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Relief for States and Struggling Families Provides Substantial Boost to Employment
November 20, 2009
The economy is in a very deep hole and faces a long climb back to full employment. Policymakers can make that climb easier by extending or bolstering key provisions of the American Recovery and Reinvestment Act (ARRA) enacted at the start of the year — particularly those related to unemployment insurance and state … -
House Health Bill’s High-Income Surcharge is Sound and Well Targeted
Updated November 20, 2009
A 5.4 percent surcharge on couples with incomes over $1 million, a key financing feature of the House health reform bill, is sound and well targeted. It would affect just a fraction of 1 percent of taxpayers, a group whose incomes have soared and tax burdens have fallen in recent years, and would have only a modest impact on small businesses. … -
House Health Reform Bill Expands Coverage and Lowers Health Cost Growth, While Reducing Deficits
Updated November 20, 2009
The comprehensive health reform legislation that House Democratic leaders unveiled on October 29 would make significant progress in three critical areas: expanding health coverage and ensuring that such coverage is affordable, slowing the growth in health care costs, and instituting essential reforms in the health insurance market. Moreover, the … -
Statement: Robert Greenstein, Executive Director, on the New Senate Health Reform Bill
November 19, 2009
The new Senate health bill marks a major step toward comprehensive, fiscally responsible health reform. It would extend health insurance coverage to 31 million Americans who lack it, reduce the budget deficit, and put long-term downward pressure on health care costs. The bill would reduce deficits by an estimated $130 billion over the 2010-2019 period and by … -
Changes in Senate Health Bill Make Coverage More Affordable for Millions of Moderate-Income Families, Although not for Those on Low End of Subsidy Scale
November 19, 2009
Executive Summary The health reform bill that Senate leaders unveiled on November 18 makes health coverage more affordable for millions of households of modest means, as compared to the bill that the Senate Finance Committee approved last month. The amounts that many families and individuals would pay for coverage would be less than under the … -
Senate Health Bill Improves Employer Responsibility Provision
November 19, 2009
The “employer responsibility” provisions of the health reform bill that Senate leaders unveiled yesterday reflect notable progress in lessening the disincentives that the Senate Finance Committee health bill would have created for employers to hire workers from low- or moderate-income families. Significant disincentives to hire or retain … -
Senate Health Reform Bill Is Fiscally Responsible
November 19, 2009
The health reform bill that Senate leaders unveiled yesterday meets two rigorous fiscal tests: it reduces deficits over the next decade and beyond, and it puts long-term downward pressure on health care costs. The bill would reduce deficits by an estimated $130 billion over the 2010-2019 period and by about one-quarter of one percent of GDP in the decade … -
Additional Federal Fiscal Relief Needed to Help States Address Recession’s Impact
Updated November 19, 2009
States face a serious fiscal problem that could force them to institute additional deep budget cuts and tax increases in 2010, weakening the fragile economic recovery and harming vulnerable children, seniors, and people with disabilities, among others. The federal assistance that states received for their Medicaid programs … -
An Update on State Budget Cuts
Updated November 19, 2009
With tax revenue declining as a result of the recession and budget reserves largely drained, the vast majority of states are making spending cuts that hurt families and reduce necessary services. These cuts, in turn, will make the recession worse because families and businesses have less to spend in their local economies. … -
Policy Points: Recession Still Causing Trouble for States
Updated November 19, 2009
The weak economy continues to cause great fiscal distress among states. New budget gaps have opened up in many states for the current fiscal year (July 1 marked the start of 2010 for most states). The budget gaps for this year and next year combined are estimated to total more than $350 … -
Recession Continues to Batter State Budgets; State Responses Could Slow Recovery
Updated November 19, 2009
The worst recession since the 1930s has caused the steepest decline in state tax receipts on record. As a result, even after making very deep cuts, states continue to face large budget gaps. New shortfalls have opened up in the budgets of at least 35 states for the current fiscal year (FY 2010, which began July 1 in … -
Podcast: Understanding the House Health Reform Bill
November 17, 2009
The House health reform bill and the next steps for Congress in moving forward with reform are discussed by Senior Fellow, Judy Solomon.
