Posts Tagged ‘Deficit’

Why the Tax Cuts in the Senate Budget Don’t Add up

The Senate Democrats’ budget, like the House version, rips unfair and inefficient tax preferences that litter the revenue code. But the tax provisions of the Senate budget, which is being debated on the floor today, raise at least two big problems: They see flaws in only in those tax expenditures that benefit high-income households and big […]

What the Tax Policy Center Really Said About the Ryan Budget

The political response to the Tax Policy Center’s analysis of House Budget Committee chairman Paul Ryan’s (R-WI) fiscal plan was predictable, and mostly based on caricatures of what TPC actually concluded. To review: TPC found that tax cuts similar to those described in the committee’s plan would add $5.7 trillion to the budget deficit over […]

“Common Sense” Aside, What Do We Really Know About Capital Income Taxes and Growth?

If you’re discussing tax policy with someone who asserts that his or her point is “just common sense,” this could indicate one of two things: Either no deep thought is required—as the person would have you believe. Or no deep thought has been applied. The “common sense” notion that capital income taxes hinder growth seems […]

House GOP Would Need $5.7 Trillion in Tax Hikes to Offset Ryan Rate Cuts

House Budget Committee Chair Paul Ryan’s (R-WI) fiscal plan promises to balance the federal budget in 10 years, make major cuts in income tax rates for both individuals and corporations, and raise the same amount of revenue as current law. If House Republicans want to do all three, they will have to eliminate trillions of […]

Taxes and Paul Ryan’s Budget

House Budget Committee Chair Paul Ryan (R-WI) has proposed a controversial  plan to balance the budget in 10 years, entirely by cutting planned spending by $4.6 trillion. While Ryan includes lots of specific spending cuts, his tax agenda is far less clear.    In some respects, the former GOP vice presidential candidate mimics the tactics […]

Build America Bonds, the Medicaid Expansion, and Trust Between the States and the Feds

States trying to decide whether to expand their Medicaid programs to cover more low-income uninsured might want to take a look at the fate of a more obscure federal program—cash subsidies to state and local governments that sell certain kinds of bonds, especially Build America  Bonds. If they do, they’ll see what happens to a […]

Bowles-Simpson II: A New Plan to Avoid the Sequester

With 10 days to go until the dreaded sequester—the automatic across-the-board spending cuts that most lawmakers profess to hate—the Washington drama machine is starting to get in gear. Today, President Obama stood in front a group of uniformed first responders and warned darkly of layoffs if the spending cuts kick in. At the same time, […]

Desperately Needed: A Strong Treasury Department

Alexander Hamilton, the first Secretary of the Treasury, set the bar very high. The Senate is about to begin debate over President Obama’s nomination of Jack Lew to be Treasury Secretary. Lately, confirmation hearings have often focused on either the personal foibles of candidates or relatively evanescent policy disputes. But at a time when fiscal […]

Obama’s State of the Union and the Great Deficit Smackdown

House Republicans say they want to balance the budget in a decade with only spending cuts and no tax hikes. In his state of the union address tonight, President Obama—perhaps channeling his new pal New Jersey Governor Chris Christie—had a response. In a word, fuhgedaboutit. Obama’s priorities: Gun control and immigration reform, along with a […]

Corporate Tax Reform is on Obama’s Agenda, But Can He Pull it Off?

In what will probably be the usual endless laundry list of State of the Union promises, President Obama is likely to include tax reform, by which he means a rewrite of the corporate revenue code. The White House seems ready to take a run at lowering corporate rates and scaling back targeted business subsidies. So […]