Reports by Chye-Ching Huang
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Restraining Tax Expenditures Should Complement, Not Replace, Letting High-Income Bush Tax Cuts Expire
November 29, 2012
Some policymakers have suggested capping itemized deductions for taxpayers with incomes over $250,000 (for couples) and $200,000 (for singles) as an alternative to letting President Bush’s tax cuts for these taxpayers expire on schedule. To raise the same amount of revenue, however, would require tax changes that pose serious … -
Video: Policy Basics: Where Do Our Federal Tax Dollars Go?
October 25, 2012
The Center's Tax Policy Analyst, Chye-Ching Huang, and Director of Federal Tax Policy, Chuck Marr, discuss where our federal tax dollars go. Topics include defense and international security assistance, Social Security, and health insurance and safety net programs. Chuck Marr, "Obviously, … -
Payroll Tax Cut and Emergency Unemployment Insurance Still Needed to Support the Recovery
October 16, 2012
Among the various tax and spending measures scheduled to expire at the end of this year, the temporary payroll tax cut enacted in 2010 and emergency federal unemployment insurance (UI) are among the most cost-effective at supporting the economic recovery without endangering efforts to control long-term deficits and debt. Given the state … -
State-Level Estimates Show Stark Contrasts Under Proposals To Extend Cut in Estate Tax While Failing to Extend Improvements in Tax Credits For Working Families
October 15, 2012
In recent proposals to extend expiring tax cuts beyond the end of the year, Republican leaders in the House and Senate have called for extending an estate-tax cut enacted in 2010 that provides a large tax break to the estates of the wealthiest 0.3 percent of Americans who die each year — about 7,000 people — while ending a … -
Raising Today’s Low Capital Gains Tax Rates Could Promote Economic Efficiency and Fairness, While Helping Reduce Deficits
September 19, 2012
The large tax preferences that capital gains enjoy over “ordinary” income, such as salary and wages, add to budget deficits, widen income inequality, and do little if anything to promote economic growth. Recent bipartisan deficit commissions have called for eliminating or sharply reducing these tax preferences, as the … -
Proposed “Tax Reform” Requirements Would Invite Higher Deficits and a Shift in Taxes to Low- and Moderate-Income Families
July 31, 2012
Republican legislation that was introduced in the Senate by Minority Leader Mitch McConnell (R-KY) and Finance Committee ranking member Orrin Hatch (R-UT) and in the House by Ways and Means Committee Chairman Dave Camp (R-MI) would establish requirements for tax-reform legislation that could generate higher deficits and substantially shift tax burdens … -
Bush Tax Cuts Have Provided Extremely Large Benefits to Wealthiest Americans Over Last Nine Years
July 30, 2012
The tax cuts first enacted under President Bush in 2001 and 2003 have made the tax code less progressive and delivered a large windfall to the highest-income taxpayers.[1] Tax Policy Center estimates for the years 2004 to 2012 (the years for which TPC provides data that are comparable from year to year) give us a sense of the cumulative effect of … -
Senate and House GOP Leaders' Tax Proposals Would Provide Windfall for Heirs of Largest Estates
Revised July 24, 2012
Senate and House Republican leaders are proposing to provide extremely large tax breaks averaging over $1 million per estate to the heirs of the biggest 0.3 percent of estates — that is, to the heirs of the richest three of every 1,000 people who die. The Senate and House leadership proposals each would do so by extending the … -
Why Uniform, Across-the-Board Cuts in Tax Rates Disproportionately Benefit Those with the Highest Incomes
July 23, 2012
Several policymakers, including Governor Mitt Romney and Senator Pat Toomey (R-PA), have proposed cutting all marginal income tax rates by the same percentage. Further, Senators Hatch and McConnell have proposed that instructions to Congress for tax reform include a requirement that individual tax rates be reduced “proportionally.… -
Allowing High-Income Bush Tax Cuts to Expire Would Affect Few Small Businesses
July 19, 2012
Allowing the top two marginal tax rates to return to pre-2001 levels as scheduled next year would affect very few small businesses, a recent Treasury Department study found.[1] The study shows that only 2.5 percent of small business owners face the top two rates. The claims that allowing the Bush tax cuts for high-income people … -
How Tax Reform Could Become a Trap:
June 8, 2012
Policymakers are increasingly discussing the need for tax reform, with a number of them calling for large cuts in tax rates — to levels well below the Bush tax rates — as a core element of reform. They contend that sweeping but unspecified cuts in tax expenditures (credits, deductions, and other tax preferences) will offset … -
Joint Tax Committee: Raising Threshold for Bush Tax Cuts from $250,000 to $1 Million Would Lose $366 Billion — Nearly Half the Revenue
May 30, 2012
House Minority Leader Nancy Pelosi's proposal to extend President Bush's income tax cuts for households making up to $1 million a year would lose nearly half of the revenue that President Obama's proposal to extend the tax cuts only for households making up to $250,000 would raise, according to new estimates from Congress' Joint Committee on … -
Toomey Budget Similar to House-Passed Ryan Budget
May 9, 2012
The Senate may take up, as early as this week, a budget proposal from Senator Patrick J. Toomey (R-PA)[1] that is similar in most important respects to the budget resolution from House Budget Committee Chairman Paul Ryan (R-WI), which the House passed on March 29. [2] Like the Ryan budget, the Toomey plan (S. Con. Res. 37) would protect and extend tax cuts that … -
Video: Jared Bernstein and Chye-Ching Huang Discuss Tax Rates and the Economy
May 8, 2012
Jared Bernstein and Chye-Ching Huang discuss the Center's new, comprehensive analysis of recent findings on the economic effects of raising federal income taxes on upper-income taxpayers as part of a balanced effort to reduce budget deficits.
Duration 8:25
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Recent Studies Find Raising Taxes on High-Income Households Would Not Harm the Economy
April 24, 2012
Many policymakers and pundits assume that raising federal income taxes on high-income households would have serious adverse consequences for the economy. Yet this belief, which has been subject to extensive research and analysis, does not fare well under scrutiny. As three leading tax economists recently concluded in a … -
Tax Foundation Figures Do Not Represent Typical Households’ Tax Burdens
April 2, 2012
This report has been updated. Click here for the updated analysis. The Tax Foundation released its annual “Tax Freedom Day” report today that, once again, leaves a strikingly misleading impression of tax burdens — announcing an “average” tax rate across the United States that’s likely higher than the tax … -
Can Governor Romney’s Tax Plan Meet Its Stated Revenue, Deficit, and Distributional Goals at the Same Time?
March 2, 2012
Unveiling his tax plan on February 22, Governor Romney's campaign said it would: 1) make permanent President Bush's tax cuts (but not those enacted under President Obama, which are scheduled to expire at the same time and which expanded several refundable tax credits for low- and middle-income families); 2) then cut individual …