Duration: 4:46
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Amazon’s Arguments Against Collecting Sales Taxes Do Not Withstand Scrutiny
November 16, 2009
The Internet retailer Amazon.com has offered two primary justifications for opposing efforts of a growing number of states to require the company and other online retailers to charge sales tax. Amazon officials have argued that collecting sales taxes would be administratively burdensome. They have also claimed that the … -
Increasing Medicare Tax on High-Wage Earners Could Help Pay for Health Reform and Strengthen Medicare’s Finances
November 13, 2009
Increasing the Medicare payroll tax on high-wage earners would represent a sound and well-targeted way of paying for health reform. It would also improve the solvency of Medicare’s Hospital Insurance (HI) trust fund and thereby strengthen this critical program, which provides health coverage for 46 million seniors and persons with disabilities. … -
How Much Would a State Earned Income Tax Credit Cost in 2010?
November 12, 2009
The federal Earned Income Tax Credit (EITC) is the nation’s most effective anti-poverty program for working families, lifting 6.5 million people — including 3.3 million children — above the poverty line each year.[1] The 24 state-level EITCs modeled after the federal program complement it in combating … -
Video: Fox Business Network Interviews Chuck Marr on the Cost of Health Reform
November 12, 2009
Fox Business Network Interviews Chuck Marr on the Cost of Health Reform
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Video: CNBC Interviews Jim Horney on the Economy and the Federal Budget Deficit
November 12, 2009
CNBC interviews Jim Horney on the Economy and the Federal Budget Deficit
Duration: 6:02
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Video: CNN cites CBPP on Potential Job Losses Due to State Budget Cuts
November 12, 2009
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Policy Basics: The Child Tax Credit
November 11, 2009
The Child Tax Credit, designed to help offset the cost of raising children, is worth up to $1,000 per child. Taxpayers eligible for the credit subtract it from the total amount of federal income taxes they would otherwise owe. For example, if a couple with two children would owe $5,000 in … -
Podcast: State Budget Cuts and Tax Increases Put Fragile Economic Recovery at Risk
November 11, 2009
The risk that, without more federal aid, states efforts to address their budget problems could cost the economy 900,000 jobs is discussed by Bob Greenstein, Mark Zandi, chief economist of economy.com, and Senior Advisor Iris Lav.
Duration: 21:42
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Raising State Income Taxes on High-Income Taxpayers
Revised November 11, 2009
As states face increasingly difficult choices for closing the gap between available resources and the cost of needed programs and services, one potential revenue source can be found at the high end of the income tax spectrum. The personal income tax, a major source of revenue for 41 states, can yield a significant amount of money from small rate increases … -
State Earned Income Tax Credits: 2009 Legislative Update
November 10, 2009
An Earned Income Tax Credit (EITC) modeled on the federal program of the same name is now offered in 23 states and the District of Columbia as a way to reduce taxes and supplement wages for low- and moderate-income working families. A large body of evidence has shown that the state and federal EITCs serve a number of important … -
Excise Tax on Very High-Cost Health Plans Is a Sound Element of Health Reform
Revised November 10, 2009
An excise tax on very high-cost health plans, which the Senate Finance Committee included in its health reform bill, represents a sound way to help pay for health reform. The excise tax finances nearly a quarter of the costs of the Finance Committee bill over the first ten years ($201 billion out of $829 billion) and makes a major contribution to the … -
Berkley Estate Tax Bill Would Add Billions to Deficit While Benefiting Only Wealthiest 1 in 500 Estates
Revised November 9, 2009
A new estate tax bill introduced by Representative Shelley Berkley (D-NV) and others would cost $91 billion more over the first decade (2012-2021) than extending the tax under its current rules as the President has proposed, yet would benefit only the nation’s wealthiest 0.2 percent of estates since they are the only ones … -
House Health Bill Would Expand, Strengthen Coverage for Children and Families
November 6, 2009
The health reform bill that House Democratic leaders introduced on October 29 (H.R. 3962) would provide affordable, comprehensive health insurance coverage to 36 million Americans who otherwise would be uninsured, according to the Congressional Budget Office. [1] This is 7 million more otherwise-uninsured people than CBO estimates would gain coverage under … -
Podcast: The October Unemployment Report and What It Means for the Economy
November 6, 2009
The jobs report for October is discussed by Chief Economist, Chad Stone.
