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Posts on Federal Tax
June 15, 2017

As Republicans craft their tax package, with tax cuts that would go overwhelmingly to the wealthy, and consider how they might offset its large cost, a debate has ensued in Republican circles over whether it should be “revenue neutral” or “deficit neutral.” Behind this jargon lies a policy choice with huge consequences for low- and moderate-income families.

“Revenue neutral” means...

Budget Process - Money Puzzle Pieces
June 9, 2017

Access to SNAP (formerly food stamps), the nation’s key food assistance program, during pregnancy and early childhood can improve health — and, for girls, economic well-being—in adulthood, leading economist Hilary Hoynes says in an interview with the Federal Reserve Bank of Minneapolis. Her...

June 1, 2017

President Trump said he was not elected to serve special interests, but instead, “the forgotten men and women of our country, and that’s what I’m doing.” His budget paints a starkly different picture, however, because it would shift trillions of dollars...

Trump Budget: Tax Cuts for Heirs and Corporations, Cuts to Low- and Moderate-Income Programs
May 24, 2017

We’ve explained that President Trump’s 2018 budget is the most radical, Robin-Hood-in-reverse budget that any modern President has ever proposed, and here’s a perfect illustration: it...

Trump Budget: Pass-Through Tax Break for Wealthy, Cuts to Health Coverge
May 15, 2017

Millionaires would get average tax cuts of $114,000 in 2018 from a plan — very similar to what President Trump has proposed — to let the owners of “pass-through” such as partnerships, S corporations, and sole proprietorships pay only a maximum 15 percent rate on their business income, according to...

Trump-Like Pass-Through Rate Cut Favors Millionaires
April 28, 2017

President Trump’s tax plan contains large, specific tax cuts for the wealthy and corporations but few tangible proposals for working families; it’s even missing many details needed to assess whether the plan would raise their taxes. Administration...

Cutting Corporate Tax Rates Mostly Benefits Those at the Top
April 27, 2017

“Egregious employment tax noncompliance” by employers has risen substantially in recent years while the IRS’s ability to recover the lost revenues and investigate fraud and embezzlement has fallen, a report by the Treasury Inspector General for Tax Administration (TIGTA) finds. More than 1 million employers...

With Fewer Revenue Officers, IRS Assesses Fewer Penalties for Employment Tax Noncompiance
April 27, 2017

President Trump’s new tax plan gave him a chance to start over and address the problems in his campaign’s tax plans. Instead, the new plan doubles down on core elements of his last plan (and his initial plan before that), which fell well short of meeting the...

Trump Campaign Tax Plan Gives Big Tax Cut to the Top
April 25, 2017

President Trump’s tax policy announcement slated for tomorrow reportedly includes a 15 percent rate for so-called “pass-through” business income, a 15 percent corporate tax rate, and child care tax subsidies similar to what he proposed during the campaign. Here are some key...

Actual U.S. Corporate Tax Rates Far Lower than Statutory Rate, In Line With Comparable Countries
April 25, 2017

Will the tax plan that the Trump Administration will reportedly release this week meet three principles that key Republicans, including the President and other top Administration officials, have advanced: not reducing overall revenues, not cutting taxes for the wealthy, and focusing its benefits on...