress’ next round of pandemic relief. Some of the measures outlined here further extend the relief measures created by the CARES Act passed last year and most recently extended again in December by the Consolidated Appropriations Act of… → Read More
House Ways and Means Committee Takes First Steps Toward Additional Coronavirus Relief Legislation
The House Ways and Means Committee measures would further extend the relief measures created by the CARES Act and the Consolidated Appropriations Act of 2021, and would go further by significantly expanding existing tax credits and making changes to the international tax system. → Read More
Sen. Romney’s Child Tax Reform Proposal Aims to Expand the Social Safety Net and Simplify Tax Credits
Sen. Mitt Romney (R-UT) recently proposed the Family Security Act, which features a new, more generous child allowance for families with children while reforming other sources of aid for low-income individuals. → Read More