Posts Tagged ‘individual income taxes’

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 […]

Changing Government’s Inflation Measure Would Raise Taxes as Much as it Would Cut Spending

Changing the way government adjusts spending and taxes for inflation is one of those issues that continues to hang around the edges of the budget debate. Republicans and many economists argue for shifting to a more accurate inflation measure, called the chained Consumer Price Index (CPI). President Obama would support a version as part of a […]

Should Working Class Families Pay Higher Tax so High Income People Can Pay Less?

Somehow, the fiscal cliff tax debate has taken a truly weird turn. No, not the politics, which long ago became a parody of Washington deal-making at its worst. It is the policy that has gotten strange: Democrats and Republicans seem hell-bent on protecting millions of high-income people from deficit-cutting tax hikes. President Obama started all […]

Why Do People Pay No Federal Income Tax?

The percentage of Americans who don’t pay income tax is making headlines again. However, the story hasn’t changed since I blogged about it last year and my TPC colleagues and I analyzed why in a longer paper. In 2011, 46 percent of tax units paid no federal income tax. Half of them had no taxable […]

Obama’s Cap on Tax Deductions: Not What It Seems

It turns out that President Obama’s plan to limit the benefit of itemized deductions is much more than that. Not only would it reduce tax savings for mortgages, charitable gifts, high medical costs, and the like, it would also curb tax breaks for owners of municipal bonds, workers who buy health insurance, and those who earn […]