Posts Tagged ‘tax cuts’

A Disappointing Presidential Campaign Comes to an End

With the U.S. facing huge domestic policy challenges, one might have hoped for a serious debate on fiscal issues between Barack Obama and Mitt Romney. One would have been deeply disappointed. Rather than framing what seem to be profoundly different views of government, the candidates chose to double-down on what Bill Clinton memorably called the […]

Five Things You Should Know about Mitt Romney’s “$5 Trillion Tax Cut”

You’ve probably heard claims that Mitt Romney wants to cut taxes by $5 trillion. Here are five things you should know about that figure: 1. $5 trillion is the gross amount of tax cuts he has proposed, not the net impact of all his intended tax reforms. Governor Romney has been very specific about the […]

Can Romney Cut Taxes for the Rich Without Reducing Their Share of Taxes? Yes, but….

President Obama says Governor Romney will cut taxes for high-income households by $250,000. Romney counters that under his plan, the rich will pay the same share of taxes they do today. Who’s right? It all depends on what plan you are looking at and what you are measuring. The first problem is the two candidates […]

Will Romney Scale Back Rate Cuts If Congress Won’t Curb Tax Breaks?

Yesterday, Kevin Hassett, an American Enterprise Institute economist and informal adviser to Mitt Romney, insisted that Romney would not raise taxes on low- and middle-income households in order to finance his promised 20 percent across-the-board rate cut. Nor would those rate cuts increase the deficit. Instead, Kevin predicted that if Congress did not trim tax […]

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

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 […]

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

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 […]

Senate Democrats Would Keep Dividend Taxes Low, But Why?

Senate Democrats, who will vote this week to allow most of the 2001/2003 tax cuts to expire for high-income households, are likely to make an exception for capital gains and dividends. Under their proposal even top bracket taxpayers would pay a maximum rate on this investment income of 20 percent in 2013 (plus an additional […]

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

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 […]

The Budget Message Paul Ryan Really Sent

Paul Ryan may not have intended it, but his 2013 budget is the strongest argument I’ve seen for why any serious fiscal plan must include new revenues. It’s far more convincing than partisan Democratic complaints. Ryan says he wants to balance the budget only by cutting spending. But he proved with hard, relatively specific numbers […]

Ryan’s Mystery Meat Budget

I am weary of mystery meat.  The latest serving was dished out today by House Budget Committee Chairman Paul Ryan (R-WI), who released a fiscal plan that airily promises both trillions of dollars in tax cuts and a nearly balanced budget within a decade, but never says how he’d get there. Ryan isn’t saying that […]