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  • Chart Book: The Bush Tax Cuts
    December 10, 2012

    To provide context for the debate about addressing expiring tax provisions and reducing long-term deficits, we’ve collected some of our charts related to the Bush tax cuts, which show that the tax cuts (1) are costly, (2) have worsened inequality, and (3) should be allowed to expire on schedule for incomes over $250,000. 1.  The Bush Tax Cuts Are Costly …
  • Restraining Tax Expenditures Should Complement, Not Replace, Letting High-Income Bush Tax Cuts Expire
    Chye-Ching Huang, Chuck Marr, and Joel Friedman
    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 …
  • Payroll Tax Cut and Emergency Unemployment Insurance Still Needed to Support the Recovery
    Chuck Marr, Chye-Ching Huang, and Chad Stone  


    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 …
  • Raising Today’s Low Capital Gains Tax Rates Could Promote Economic Efficiency and Fairness, While Helping Reduce Deficits
    Chye-Ching Huang and Chuck Marr
    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 …
  • Senate and House GOP Leaders' Tax Proposals Would Provide Windfall for Heirs of Largest Estates
    Chye-Ching Huang
    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 …
  • Allowing High-Income Bush Tax Cuts to Expire Would Affect Few Small Businesses
    Chye-Ching Huang and Chuck Marr
    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 …
  • Budget Plans Should Not Rely on "Dynamic Scoring"
    Paul N. Van de Water
    Revised June 21, 2012

    Some Members of Congress and outside groups are calling for the use of "dynamic scoring" to estimate the budgetary effects of major legislation, notably tax reform proposals.  In February, for instance, the House passed a bill (H.R. 3582) requiring the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) …
  • Cantor Proposal for 20 Percent Business Tax Deduction Would Provide Windfall for Wealthy, Not Create Jobs
    Chuck Marr
    Updated May 11, 2012

    Though billed as a measure to create jobs by aiding small businesses, House Majority Leader Eric Cantor's (R-VA) proposal for a 20 percent tax deduction in 2012 for businesses with fewer than 500 employees would benefit many high-income taxpayers — including many affluent doctors, lawyers, and stockbrokers — while failing to …
  • Video: Jared Bernstein and Chye-Ching Huang Discuss Tax Rates and the Economy
    Jared Bernstein and Chye-Ching Huang
    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

  • Media Briefing: The Effect on the Economy of Raising Tax Rates on High-Income Households as Part of a Balanced Effort to Reduce Deficits - What the Evidence Shows
    April 25, 2012

    The Center on Budget and Policy Priorities held a conference call briefing on Wednesday, April 25 to discuss the Center’s new, comprehensive analysis of recent findings on the economic effects of raising federal income taxes on upper-income taxpayers.

    The panel featured leading authorities on tax policy, Leonard E. Burman, Daniel Patrick Moynihan Professor of Public Affairs at Syracuse University, and William G. Gale, Co-Director of the Urban-Brookings Tax Policy Center, and Chye-Ching Huang, Tax Policy Analyst with the Center on Budget and Policy Priorities.

  • Recent Studies Find Raising Taxes on High-Income Households Would Not Harm the Economy
    Chye-Ching Huang
    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 …
  • The False Choice of National Defense Versus Helping the Poor
    Richard Kogan and Robert Greenstein
    April 20, 2012

    House committees this week approved sharp cuts in the Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps), the elimination of the Social Services Block Grant, and other cuts that would harm large numbers of low- and moderate-income Americans.[1]   Proponents claim the cuts are needed to generate enough savings …
  • Statement by Chad Stone, Chief Economist, on Pending House Tax Cut and House Committee SNAP Benefit Cuts
    Chad Stone
    April 18, 2012

    The House majority is pursuing legislation this week that makes no economic sense. The full House will pass a $46 billion tax cut that’s advertised as a “job-creating” measure, while the House Agriculture Committee approved a plan today to save $36 billion by cutting the …
  • New Tax Cuts in Ryan Budget Would Give Millionaires $265,000 on Top of Bush Tax Cuts
    Chuck Marr
    Revised April 12, 2012

    Even as House Budget Committee Chairman Paul Ryan’s budget would impose trillions of dollars in spending cuts, at least 62 percent of which would come from low-income programs,[1] it would enact new tax cuts that would provide huge windfalls to households at the top of the income scale.  New analysis by the Urban-Brookings Tax Policy Center (TPC) …
  • Blog Post: Ryan Plan Unlikely to Balance the Budget for Decades
    March 28, 2012

    Despite its massive spending cuts, House Budget Committee Chairman Paul Ryan’s budget (which the House is considering this week) would still have a deficit of $287 billion in fiscal year 2022.  And the Congressional Budget Office estimates that it wouldn’t produce a surplus until 2040. Chairman Ryan disagrees, saying in …
  • Blog Post: Another Quarter-Million for Millionaires Under Ryan Tax Plan
    March 28, 2012

