Archive for the ‘Main Page’ Category

CBO Says Federal Tax Revenues Will Rise Because Of Higher Individual Income Taxes

Last week’s Congressional Budget Office fiscal update largely focused on the dangers of rising spending on health care, Social Security, and interest on the debt. But it also projected a significant increase in federal revenues, almost entirely due to a big bump in individual income taxes. CBO projects that individual tax revenue will climb well […]

Does Congress Really Care About the Deficit? Not When It Comes to Vets and Highways.

Next time a lawmaker starts to pontificate about the desperate need to reduce the budget deficit, remind him (or her) about what Congress did just before it left town last week. It passed two bills that are extremely important, but didn’t pay for either of them. And they are likely to add tens of billions […]

Same-Sex Couples and Taxes

The 1996 Defense of Marriage Act (DOMA) was not primarily a tax law but it certainly affects the federal taxes that same-sex couples pay. In fact, taxes are the basis for the second of the two cases concerning same-sex marriage that the Supreme Court will hear this week. Although the federal government generally recognizes state […]

Compromise

The debt limit contretemps in Washington during these sweltering summer days threatens to end in financial disaster if Congress and the president can’t agree on legislation raising the cap on federal government borrowing. As everyone recognizes, there will be no solution unless competing factions that demand sharply different policies can compromise. The problem lies in […]

Tax Reform Won’t Happen in 2011 (or 2012)

Much as I hate to write these words, tax reform isn’t going to happen in the coming year, or even in the year after that. The bipartisan tax deal reached by President Obama and Congress earlier this month, along with a few kind words about closing tax loopholes from a handful of GOP lawmakers, has […]

The Tax Vox 2010 Lump of Coal Award, Job-Killing Edition

It’s time for Tax Vox’s fourth annual Lump of Coal Award, given to 2010’s worst moments in fiscal policy. Bad law, outrageous rhetoric, and months of inaction made it tough to choose, but here are our Top 10 nominees: 10. A GOP leadership that sees “job-killers’ everywhere. The health bill was a job killer. The […]

Obama-GOP Compromise Tax Plan on TPC’s Tax Calculator

In a flurry of lame-duck activity, Congress quickly passed the Obama-GOP compromise tax plan and the president signed it into law. TPC has incorporated the new law into its Tax Calculator so you can see how the act will affect individual tax bills. The Tax Calculator lets you compare tax liabilities under the new tax […]

How the Tax Deal Helps Manhattan Real Estate Developers In the Name of 9/11

Why is Congress continuing to subsidize lower Manhattan real estate developers nearly a decade after the 9/11 terrorist attacks on the World Trade Center? While the Senate continues to squabble about whether to provide medical care to first responders, lawmakers have had no second thoughts about continuing special tax-exempt bond financing for high-end builders. A […]

Johnny Depp and the New Tax Law

When the President signs the big tax deal later today, will he be cutting income taxes for most families or sparing them a tax hike? Will he be slashing the estate tax or resurrecting it? Those questions have a clear answer in the official budget world: the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation […]

The Obama-GOP Tax Deal May Be Bipartisan, But It Isn’t Stimulus and It Isn’t Smart

A modest thought experiment: Here is a check for $858 billion. Your job is to boost short-term economic growth. What would you do with the money? President Obama and a huge bipartisan majority of the Senate have given us their answer (and the House is likely to add its support tonight or tomorrow): They’d extend […]