Tag: ‘tax increases’

Tax Relief for the Few, Tax Increases for All… or None

By :: May 7th, 2015

Everything is bigger in Texas, except tax relief for its low-income residents. Tax cuts are a sure bet in the Lone Star state this year, but it’s hard to provide tax relief to everybody without a state income tax. TPC’s Richard Auxier explains that Texas’ reliance on sales and property taxes makes its taxation especially […]

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Spending Cuts, Surpluses and Sales Opportunities

By :: March 18th, 2015

The House GOP Budget: No tax reform details. The House Budget Committee unveiled a budget with $5.5 trillion in spending cuts that promises balance by 2024. Committee Chairman Tom Price is confident the budget will pass the House this week. However, TPC’s Howard Gleckman says there is no chance it will become law. The budget […]

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The Internet, Drug Profits, and Sacrifice

By :: February 27th, 2015

The neutrality of the net: Set. Tax effects? Unclear. That’s the conclusion of Politifact after the Federal Communications Commission approved controversial regulations that will treat the Internet like a public utility. The fact checkers examined the question after GOP Senator Mike Lee claimed that net neutrality was a “massive tax increase on the middle class” […]

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To Collect Money You Have to Have Money

By :: February 25th, 2015

High-income households can worry even less about being audited this year. Last year, the IRS audited just 7.5 percent of households earning more than $1 million in 2013. That’s the lowest share since 2009. Its overall individual audit rate was 0.86 percent, the lowest  since 2004. The IRS budget has been cut by $1.2 billion […]

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Will Tax Reforming Be Forgot and Never Brought to Mind?

By :: December 29th, 2014

Congress is adjourned. The Daily Deduction will appear Mondays until it reconvenes. Could Dave Camp’s proposal and the corporate inversion debate prompt tax reform in 2015? TPC’s Bill Gale considers how they might shape developments in 2015. “Camp’s proposal provides the means to think seriously about tax reform. The inversion debate offers a reminder of […]

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The Politics of Austerity

By :: May 8th, 2012

Europe is undergoing a massive political upheaval. You may have noticed. Caught in the wake of deep recession, painfully high unemployment, bank failures, and growing demands for fiscal austerity by the bond markets, governments across the continent are collapsing. In November, voters in Spain dumped a Socialist government for the conservatives. Last weekend in France, […]

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Is Obama Tax Hiker in Chief? Not Exactly

By :: October 4th, 2011

Conservatives like to say that President Obama has been responsible for massive tax increases.  It is wonderful rhetoric that plays to the big tax image Democrats have been saddled with for decades—sometimes with good reason. But for most households, this claim is the economic equivalent of the birther movement: It is as credible to call […]

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Eric Cantor, Tax Increases, and Soup Kitchens

By :: September 30th, 2011

PolitiFact’s Lou Jacobson recently pointed me to a blog post by House Majority Leader Eric Cantor complaining that President Obama’s proposal to limit itemized deductions would hurt soup kitchens—and their poor clients—by inducing rich people to give less to charities. That may be true, but Cantor’s own ideas about cutting taxes would do the same […]

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A Grim Prognosis for Deficit Reduction

By :: August 30th, 2011

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, […]

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A Tax By Any Other Name

By :: June 30th, 2011

“What’s in a name? That which we call a rose By any other name would smell as sweet.” William Shakespeare If I understand correctly, Congressional Republicans will not support job killing tax increases of any kind as part of a plan to reduce the federal deficit. They may, however, support non-job killing revenue raisers. Newspapers […]

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