The President's Budget and Tax Plans
The President’s proposal, in his upcoming fiscal year 2016 budget, to provide partial relief from the Budget Control Act’s (BCA) “sequestration” cuts for 2016 and fully offset it with alternate deficit reduction is consistent with both the BCA and long-term fiscal responsibility.
The proposal would allow modest near-term funding improvements in areas such as science, education, and infrastructure.
And its offsetting deficit-reduction measures would likely improve the longer-term budget outlook. Read more
The President’s new tax proposals would raise revenues from high-income and wealthy filers and devote much of the savings to other tax proposals that would benefit low- and moderate-income filers.
Estimates from the Urban-Brookings Tax Policy Center (TPC) show that the President’s proposals are quite progressive, but some readers are interpreting those estimates as meaning that low- and middle-income families get only modest benefits. That’s not the case. Read more
- Greenstein: White House Tax Proposal Will Benefit Economic Growth and Help Millions of Middle- and Lower-Income Families
- President’s Capital Gains Tax Proposals Would Make Tax Code More Efficient and Fair
More: Tax Analyses
House Republicans amended House rules to require the use of “dynamic scoring” for official cost estimates of tax reform and other major legislation.
Incoming Ways and Means Committee Chairman Paul Ryan has said this change is designed simply to generate more information on the impact of proposed policies. In reality, however, the House would be asking CBO and JCT to provide less information, not more, and the new rule could facilitate congressional passage of tax cuts that are revenue-neutral only on paper. Read more
- Federal Tax Analyses
New From the Center
January 22, 2015
January 21, 2015
January 15, 2015
Policymakers Often Overstate Marginal Tax Rates for Lower-Income Workers and Gloss Over Tough Trade-Offs in Reducing Them
January 12, 2015
Updated January 9, 2015
- View All
Center in the News
January 30, 2015
January 29, 2015
January 28, 2015
Republican Governors Buck Party Line on Raising Taxes
New York Times
January 24, 2015
January 22, 2015
How Capital Gains Taxes Will Pay For Obama's Middle-Class Economic Push
Wisconsin Public Radio