Posts Tagged ‘Congress’

Fiscal Reality Check: Will Congress Pay for the Tax Extenders and the Doc Fix?

After it returns from Spring Break next week, Congress may face two big fiscal reality checks. It will have to decide whether to temporarily extend scores of expiring tax provisions and what to do about permanently adjusting the formula Medicare uses to pay physicians (the “doc fix”). Combined, these two measures would add about $65 billion to the […]

Tax Policy is MIA in the State of the Union

When it comes to tax policy, President Obama’s State of the Union address last night was a model of modesty. There was little new. And, while it is always hard to tell what really matters in a speech that included more than 40 separate initiatives, the president showed little enthusiasm for broad-based tax reform. With […]

IRS Gets Hammered in the 2014 Budget Agreement

The Internal Revenue Service is one of the biggest losers in the 2014 budget deal agreed to last night by House and Senate negotiators. Under the agreement, the service would get just $11.3 billion, which is $526 million below its 2013 budget and $1.7 billion less than President Obama requested. According to the House Appropriations […]

Pay to Extend Unemployment Benefits? Why Not Pay to Extend Temporary Tax Breaks Too?

In the battle over whether to extend long-term unemployment benefits, one of the Republican talking points is: Sure, we’ll consider an extension, but it must be paid for. That’s a fine idea. Here’s another: In exactly the same way, Congress should offset the cost of restoring dozens of temporary tax breaks that expired on Dec. […]

TheTaxVox 2013 Lump of Coal Award: Wait ‘Til Next Year Edition

Tax Vox proudly announces its seventh annual Lump of Coal Award for the worst tax and fiscal policies of 2013. The year was a curious mix of really bad ideas and dithering. After all, Congress’s finest moment may have been its December budget mini-deal—a decision that effectively ignored every one of the great fiscal questions facing […]

Budget Deal Doesn’t Raise Taxes But Many Will Still Pay More

The budget deal announced Tuesday wouldn’t raise taxes—members of Congress can vote for it without violating their no-tax pledges. But the plan will collect billions of dollars in new revenue by boosting fees and increasing workers’ contributions to the Federal Employee Retirement System (FERS). To people paying them, those higher fees and payments will feel […]

The Budget Deal: A Needed Time Out From Washington’s Fiscal Tantrums

House and Senate budget negotiators have reached what can only be called a temporary fiscal truce—if they can convince their congressional colleagues to accept it. House Budget Committee Chair Paul Ryan (R-WI) and Senate Budget Committee Chair Patty Murray (D-WA) hammered out a lowest-common-denominator deal that gives both parties two years of breathing room—and talking points. […]

Whither the Tax Extenders?

In three weeks, more than 60 expiring tax provisions will…expire. At least for a while. It isn’t unusual for these mostly-business tax breaks to temporarily disappear, only to come back from the dead a few months after their technical expiration. But this time businesses are more nervous than usual. Their problem: Congress may have few […]

The Supreme Court Opens The Door to Sales Tax Collections by Online Sellers

Yesterday, by doing nothing, the U.S. Supreme Court took a giant step towards ending the decades-long dispute over whether states can require online retailers to collect sales taxes. In effect, the High Court ruled that, absent congressional action, states have broad authority to require Internet sellers to collect those levies just as their Main Street […]

The Democrats Never-Ending Search for Tax Loophole Closers

Senate Democrats are circulating a list of a dozen tax “loopholes” they’d like to close as part of a budget package. It is unlikely that Republicans will agree to any of them except as part of broad tax reform, but it is worth taking a quick look at a few on their merits. Some represent […]