Duration: 2:35
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Statement: Chad Stone, Chief Economist, on the October Employment Report
November 6, 2009
Today’s jobs report shows that although the economy turned up in the third quarter, the labor market did not. The unemployment rate crossed into double digits in October, and payrolls shrank for the 22nd straight month. The economy is in a very deep hole and faces a long climb back to full … -
Podcast: Maine and Washington Reject TABOR
November 5, 2009
Senior advisor Iris Lav discusses voters’ rejection of TABOR — a strict state spending restriction — in Washington and Maine, and the implications for other states.
Duration: 4:00
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Video: NBC affiliate WVTM in Birmingham, Alabama Cites CBPP on State Income Tax Threshold
November 4, 2009
NBC affiliate WVTM in Birmingham, Alabama Cites CBPP on State Income Tax Threshold
Duration: 0:30
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Statement: Iris Lav, Senior Advisor, on Defeat of “TABOR” Initiatives In Maine and Washington
November 4, 2009
Yesterday’s votes in Maine and Washington show clearly that TABOR’s crippling and arbitrary spending limits remain unpopular around the country. Anti-government groups have made serious efforts to enact TABORs in 20 states since 2004 — and they have failed every time. … -
The Impact of State Income Taxes on Low-Income Families in 2008
November 4, 2009
While some working-poor families get help lifting themselves out of poverty through exemptions from state income taxes, in many states they continue to face substantial state income tax liability. An analysis of state income tax systems for the 2008 tax year shows that: In 16 of the 42 states that levy income taxes, two-parent … -
Press Release: State Income Taxes Push Many Working-Poor Families Deeper Into Poverty
November 4, 2009
Sixteen states taxed working-poor families deeper into poverty last year, according to a new report from the Center on Budget and Policy Priorities. Income tax bills on poor families in those 16 states ranged from a few dollars to several hundred dollars, which is a significant amount for a family struggling to make ends meet, the report said. … -
Which States Tax the Sale of Food for Home Consumption in 2009?
Revised November 4, 2009
Forty-five states and the District of Columbia levy general sales taxes. Most of those states have eliminated, reduced, or offset the tax as applied to food for home consumption. The relief strategies include full or partial exemptions from the sales tax for food purchased for home consumption and credits or rebates to offset the food tax. Of … -
Podcast: Protecting Low-Income Consumers in Climate Change Legislation
November 3, 2009
The nuances of climate change legislation, and how the Senate and House bills will protect low-income families, are discussed by the Center’s Chief Economist, Chad Stone.
