Reports by Arloc Sherman
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Income Inequality Hits Record Levels, New CBO Data Show:
December 14, 2007
Real after-tax incomes jumped by an average of nearly $180,000 for the top 1 percent of households in 2005, while rising just $400 for middle-income households and $200 for lower-income households, according to new data from the Congressional Budget Office (CBO).[1] This starkly uneven growth brought income inequality to its highest level since at … -
Ways and Means Committee Chairman Charles Rangel's Proposed Expansion of the EITC for Childless Workers
October 25, 2007
The tax reform plan released today by Ways and Means Committee Chairman Charles Rangel includes a sizable increase in the component of the Earned Income Tax Credit available to low-income working adults who are not raising minor children. Senators Barack Obama, Evan Bayh, and John Kerry and Representatives Bill Pascrell, John Yarmuth, and Keith … -
A Significant Number of Students in Every State Are Shut Out of Federal Higher Education Tax Credits
June 1, 2007
As early as next week, the Senate Finance Committee is expected to vote on legislation restructuring the higher education tax credits. The federal tax code includes two tax credits that offset tuition costs for students enrolled in higher education: the Hope Credit, worth up to $1,650, and the Lifetime Learning Credit, worth up … -
President's Budget Would Cut Deeply Into Important Public Services and Adversely Affect States
February 21, 2007
The Administration’s proposed budget for 2008 calls for sizable cuts over the next five years in domestic discretionary programs — the programs (other than defense and international programs) that are funded each year through the annual appropriations process. The reductions would start in 2008, when domestic discretionary programs as a whole would be funded below the levels … -
New CBO Data Show Income Inequality Continues to Widen
January 23, 2007
The Congressional Budget Office recently released extensive data on household incomes for 2004.[1] CBO issues the most comprehensive and authoritative data available on the levels of and changes in incomes and taxes for different income groups, capturing trends at the very top of the income scale that are not shown in Census data. The new CBO data document that income inequality continued to …
