Tag: ‘Bush tax cuts’

Understanding TPC’s Analysis of Limiting Deductions

By :: October 19th, 2012

The Tax Policy Center’s new tables showing the revenue and distributional effects of capping itemized deductions have received a great deal of attention since we released them on Tuesday. Our results show that capping deductions can raise a large amount of revenue in a quite progressive manner. Capping deductions could thus be an important component […]

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How Much Revenue Would a Cap on Itemized Deductions Raise?

By :: October 17th, 2012

In last night’s debate, Mitt Romney repeated the idea that he could pay for much or all of the 20 percent rate reduction and other tax cuts in his tax plan by capping itemized deductions at $25,000. He had previously suggested a $17,000 cap in an interview and, in the first debate, $25,000 or $50,000 […]

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What Happened to Tax Reform at Mitt Romney’s Convention?

By :: August 31st, 2012

Yes, political conventions are costly anachronisms. But, with patience and time, one can learn quite a lot about a political party by watching, or reading, what the confab produces. Thus, a few thoughts about the GOP and fiscal policy as Republicans decamp from Tampa: Mitt Romney: In last night’s acceptance speech, he sketched out his […]

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The Bowles-Simpson and Romney Tax Plans Have Almost Nothing in Common

By :: August 9th, 2012

In the recent contretemps over Mitt Romney’s tax plan, some Romney partisans have asserted that the Massachusetts governor’s revenue plank mimics the tax elements of the deficit reduction plan proposed in 2010 by Erskine Bowles and Alan Simpson, the chairs of President Obama’s deficit fiscal commission. This claim is absurd. These two proposals could hardly be […]

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Why Romney’s Tax Agenda Doesn’t Add Up, Even if it Isn’t a Middle-Class Tax Hike

By :: August 2nd, 2012

A new paper by Brookings Institution scholars and Tax Policy Center colleagues Bill Gale, Adam Looney, and Samuel Brown is generating lots of media buzz. Even Barack Obama has put his spin on it with a campaign ad that says if you are middle class, Mitt Romney wants to raise your taxes by up to $2,000 even as he […]

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What the Dueling Senate Bills on Expiring Tax Cuts Would Mean for Taxpayers

By :: July 25th, 2012

As early as today, the Senate is likely to vote on the first of two competing efforts to temporarily extend tax cuts passed between 2001 and 2010. Neither the Democratic nor Republican measures will pass in the hyper-partisan Senate, but it is instructive to see how the measures stack up. The short summary: The Democrats would increase […]

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How Washington Can Turn a Tax Increase into a Tax Cut by Leaping Off the Fiscal Cliff

By :: July 17th, 2012

In the strange alchemy of Washington, Congress can magically turn a tax increase into a tax cut.  And to make it happen, all it has to do is…nothing.      Yesterday, Senator Patty Murray (D-WA) told an audience at the Brookings Institution that she would prefer to let the government tumble over the fiscal cliff at […]

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Taxes Don’t Always Drive the Economy--Sometimes the Economy Drives Taxes

By :: July 12th, 2012

Don’t tell my Tax Policy Center colleagues I said this, but it isn’t always about taxes. If you listened to the presidential campaign this week, you’d think the very fate of the nation rests on what happens to the 2001/2003 tax cuts. It would be hard to believe otherwise as Mitt Romney’s warns us daily […]

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Obama Proposes Nothing Radical on Taxes. Too Bad.

By :: July 9th, 2012

President Obama today urged Congress to extend the 2001/2003 tax cuts for households making $250,000 or less and insisted lawmakers let those provisions expire for those making more. As the president himself said, “I’m not proposing anything radical here.” He’s right. And that’s too bad.  This was an opportunity for Obama to at least tie […]

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Listen Closely When Romney Talks About Taxes

By :: June 19th, 2012

When Mitt Romney talks about his plan for tax reform, he is very careful to say two things: He wants to cut tax rates, and he wants high-income households to pay the same share of taxes they do today. He said it again on Face the Nation last Sunday—a rare in-depth broadcast interview on a […]

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