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Abstract:
The Constitution places control of the federal government's funds in the hands of Congress. This article examines Congress' exercise of discretion in connection with expenditures, impoundments, debt and taxation. It concludes that its actual control over the government's funds has become limited over time and makes recommendations for more robust exercise of its traditional authority.

expenditure, impoundment, debt limit, taxation, power of the purse

Abstract:
A recent temporary addition to the standard deduction distributes a limited tax benefit to a subset of nonitemizing taxpayers based on real property tax payments. The provision sacrifices some of the standard deduction’s simplicity, costs more than a billion dollars annually and makes inequitable distinctions. Congress should fail to renew it.

tax, income tax, standard deduction

Abstract:
When JGTRRA 2003 reduced the income tax rate on dividends received by individuals to that of net capital gains, Feld explains, it also changed the relative attractiveness of alternative forms of corporate payout. Interest payments on shareholder debt and compensation to shareholder-employees, which generally provide superior returns to individuals, now yield less after-tax benefit in some circumstances than dividend payments. Feld says the change also calls into question the continuing function of a number of code provisions intended to prevent a bailout of corporate earnings at net capital gain rates and whose rules now affect primarily corporate rather than individual shareholders.