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Four Things to Look for in Chairman Camp’s Tax Reform Plan

February 25, 2014

Four questions are particularly important in evaluating the tax reform proposal that House Ways and Means Committee Chairman Dave Camp (R-MI) is expected to issue tomorrow.

1.    Does it raise needed revenue?

 
All tax reform plans raise revenue by scaling back tax expenditures (deductions, exemptions, and other preferences).  A key litmus test for the Camp plan is...

President Obama Calls to Expand EITC for Childless Workers, Joining Growing Bipartisan Consensus

January 29, 2014

With President Obama calling for expanding the Earned Income Tax Credit (EITC) for childless workers, as he did in last night’s State of the Union speech, Washington is now well-positioned to take this important step.

Support for such a step was already growing on both sides of the aisle, as we’ve recently ...

A Bipartisan Call to Boost the EITC and Cut Poverty

January 24, 2014

A number of leading liberal lawmakers and policy analysts have long advocated for a stronger Earned Income Tax Credit (EITC) to better assist childless workers — and support for such a step is now growing among conservatives as well, as we explain in our new commentary.

For instance, former George W....

Time to Let “Bonus Depreciation” Expire Permanently

January 13, 2014

One of the first steps by policymakers to stimulate the economy during the Great Recession was to allow businesses to take bigger tax deductions for certain new investments.  Since enacting this temporary provision — often called “bonus depreciation” — in 2008, they have regularly extended it (albeit at a less generous rate since 2012).

Bonus depreciation expired at the end of last year...

Paying for Jobless Benefits But Not “Tax Extenders” Has It Backwards

January 13, 2014

As Congress debates whether to extend expired federal unemployment insurance (UI) benefits, the issue of offsetting its costs has become a flash point.  At the same time, members of both parties are pushing to extend several dozen tax breaks that expired at year-end (mostly for corporations), with little concern about whether they are paid for.  That’s backwards.

The...

Congress Should Pay for Any Last-Minute “Tax Extender” Package

December 18, 2013

Politico reports this afternoon that the Senate may try to pass a package of “tax extenders” (targeted tax breaks set to expire at the end of the year) before they leave town for the holidays.  This graph shows why policymakers should fully pay for any such package.

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Paying for the “extenders” that Congress continues would have...

Tax Incentives for Retirement Savings Are Ripe for Reform

December 13, 2013

12-13-13tax-f1-infocus.pngReforming the costly and poorly targeted tax incentives for retirement saving could not only raise revenue for deficit reduction and tax reform goals, but also do more to encourage low- and moderate-income households — the people who most need to boost their retirement assets — to save more, our...

Congress Must Extend Unemployment Insurance: Here’s Another Reason Why

December 5, 2013

We and others warned a year ago that letting the payroll tax expire would hurt the economy.  Policymakers ignored those warnings, and in a new analysis, Goldman Sachs highlights the economic damage that the resulting tax increase has caused in 2013.

Congress now confronts a similar...

Hardship in America, 2013: A Portrait of Another John Stewart

November 26, 2013

The Washington Post profiles a very different John Stewart today.  Not Jon, the comedy show anchor, but John, who works for low wages helping elderly people board planes at Philadelphia’s...

Latest Baucus Tax Proposal Wisely Avoids Timing Gimmicks and Targets Inefficient Subsidies

November 21, 2013

Senate Finance Committee Chairman Baucus released another discussion draft on tax reform today, this one on accounting issues.  It not only eliminates some major corporate tax subsidies but refuses to use these changes as timing gimmicks to promote deficit-expanding rate cuts.  These...

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