Posts Tagged ‘Rick Perry’

The Tax Vox 2011 Lump of Coal Award: Kicking the Can Edition

Welcome to Tax Vox’s fifth annual Lump of Coal Award recognizing 2011’s ten worst moments in fiscal policy. It is hard to imagine so much ugliness crammed into a mere 12 months. But after much thought and debate, the winners are: 10. The rating agency Standard & Poor’s for downgrading U.S. debt based upon a […]

Gingrich’s Tax Plan: Big Tax Cuts, Big Deficits

GOP Presidential candidate Newt Gingrich is proposing a massive tax cut aimed at the highest earning American households. Gingrich’s plan would add about $1 trillion to the federal deficit in a single year. And while most of the nation’s lowest income families would get no benefit from these tax cuts, the top 0.1 percent (who […]

Anybody Remember Romney’s Tax Plan?

I’ve been reviewing the tax plans of the major Republican presidential hopefuls and am struck at how conventional Mitt Romney’s is.  While Herman Cain wants to replace the entire federal tax code with his 9-9-9 consumption tax and Rick Perry favors a massive tax cut, Romney would do little more than tinker around the edges of the current […]

Perry’s Tax Plan is a Huge Tax Cut for the Wealthy, But How Big?

Texas Gov. Rick Perry says he wants to cut taxes for everyone and balance the budget. It’s probably impossible to do both. Sadly, Perry’s new fiscal plan may fail at each.  But just how far short he falls depends on what you’re measuring his plan against. I was a pretty decent basketball player before my knees […]

The Problem with Perry’s Optional Tax

One of the biggest problems with Texas Governor Rick Perry’s optional flat tax may be the choice it gives taxpayers. Perry says you can either pay his new tax or pay under today’s system, whichever results in a lower bill. That sounds great, but it is a policy disaster. This is the tax code we’re […]

Perry’s Free Lunch Flat Tax

There is lots we still don’t know about GOP presidential hopeful Rick Perry’s tax and budget plan. But I am pretty sure of one thing: The proposal he released today would result in a massive tax cut and, combined with his vow to balance the federal budget by 2020, implies huge reductions in federal spending.  Perry, […]

What the Great Budget Debate Is Really About

Want to know what the Great Budget Debate of 2011 is really about? Ask Congressional Budget Office director Doug Elmendorf (who was a Tax Policy Center associate before joining CBO). In testimony to Congress’s  fiscal super committee on Tuesday, Doug put the whole thing into a few simple sentences: “I think really the fundamental question…is…where […]

Rick Perry’s Social Security Myth

Texas Governor Rick Perry is being rightly criticized for his loony claims about Social Security in last night’s GOP presidential debate. But what troubles me the most is this whopper: “It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to […]

A Grim Prognosis for Deficit Reduction

The other day, I spent a few hours with some of Washington’s most experienced budget experts. The session was off-the-record, so I can’t tell you who they were but I can tell you what they said. In short, don’t count on much real deficit reduction any time soon, despite this summer’s debt limit deal that, […]

Do Republicans Really Want to Cut Taxes on the Wealthy and Raise Them on Everyone Else?

Of all the curious rhetoric floating around both Washington and the campaign trail, the strangest may be the demand of many Republicans that Congress raise taxes for low-income working households even as it cuts taxes for the wealthy.  The left has, not surprisingly, gleefully leapt on the issue. And, honestly, it seems like terrible politics […]