Posts Tagged ‘tax revenues’

Why Most Tax Extenders Should Not Be Permanent

What to do about the tax extenders—or, as my colleague Donald Marron calls them, the “tax expirers”? Restoring the current crop (most of which expired on December 31) for 10 years would add about $900 billion to the deficit. House Ways & Means Committee Chair Dave Camp (R-MI) and Senate Finance Committee Chair Ron Wyden […]

Dave Camp’s Plan for the Expired Tax Provisions: An Almost-Good Idea

House Ways & Means Committee Chair Dave Camp (R-MI) has a plan for what to do with scores of now-expired tax subsidies that are sitting in Congress’ lap. He wants to review each one on its merits and either make it permanent or (by implication at least) kill it. Camp is on to something, although […]

Fiscal Reality Check: Will Congress Pay for the Tax Extenders and the Doc Fix?

After it returns from Spring Break next week, Congress may face two big fiscal reality checks. It will have to decide whether to temporarily extend scores of expiring tax provisions and what to do about permanently adjusting the formula Medicare uses to pay physicians (the “doc fix”). Combined, these two measures would add about $65 billion to the […]

Individual Income Taxes May Soon Generate Half of All Federal Tax Revenue

Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget Office. In fact, the individual income tax will pretty much be the only revenue source likely to increase significantly over the next decade.  As a result, it will generate more […]

As Budget Talks Start, Beware the Bogus Revenue Hikes

As House and Senate budget negotiators sit down (eight months late), the inevitable issue of new revenues has already raised its head. Predictably, Democrats insist that any fiscal deal include new taxes. Equally predictably, Republicans demand that it must not. But behind the scenes, Washington’s wink-and-nod crowd thinks it has a solution: Raise new tax […]

One Modest Path to a No-Drama Budget Deal

The conventional wisdom is that next January, Congress and President Obama will be in exactly the same place they’ve been for most of the past three weeks—deep in government shutdown mode. The argument: The recent fiscal battles that ended with last night’s short-term deal to reopen the government and reauthorize Treasury borrowing  buys time but […]

Obama’s New Corporate Tax Offer is Another Dead End

In a speech today in Chattanooga TN, President Obama made congressional Republicans an offer they could refuse. And they did.  By doing so, Obama may have quashed the last shred of hope that tax reform can happen before the 2014 congressional elections. In what the White House pitched as a new idea, Obama offered to […]

Smart Tax Reform Could Shrink the Government

Max Baucus and Dave Camp, leaders of the Senate and House tax-writing committees, are on the road promoting tax simplification. One goal: cleaning out the mess of deductions, exclusions, credits, and other tax breaks that complicate the code. Done well, such house cleaning could make for a simpler, fairer, more pro-growth tax code. It could […]

High Income Households Would Pay Most—But Not All—of the New Taxes in Obama’s 2014 Budget

The revenue proposals included in President Obama’s 2014 budget would, as intended, significantly raise taxes on the highest-income American households. However, despite Obama’s long-standing pledge to protect individuals making below $200,000 (and couples making $250,000 or less) from any tax hikes, even many of those families would pay slightly more than under today’s tax law. […]

The Real 2014 Budget Battle May Be Over Spending, Not Taxes

President Obama’s 2014 budget arrived two months late and was declared DOA by the House GOP leadership days before they even saw it. Yet, it is full of items of interest, including a new millionaire tax and a renewed proposal to limit the value of tax preferences for high income households. But what about the […]