2001/2003 Tax Cuts
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Zandi Analyses Show "Democratic" Measures in Tax Cut-UI Deal Boost Economy, "Republican" Measures Add to Deficit Risks
December 22, 2010
As a result of the tax cut-unemployment insurance legislation that President Obama signed into law last week, economic forecasters have substantially upgraded their outlook for 2011 (see the box on page 2). An analysis of the compromise by Mark Zandi, the chief economist for Moody’s Analytics, indicates that this greater optimism stems … -
Unpacking the Tax Cut-Unemployment Compromise
December 10, 2010
Last night, the Senate released legislative language for the tax cut-unemployment insurance compromise negotiated between President Obama and Congressional Republicans. The Joint Committee on Taxation (JCT) released an official cost estimate for the revenue portions of the bill shortly thereafter. These graphs illustrate the various components … -
Statement: Robert Greenstein, Executive Director, on the Tax Cut-Unemployment Insurance Deal
Updated December 8, 2010
The deal between President Obama and Republican leaders on tax cuts and unemployment insurance has two substantial positive aspects: its surprisingly strong protections for low- and middle-income working families and its stronger-than-expected boost for the economy and jobs. But it … -
Rivlin-Domenici Deficit Reduction Plan Is Superior to Bowles-Simpson in Most Areas
November 30, 2010
The Rivlin-Domenici deficit reduction plan, which a commission of the Bipartisan Policy Center unveiled last week, marks a significant improvement over a plan from the co-chairs of President Obama’s fiscal commission — with the exception of health care, in which the Rivlin-Domenici plan actually is more problematic. … -
Bowles-Simpson Plan Commendably Puts Everything on the Table But Has Major Deficiencies Because It Lacks an Appropriate Balance Between Program Cuts and Revenue Increases
November 16, 2010
I. Overview and Summary The November 10 plan from the co-chairs of President Obama’s Commission on Fiscal Responsibility and Reform helps move the budget debate beyond misguided claims that policymakers can tame deficits simply or primarily by eliminating earmarks and “waste, fraud, and abuse.” It also wisely subjects all … -
Podcast: Key Issues Facing Congress
November 16, 2010
Jim Horney, the Center’s director of Federal Fiscal Policy, discusses the key issues facing Congress during the lame duck session that began yesterday.
Duration: 4:45
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Boehner Proposal Would Cut Non-Security Discretionary Programs 21 Percent, The Deepest Such Cut in Recent U.S. History
Revised September 15, 2010
House Minority Leader John Boehner on September 8 issued a proposal to cut funding for non-security discretionary programs and to extend all of the Bush tax cuts for two years. He portrayed the proposal as a bipartisan compromise. Closer examination shows, however, that this is a radical plan that reflects deeply conservative … -
Podcast: Upcoming Debate on Middle-Class and High-Income Tax Cuts
August 31, 2010
Chuck Marr, Director of Federal Tax Policy, discusses the debate about taxes that will take center stage when Congress returns after Labor Day.
Duration: 4:08
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High-Income People Would Benefit Significantly From Extension of “Middle-Class” Tax Cuts
August 13, 2010
A fact generally overlooked in the debate over whether Congress should extend the high-income Bush tax cuts — i.e. those targeted exclusively at couples making over $250,000 and single individuals making over $200,000 — is that these households will still receive substantial tax cuts if Congress extends the so-called … -
Extension of High-Income Tax Cuts Would Benefit Few Small Businesses; Jobs Tax Credit Would Be Better
August 3, 2010
Proponents of extending President Bush’s 2001 and 2003 tax cuts for people with incomes over $250,000 argue, in part, that allowing them to expire after 2010 would weaken the economy by hurting small businesses. In reality, however, extending the tax cuts would do little for small business because only the top 3 percent of people with … -
Podcast: Letting the High-Income Tax Cuts Expire
August 3, 2010
Chuck Marr, the Center’s Director of Federal Tax Policy, discusses why letting the high-income tax cuts expire is the proper response to the nation’s short and long-term challenges.
Duration: 4:23
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Letting High-Income Tax Cuts Expire Is Proper Response to Nation’s Short- and Long-Term Challenges
July 26, 2010
Letting President Bush’s tax cuts for families making over $250,000 expire as scheduled at the end of 2010, while temporarily redirecting this money to more efficient ways of boosting the economy while it is weak, would help the nation address two key challenges: short-term economic weakness (with nearly one in ten … -
Critics Still Wrong on What’s Driving Deficits in Coming Years
Updated June 28, 2010
The data in this analysis has been updated, but this version has a detailed critique of a misleading report by the Heritage Foundation that places blame for the deficits on rapid growth in Social Security, Medicare, Medicaid, and interest costs, and dismisses the significance of weak revenues in general and the 2001 and 2003 tax cuts in particular. To view the … -
Podcast: Federal Income Taxes at Historic Low
April 15, 2010
Chuck Marr, the Center’s Director of Federal Tax Policy, discusses how the levels of federal income taxes on middle-income families have changed over time.
Duration: 4:41
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Podcast: Tax Trends for the Top 400 Taxpayers
April 13, 2010
Trends in income and taxes for the highest-income taxpayers is discussed by Chuck Marr, Director of Federal Tax Policy at the Center.
Duration: 4:08
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High-Income Tax Cuts Should Expire on Schedule
April 1, 2010
Allowing the 2001 and 2003 tax cuts for couples making over $250,000 (and singles over $200,000) to expire on schedule on December 31 represents the best course of action for the budget and the economy. Extending those tax cuts for one or two years, as some have proposed, would be highly ill-advised. It would make it much more likely that … -
Testimony: Robert Greenstein Executive Director, Center on Budget and Policy Priorities, on the Need to Implement a Balanced Approach to Addressing the Long-Term Budget Deficits
March 23, 2010
I appreciate the invitation to appear before you today. I am Robert Greenstein, executive director of the Center on Budget and Policy Priorities, a nonprofit policy institute that conducts research and analysis on fiscal policy matters and an array of federal and state programs and policies. My testimony today makes three major … -
Podcast: Testimony of Robert Greenstein on Addressing Long-Term Deficits
March 23, 2010
Executive Director Robert Greenstein discusses the need to implement a balanced approach in addressing the long-term budget deficit in a testimony before the House Ways and Means Subcommittee on Select Revenue Measures.
Duration: 7:49
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Tax Rate for Richest 400 Taxpayers Plummeted in Recent Decades, Even as Their Pre-Tax Incomes Skyrocketed
February 23, 2010
The effective federal income tax rate for the 400 taxpayers with the very highest incomes has declined by nearly half over the past two decades, even as their pre-tax incomes have grown five times larger, new IRS data show.[1] The top 400 households paid 16.6 percent of their income in federal individual income taxes in 2007, down from 30 … -
Getting the Facts Straight
February 17, 2010
Some of President Obama’s critics and political opponents have launched a line of argument that Obama is mostly to blame for the large federal budget deficits projected for the coming decade and that his Administration’s role in swelling deficits and debt dwarfs that of the previous administration. [1] The critics cite what they … -
Oregon Voters' Approval of Tax Increase Noteworthy as Federal Tax Debate Opens
February 16, 2010
Oregonians’ decisive vote last month to raise taxes on households making over $250,000 calls into question the conventional wisdom that tax-increase proposals are politically untenable regardless of their merit on economic, budgetary, and equity grounds. This has important implications for Congress, which must decide …
