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Policymakers should retain estate and inheritance taxes as important components of our tax structure.
Federal and state estate and inheritance taxes should affect only the largest transfers.
State and local governments issue bonds to finance important projects that meet social goals and benefit communities. Bonds are attractive because they provide financial flexibility.
Motor fuel taxes should be indexed for inflation and increased as necessary to fund transportation infrastructure and services.
Excise taxes on individual commodities, such as tobacco or alcohol, should at least keep pace with inflation. One way to do this is by levying them on an ad valorem basis.
State and local governments charge fees for the use of certain services. These fees are based on the principle that people should pay according to the benefits they receive.
User fees should directly relate to the services received. They should not unfairly burden people with low incomes or unduly limit access to public services.
Public assets should not be sold to raise revenue if the sale would sacrifice resources that serve important national and regional purposes.
Taxes are complicated. Compliance often poses challenges.