Duration: 3:38
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Video: Michael Mazerov Discusses Closing Pennsylvania Corporate Tax Loopholes on WGAL TV
November 2, 2009
Duration: 3:32
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House Health Reform Bill Would Help Ensure Affordable, Quality Coverage for Older Adults Aged 55-64
Updated November 2, 2009
The House health reform bill (H.R. 3962)[1] unveiled last week would reduce the ranks of the uninsured by 36 million by 2019 as compared to under current law, the Congressional Budget Office says, meaning that 96 percent of the non-elderly population would have health insurance.[2] One particularly vulnerable subset of the … -
House Health Reform Bill Would Strengthen Medicare
Updated November 2, 2009
The comprehensive health reform bill (H.R. 3962)[1] unveiled by House Democratic leaders on October 29 includes a number of significant changes to the Medicare program that would enhance benefits and improve the quality of care, as well as shore up the program’s finances.[2] Much of the discussion of Medicare in the health reform debate has focused, however, on various proposals … -
Audio Clip: Michael Leachman Discusses Stimulus and Job Creation on National Public Radio
October 31, 2009
Michael Leachman Discusses Stimulus and Job Creation on National Public Radio
Duration: 1:17
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New Climate Bill in Senate Provides Funding for Low-Income Consumers but Amount Falls Short of Need
October 29, 2009
The Clean Energy Jobs and American Power Act (S.1733) introduced by Senators John Kerry (D-MA) and Barbara Boxer (D-CA) represents a notable achievement, as it continues to move Congress forward toward taking needed action to address global climate change. The Kerry-Boxer bill, like the Waxman-Markey bill that the House … -
The Administration’s October 30 Data Release on Jobs Created by the Economic Recovery Law: What it Will Tell Us and What it Won’t
October 28, 2009
The Obama Administration’s October 30 release of data on jobs created and saved by the American Recovery and Reinvestment Act (ARRA), which the Administration and Congress enacted early this year, will capture only a portion of the jobs created and saved due to ARRA’s limited reporting requirements. ARRA’s … -
Podcast: Understanding the Senate Finance Committee's Health Reform Bill
October 27, 2009
The Senate Finance Committee’s health reform plan is discussed by Senior Fellow, Judy Solomon.
Duration: 4:06
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Video: Bob Greenstein Discusses Controlling Costs in Senate Health Reform Bill on PBS’ Nightly Business Report
October 27, 2009
Video Clip: Bob Greenstein Discusses Controlling Costs in Senate Health Reform Bill on PBS’ Nightly Business Report
Duration: 2:22
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Washington Times Op-Ed: Robert Greenstein on the Deficit — Don't Make Things Worse
October 27, 2009
We recently updated our long-term projections of federal spending, revenues and deficits, and they confirm what budget experts both inside and outside the government have concluded: The nation is on an unsustainable fiscal course, facing unprecedented deficits that, if left unaddressed, will seriously weaken our economy.
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Proposed Expansions of Homebuyer Tax Credit Would Be Highly Inefficient and Squander Federal Resources
October 27, 2009
Executive Summary Members of Congress are considering extending — and possibly substantially expanding — the $8,000 homebuyer tax credit enacted as part of the American Recovery and Reinvestment Act (ARRA) of 2009. The credit, which is available to first-time homebuyers with incomes up to $150,000 (up to $75,000 for … -
Provision Under Consideration for Merged Senate Health Bill Would Harm Needy Families:
October 26, 2009
A family of three earning $27,465 a year before taxes — that is, at 150 percent of the poverty line — would have to pay $1,318 a year for health coverage under a proposal that Senate negotiators are considering for a merged health reform bill that they would bring to the Senate floor. This is more than such a family would pay under either … -
Video: Judith Solomon Discusses Affordability, Individual and Employee Mandates in Health Reform on Fox Business News
October 26, 2009
Duration: 6:07
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Audio Clip: Jim Horney Discusses Cost-of-Living Increase for Social Security on National Public Radio
October 22, 2009
Jim Horney Discusses Cost-of-Living Increase for Social Security on National Public Radio
Duration: 3:45
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Testimony: Chad Stone, Chief Economist, on Climate Policy Impact on Low-Income Households
October 21, 2009
Chairman Bingaman, Ranking Member Murkowski, and other members of the Committee, thank you for the opportunity to testify on this important topic. The focus of my testimony will be on how low-income households will be affected by climate change policy and the allocation of greenhouse gas emissions allowances. The essential … -
Podcast: Climate Change Testimony
October 21, 2009
The Center’s Chief Economist, Chad Stone, testifies before the Senate Committee on Energy and Natural Resources on how low-income households will be affected by climate change policy.
Duration: 7:24
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Finance Committee Makes Flawed Employer Requirement in Health Reform Bill Still More Problematic
Revised October 21, 2009
The health reform bill that the Senate Finance Committee approved this week, while a major step forward as a whole, contains a requirement that could inhibit the hiring of individuals from low-income families and would place cumbersome burdens on employers. The provision would require employers who do not offer health coverage to pay substantial …
