By Howard Gleckman :: January 29th, 2013
Just as Congress allowed the 2011-12 payroll tax cut to expire, new research by the Federal Reserve Bank of New York suggests that such tax breaks may significantly boost consumer spending. As a result, raising workers’ take-home pay this way might play a bigger role than many thought in reversing economic slumps. The study by […]
By Ben Harris :: January 15th, 2013
Last week Japan announced a massive stimulus package designed to jumpstart its slumping economy, which is in the midst of its fifth recession in 15 years. The stimulus initiative, heavy on infrastructure spending and disaster preparedness, includes $117 billion in central government spending. Add in local government and private-sector support and spending could top $200 […]
By Howard Gleckman :: December 20th, 2011
House Republicans are right about one thing at least: Extending this year’s payroll tax cut for two months is ridiculous. The trouble is they are largely to blame for the very policy they are criticizing. Congress got itself in this mess because a few dozen self-styled tea partiers have refused since last summer to helo build a […]
By Howard Gleckman :: October 6th, 2011
Senate Democratic Leader Harry Reid’s plan to fund a $445 billion stimulus, err, jobs bill with a 5.6 percent surtax on millionaires is not all bad. After all, Tax the Rich does make a nice campaign bumper-sticker. But it is mostly bad. Why? Here are five reasons. The idea, endorsed today by President Obama, would […]
By Howard Gleckman :: October 21st, 2010
Michael Cooper over at The New York Times stopped off at the Pig Pickin and Politickin rally in North Carolina the other day to ask folks about the Obama tax cuts. Their response, not surprisingly, was “What Obama tax cuts?” This despite the fact that about one-third of the much-reviled 2009 stimulus—or almost $300 billion–came […]
By Howard Gleckman :: September 7th, 2010
With the economy stalled and his party’s November electoral chances sagging, President Obama is rolling out a new plan to boost growth—a mix of infrastructure spending and business tax cuts. The tax changes make some sense on their own merits, although I’m not sure how much they’d do to jumpstart an economy that can’t seem […]
By Roberton Williams :: May 6th, 2009
This year’s stimulus bill offers a refundable tax credit of up to $8,000 for new homebuyers, generously defined as anyone who hasn’t owned a principal residence during the past three years. That’s a pretty sweet deal that could help boost sagging real estate markets.
By Roberton Williams :: February 6th, 2009
The stimulus bill before the Senate would exempt from income tax the first $2,400 of unemployment compensation that people receive in 2009. Because the exclusion reduces their taxable income, higher bracket taxpayers get a bigger break than those with lower incomes. And very low-income households that have no tax liability would get no benefit at all.
By Roberton Williams :: February 4th, 2009
The stimulus bill working its way through Congress would make both the child tax credit (CTC) and the earned income tax credit (EITC) available to more low-income workers. The CTC would phase in at lower income levels for the poorest working families, raising after-tax income for the neediest and most likely encouraging them to spend additional income. The EITC would increase for larger families, also giving more cash to families likely to spend quickly.