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TPC Tax Calculator Shows What Avoiding Fiscal Cliff Means for Taxpayers
Following Congress’s last minute passage of legislation averting a plunge off the fiscal cliff, TPC has released a new Tax Calculator that lets users examine the effects of the American Taxpayer Relief...
View ArticleGrim Predictions about the Fiscal Cliff II and Deficit Reduction
I spent lunchtime today moderating a thoroughly discouraging Urban Institute panel discussion on the fiscal cliff. The consensus of the speakers—all highly-regarded budget experts—was that the New...
View ArticleHow the New Tax Act Affects the Alternative Minimum Tax
In the alphabet soup of Washington, ATRA fixed the AMT, sort of. In English, the newly enacted American Taxpayer Relief Act of 2012 will permanently protect millions of taxpayers from having to pay the...
View ArticleFive Ways the Chasm Between Democratic and Republican Budget Plans is Growing
If their leaders’ public statements are to be believed, the fiscal chasm between the political parties is widening. And it is hard to see how it can be bridged. Congressional Democrats and...
View ArticleThe Immigration Debate: Another Reason We Ought to Separate Work and Family...
In the realm of needless complexity, the work and family tax credits for low-income households rank near the top. The problem is especially challenging for immigrant families whose children’s legal...
View ArticleCorporate Tax Reform is on Obama’s Agenda, But Can He Pull it Off?
In what will probably be the usual endless laundry list of State of the Union promises, President Obama is likely to include tax reform, by which he means a rewrite of the corporate revenue code. The...
View ArticleObama’s State of the Union and the Great Deficit Smackdown
House Republicans say they want to balance the budget in a decade with only spending cuts and no tax hikes. In his state of the union address tonight, President Obama—perhaps channeling his new pal New...
View ArticleWhy Tax and Transfer Programs Often Discourage Work and Savings
Economists and many policymakers generally agree that our tax and transfer systems should promote opportunity, work, saving, and education rather than consumption. The problem is these programs often...
View ArticleCongress May Not Rewrite the Tax Code in 2013, But It Could Make It Simpler
As regular readers of Tax Vox know, I don’t believe there is much chance President Obama and Congress will agree on individual broad-based tax reform in 2013. Without a deal on how much this new tax...
View ArticleWhat if the Outrage over Excessive Welfare Extended to the Tax Code?
Senator Jeff Sessions (R-AL) has created quite a stir with his estimates that every household below the poverty level receives an average of $168-a-day (or about $61,000-a-year) in government welfare....
View ArticleTaxes and Paul Ryan’s Budget
House Budget Committee Chair Paul Ryan (R-WI) has proposed a controversial plan to balance the budget in 10 years, entirely by cutting planned spending by $4.6 trillion. While Ryan includes lots of...
View ArticleHouse GOP Would Need $5.7 Trillion in Tax Hikes to Offset Ryan Rate Cuts
House Budget Committee Chair Paul Ryan’s (R-WI) fiscal plan promises to balance the federal budget in 10 years, make major cuts in income tax rates for both individuals and corporations, and raise the...
View Article“Common Sense” Aside, What Do We Really Know About Capital Income Taxes and...
If you’re discussing tax policy with someone who asserts that his or her point is “just common sense,” this could indicate one of two things: Either no deep thought is required—as the person would have...
View ArticleWhy the Tax Cuts in the Senate Budget Don’t Add up
The Senate Democrats’ budget, like the House version, rips unfair and inefficient tax preferences that litter the revenue code. But the tax provisions of the Senate budget, which is being debated on...
View ArticleFive Challenges for Obama’s Tough Second-Term
Barack Obama has pulled off the easy part. He got re-elected. Now, he faces a second term full of painful choices. You could see it in his campaign, which focused more on Mitt Romney’s flaws than on...
View ArticleWashington Starts To Dance Away from the Fiscal Cliff
So the dance begins. President Obama, House Speaker John Boehner (R-OH), and various other lawmakers are starting to lay down their markers as they look to back away from the fiscal cliff. Based on...
View ArticleCongress Can’t Avoid Tax Rate Hikes By Closing “Loopholes”
You can tell when Congress and the President have tough choices to make. That’s when they trot out the euphemisms—all aimed at making what they are about to do sound as benign as possible. Case in...
View ArticleCan Congress Raise Taxes on the Rich without Raising Their Rates? Maybe
At his press conference yesterday, President Obama said it is nearly impossible to raise taxes on the wealthy (a key piece of his fiscal strategy) without increasing their tax rates. It is, Obama said,...
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Understanding President Obama’s Revenue Targets
President Obama and administration officials have offered two different revenue targets for the fiscal cliff debate: $1 trillion and $1.6 trillion (sometimes reported as $1.5 trillion). You might be...
View ArticleHow Can 98 Percent of Us be Middle-Class?
Congress and President Obama can’t agree on much, but they agree on this: Congress must preserve what they persist in calling middle-class tax cuts. As most TaxVox readers know by now, the red lines in...
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