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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.

Put High Income Tax Cuts Back on the Budget Negotiating Table

March 7, 2011

We’ve previously discussed how the House Republican proposal to cut $66 billion in non-security discretionary spending — everything from K-12 education to clean water funds to medical research — in the current fiscal year (2011) would affect millions of middle- and lower-income families in communities all across America.

What Should Corporate Tax Reform Look Like?

March 1, 2011

With Congress likely to consider corporate tax reform this year, we’ve issued a report outlining the tests that a well-designed reform proposal should meet:

Tackling Corporate Tax Reform

February 2, 2011

David Leonhardt’s excellent piece in today’s New York Times explains that while the U.S. statutory corporate tax rate is relatively high, the amount that U.S. corporations actually pay in taxes — the effective tax rate — is much lower. A primary reason, he notes, is that our corporate code is riddled with tax preferences that significantly reduce many corporations’ taxes and have created wide disparities in effective tax rates across the economy.

Estate Tax Cut a Bitter Pill to Swallow

December 8, 2010

The provisions of the new deal on tax cuts and unemployment insurance that would give a huge windfall to the heirs of the nation’s wealthiest estates cannot be justified on the grounds of either economic growth or fiscal responsibility.

What About the Obama Tax Cuts?

December 3, 2010

Senate Republicans vowed this week to block all legislation until the Senate “prevented the tax increase that is currently awaiting all American taxpayers.” But despite all the public attention to the ongoing tax debate, few seem to recognize that the major GOP tax proposals that have been put forward — such as those from Senate Minority Leader Mitch McConnell and from Congressman Mike Pence and Senator Jim DeMint — wouldn’t extend President Obama’s expiring tax cuts, only President Bush’s.

Time to Let the High-End Tax Cuts Expire

December 1, 2010

As the House prepares to vote tomorrow on whether to extend President Bush’s tax cuts for families making under $250,000, it’s worth revisiting the main reasons why it would be unwise to extend the tax cuts for families making over $250,000 at the same time, as many in Congress favor.

On 1099s, It’s Not So Simple

November 2, 2010

New York Times columnist David Brooks ridicules the Affordable Care Act provision tightening businesses’ reporting requirements to the IRS on payments for goods and services: “If you’re a freelancer and you buy a laptop from an Apple store, you have to file a 1099.” Brooks sees that as an “expensive interference in business life.”

More Non-Partisan Common Sense on Taxes

November 1, 2010

A new report from the non-partisan Congressional Research Service (CRS) explains that permanently extending all of President Bush’s tax cuts would be extraordinarily expensive — CRS estimates the cost at $5 trillion over the next decade alone. The report recognizes that Congress, in deciding the future of the tax cuts, will need to consider the current weak economy as well as our unsustainable long-term budget path. But, it concludes, letting the Bush tax cuts aimed at the nation’s wealthiest 2 percent of households expire on schedule at the end of December makes sense from both perspectives. Here are the key quotes:

Americans Will Notice Obama’s Middle-Class Tax Cut When It’s Gone

October 19, 2010

The most curious aspect of the feverish debate over tax cuts is that President Obama cut taxes for more than 90 percent of working Americans, yet more than 90 percent of Americans have no idea this happened.