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Repeal of Contractor Withholding Provision Would Encourage
Tax Abuse
October 26, 2011
The House will vote tomorrow on whether to repeal a 2006 law designed to fight tax abuse by private contractors for federal, state, or local governments. Congress and President George W. Bush enacted the 2006 law after the Government Accountability Office (GAO) uncovered widespread tax abuse by government contractors. … -
Video: A Discussion with Jared Bernstein and Chuck Marr on Tax Repatriation
October 20, 2011
Congress is considering a temporary "repatriation tax holiday" that would allow corporations to bring their overseas profits back to the United States at a fraction of the normal corporate tax rate. Proponents claim that corporations would then invest these earnings in the United States, but the evidence shows that a tax holiday would fail to boost the economy while increasing deficits and encouraging companies to locate jobs and future investments overseas.
In this video, Jared Bernstein and Chuck Marr discuss the proposal and its likely harmful impact.
Duration: 7:19
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Repatriation Tax Holiday Would Increase Deficits and Push Investment Overseas
October 12, 2011
Despite proponents' claims to the contrary, a proposal to enact a second tax holiday for the profits that U.S.-based multinational corporations bring back to the United States from foreign accounts would cost tens of billions of dollars in federal revenue — boosting deficits and debt – while not achieving its proponents' promise of … -
Testimony: Chad Stone, Chief Economist, on Policy Prescriptions for the Economy
September 15, 2011
Chairman Conrad, Senator Sessions, and other members of the Committee, thank you for the opportunity to testify today on policy prescriptions for the economy. To use the medical analogy in the title of this hearing, the U.S. economy is experiencing a long and difficult recovery from a severe acute illness — the 2007-2009 financial … -
Tax Holiday for Overseas Corporate Profits Would Increase Deficits, Fail to Boost the Economy, and Ultimately Shift More Investment and Jobs Overseas
Updated June 23, 2011
Momentum is growing in Congress behind legislation to enact another “repatriation tax holiday” that allows multinational corporations to bring profits held overseas back to the United States and pay tax on them at a rate of only about 5 percent (rather than the normal tax rate on corporate profits). But the … -
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 … -
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 … -
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 … -
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. .
