2001/2003 Tax Cuts
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Latest Democratic Offer Includes Further Compromise,
Matches Overall Numbers of Toomey Proposal;
Republicans Reject It
November 18, 2011
Democratic members of the Joint Select Committee on Deficit Reduction (called by some the Supercommittee) submitted an offer last Friday in response to a plan put forward earlier in the week by Senator Pat Toomey and other Joint Committee Republicans. Various media institutions reported today that this latest Democratic … -
GOP Tax Proposal Risks a Substantial Tax Shift From High-Income Households to Low- and Middle-Income Households
November 18, 2011
The Toomey plan from Republican negotiators on the deficit-reduction "supercommittee" would produce only a modest increase in revenues — about $300 billion over ten years, relative to a baseline that assumes Congress extends all of the Bush tax cuts. But it would accomplish this through what appears to be … -
Plan From Toomey, Other Republicans Not a First Step Toward Balanced Deficit Reduction
November 10, 2011
Senator Pat Toomey and other Republicans on the Joint Select Committee on Deficit Reduction (“Supercommittee”) portray their new offer to raise close to $300 billion in revenues (under a plan to reduce deficits by about $1.5 trillion over ten years) as a significant concession, and some observers have suggested it represents a … -
“Supercommittee” Should Develop Balanced Package of Tax Increases and Spending Cuts
September 27, 2011
The new congressional committee on deficit reduction (the so-called "supercommittee") not only can consider revenue increases, but must consider them — as well as spending cuts — if it's going to produce a balanced plan. [1] There are five main reasons why. Spending cuts alone can't do the job. … -
Testimony: Chad Stone, Chief Economist, Before the Joint Economic Committee
June 21, 2011
Vice Chairman Brady and other members of the Committee, thank you for inviting me to testify. I feel especially privileged to be appearing as a witness before the Joint Economic Committee, which together with the President's Council of Economic Advisers — both established by the Employment Act of 1946 — … -
Under House Budget, “Tax Reform” Places Top Priority on High-Income Tax Cuts and Ignores Deficit Reduction
Updated May 26, 2011
The tax proposals in the budget that the House approved on April 15 place a top priority on cutting taxes for high-income people, while doing nothing to reduce budget deficits, themselves. [1] In addition to making the Bush tax cuts permanent and continuing to provide relief from the Alternative Minimum Tax … -
Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits
May 10, 2011
We have since updated this paper. To view the new paper, click here. Some lawmakers, pundits, and others continue to say that President George W. Bush’s policies did not drive the projected federal deficits of the coming decade — that, instead, it was the policies of President Obama and Congress in 2009 and 2010. But, the fact remains: the … -
Testimony: Paul Van de Water, Senior Fellow, on Budget Enforcement Mechanisms
May 4, 2011
Mr. Chairman, Senator Hatch, and members of the committee, I appreciate the invitation to appear before you today. The federal budget is on an unsustainable path. If we continue current policies — including a further extension of the 2001 and 2003 tax cuts and AMT relief — deficits will remain high throughout the … -
Statement of Robert Greenstein, President, on Chairman Ryan’s Budget Plan
Updated April 20, 2011
Chairman Ryan’s sweeping budget plan has been labeled “courageous,” but it’s a cowardly budget in a crucial respect. It proposes a dramatic reverse-Robin-Hood approach that gets the lion’s share of its budget cuts from programs for low-income Americans — the politically and economically weakest group in … -
Reforming Tax Expenditures Can Reduce Deficits While Making the Tax Code More Efficient and Equitable
April 15, 2011
With the federal budget on an unsustainable path, our country’s fiscal problems need to be addressed in a way that is both effective and equitable. Scaling back and reforming “tax expenditures” — spending that is delivered through the tax code rather than government programs — should be an important part … -
Statement: Robert Greenstein on President Obama's Deficit-Reduction Plan
April 13, 2011
President Obama made an important contribution today to efforts to address the nation’s long-term fiscal problems, proposing a plan to reduce deficits by about $4 trillion over the next 12 years and meet the essential goal of stabilizing the national debt so that it rises no faster than … -
Ryan Plan’s “Path to Prosperity” Is Just for the Wealthy
April 6, 2011
House Budget Committee Chairman Paul Ryan’s name for his budget — “The Path to Prosperity” — is a cruel joke. One of this nation’s core beliefs is that if you work hard and act responsibly, you can get ahead, raise a family, and have a decent life. That was never more true than in the three decades after World War II, when the path to … -
Republican Study Committee Bill Would Require Deepest Cuts in Programs for the Poor in U.S. History
April 5, 2011
Legislation unveiled last month by the Republican Study Committee, the powerful caucus that includes 176 House Republican members, would require the most severe cuts in programs for the poor in the nation’s history. Introduced by RSC Chair Jim Jordan (R-OH), Tim Scott (R-SC), and RSC Budget and Spending Task Force Chair … -
Ryan’s Cowardly Budget
April 5, 2011
The Center has just issued a statement on House Budget Committee Chairman Paul Ryan’s budget plan and a brief analysis showing that the plan would get about two-thirds of its more than $4 trillion in budget cuts over 10 years from programs that serve people of limited means. . -
Statement by Robert Greenstein on Senate Republican Leaders’ Proposed Balanced Budget Amendment
March 31, 2011
The balanced budget amendment to the Constitution that Senate Republican leaders unveiled today is the most radical major fiscal policy proposal in decades. It would require a balanced budget every year regardless of the state of the economy, an exceedingly unwise requirement that most … -
Media Briefing: Principles and Cautions for Deficit Reduction
March 24, 2011
Robert Greenstein, President, and James R. Horney, Vice President for Fiscal Policy discuss a major new report, which suggests a framework for a comprehensive deficit reduction package, discusses the appropriate mix of tax and program savings for it, recommends some important ways to achieve those savings, explains the effects that such a package should have on poverty and inequality, and highlights some misguided proposals that policymakers should avoid.
Duration: 20:13
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A Framework for Deficit Reduction: Principles and Cautions
March 24, 2011
The nation is on an unsustainable fiscal course, and policymakers need to make major changes in policy. As a number of bipartisan panels have recommended over the past year, policymakers should aim to stabilize the debt as a share of the economy (the Gross Domestic Product) so the debt does not rise relentlessly as a share of the … -
Federal Debt on Unsustainable Path Under Current Policies
January 31, 2011
The latest projections from the Congressional Budget Office (CBO) confirm what we already knew: the federal budget is on an unsustainable path. [1] If we continue current policies — including a further extension of the Bush tax cuts, which policymakers recently extended through 2012 — deficits will remain … -
Podcast: The Impact of the New Budget Rules in the U.S. House of Representatives
January 11, 2011
Jim Horney, the Center’s Director of Federal Fiscal Policy, discusses the new budget rules in the U.S. House of Representatives.
Duration: 3:47
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Statement of Robert Greenstein, Executive Director, on the New House Budget Rules
January 5, 2011
Today’s vote by the new House majority to change the chamber’s rules, making it easier to pass tax cuts that increase the deficit, contradicts many Republican members’ anti-deficit rhetoric and marks a significant step away from fiscal discipline and toward the kind of rules that helped pave the way for the return of large deficits in the years … -
House Republican Rule Changes Pave the Way For Major Deficit-Increasing Tax Cuts, Despite Anti-Deficit Rhetoric
Updated January 5, 2011
House Republican leaders yesterday unveiled major changes to House procedural rules that are clearly designed to pave the way for more deficit-increasing tax cuts in the next two years. These rules stand in sharp contrast to the strong anti-deficit rhetoric that many Republicans used on the campaign trail this fall. While …