    Our new report shows that House Budget Committee Chairman Paul Ryan’s tax plan would provide $265,000-a-year tax cuts to the nation’s highest-income households.  Here’s an excerpt: Even as House Budget Committee Chairman Paul Ryan’s budget would impose trillions of dollars in spending cuts, 62 percent of which would come from …
  • Blog Post: Chairman Ryan’s Misleading Chart
    March 27, 2012

    House Budget Committee Chairman Paul Ryan recently summarized his new tax proposal this way: [W]e’re saying get rid of all the special interest loopholes and tax shelters that are disproportionately used by those higher income earners, get rid of those tax shelters, so you can lower tax rates for everybody, and make us better wired for economic growth and job creation.   Chairman Ryan has also said that most tax-expenditure benefits go to high-income people.   The lead tax chart in Chairman Ryan’s budget document seems to support his statement, suggesting that the tax code includes a series of egregious loopholes (or “tax expenditures”) that mostly flow to very rich individuals.  It gives the impression that we can easily eliminate tax …
  • Blog Post: Chairman Ryan’s Misleading Chart
    Chuck Marr
    March 27, 2012

    House Budget Committee Chairman Paul Ryan recently summarized his new tax proposal this way: [W]e’re saying get rid of all the special interest loopholes and tax shelters that are disproportionately used by those higher income earners, get rid of those tax shelters, so you can lower tax rates for everybody, and make us better wired for economic growth and job creation. Chairman Ryan has also said that most tax-expenditure benefits go to high-income people. The lead tax chart in Chairman Ryan’s budget …
  • Blog Post: Ryan Roundup, 2012: Everything You Need to Know About Chairman Ryan's Budget
    March 23, 2012

    Below is a compilation of the CBPP blog posts to date on House Budget Committee Chairman Paul Ryan’s new budget. Check back here frequently, as we will update this list as we put out new material. http://bit.ly/RyanPosts Overview/General Greenstein Statement March 21, 2012 "The new Ryan budget is a …
  • Ryan Budget's Claim to Finance Its Tax Cuts for the Wealthy By Curbing Their Tax Breaks Does Not Withstand Scrutiny
    Chuck Marr
    March 22, 2012

    Despite warning that the nation faces the “perils of debt,” House Budget Committee Chairman Paul Ryan introduced a budget on March 20 whose tax proposals would be extremely costly and would disproportionately favor the nation’s highest-income households and large corporations.[1]  His budget would cut the top …
  • Blog Post: Greenstein on the Ryan Budget
    CBPP
    March 21, 2012

    We’ve issued a statement from Robert Greenstein on the budget from House Budget Committee Chairman Paul Ryan.  Here’s the opening: The new Ryan budget is a remarkable document — one that, for most of the past half-century, would have been outside the bounds of mainstream discussion due to its extreme nature.  In essence, this budget is …
  • Statement of Robert Greenstein, President, on Chairman Ryan's Budget Plan
    Robert Greenstein
    March 21, 2012

    The new Ryan budget is a remarkable document — one that, for most of the past half-century, would have been outside the bounds of mainstream discussion due to its extreme nature. In essence, this budget is Robin Hood in reverse — on steroids.  It would likely produce the largest redistribution of income from the bottom to the top in modern U.S.…
  • Can Governor Romney’s Tax Plan Meet Its Stated Revenue, Deficit, and Distributional Goals at the Same Time?
    Robert Greenstein, Chye-Ching Huang and Chuck Marr
    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 …
  • Administration’s Corporate Tax Reform Framework a Promising Start but Falls Short on Raising Revenue
    Chuck Marr
    Revised February 28, 2012

    The Administration has advanced a coherent framework for corporate tax reform that could lead to a more efficient corporate tax regime. [1] The framework's main weakness is that it seeks no deficit-reduction contribution from corporate tax reform, aiming only for revenue neutrality. Given the nation's serious long-term budget problems and the …
  • Six Tests for Corporate Tax Reform
    Chuck Marr and Brian Highsmith
    Updated February 24, 2012

    Congress may consider major changes to the corporate tax code this year. In light of the nation's significant economic and budgetary challenges, a well-designed corporate tax reform proposal should: Contribute to long-term deficit reduction. Corporate tax revenues are now at historical lows as a share of the economy, at a time when the …
  • Video: A Discussion with Jared Bernstein and Chye-Ching Huang on Capital Gains Tax
    Featuring: Jared Bernstein and Chye-Ching Huang
    January 31, 2012

    “There are lots of good reasons to get rid of” the preferential tax treatment of capital gains, Chye-Ching Huang tells Jared Bernstein in this video.

    She notes, for instance, that “at the same time that capital gains income has been growing really rapidly, and growing at the very top of the income distribution, we have been cutting the rates. That is one of the major reasons why the tax system hasn’t been doing as much to push against income inequality as it used to.”

    Chye-Ching and Jared discuss what capital gains are and the tax advantages they receive compared to ordinary income.

    Duration:  4:52

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