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Mnuchin Rule Should Apply to ACA Repeal

March 3, 2017

While promising again that President Trump’s tax cut will focus on “middle-income” Americans and high-income Americans won’t get an overall tax cut, Treasury Secretary Steven Mnuchin now says that rule shouldn’t apply to the tax cuts that the wealthiest Americans will receive if policymakers repeal the Affordable Care Act (ACA). But his rule should apply to all major tax changes,...

1040 and Schedule A

GOP Proposals Contradict Trump’s Promised Focus on Working Families

January 23, 2017

“Every decision on trade, on taxes, on immigration, on foreign affairs, will be made to benefit American workers and American families,” President Trump said in his inaugural address. But, two major pieces of tax-related legislation at the top of the GOP agenda — Affordable Care Act (ACA) repeal and a broad package of tax cuts — fail to meet that standard.

  • ACA repeal. Not
  • ...

New York Times Shows Expanded EITC Would Replace Pay Workers Have Lost

December 9, 2016

As the New York Times writes today, President-elect Trump argues that the federal government can raise the wages of low-income workers by cutting taxes for the wealthy and corporations, spending more on infrastructure, and renegotiating trade deals.  “...

Decades of Unequal Income Growth Left Many Workers Behind

Republican “Small Business” Tax Cuts Would Mostly Help Rich Individuals

December 6, 2016

Asked whether, under a tax reform plan that the incoming Republican majority plans to write, “the rich” will receive “the greatest part of the tax cuts,” House Speaker Paul Ryan suggested that the proposed tax cuts at the top are aimed mostly at small business.  “Most of that income is small business income,” he told CBS’ Scott Pelley in a “60 Minutes”...

Top 1 Percent Receives Most Pass-through Income

“Better Way” Plan Shows GOP Tax Priorities Emphasize the Wealthy

December 5, 2016

House Speaker Paul Ryan says he can’t yet provide details on how a Republican tax-cut bill would affect middle-class and wealthy households.  When, in a CBS “60 Minutes” interview last night, Scott Pelley asked about the dollar amount of the middle-class tax cut, Ryan replied:  “When I have a bill...

Overwhelming Share of House Republican Tax Cuts Goes to Top 1%

Treasury Nominee’s Claims at Odds With Trump Tax Plan

November 30, 2016

Steven Mnuchin, President-elect Trump’s nominee for Treasury Secretary, said today of Trump’s coming tax cut proposal, “Any reductions we have in upper-income taxes will be offset by less deductions so that there will be no absolute tax cut for the upper class.”  But his assertion, on CNBC this morning, is completely at odds with the tax plan that Trump announced during the campaign, which...

Largest Gain in After-Tax Income Under Trump Plan Goes to Top Earners

Census Figures Underscore Need to Help Poorest Age Group: Young Children

September 14, 2016

Some 17.3 percent of children under age 6 were poor last year, our analysis of Census data released yesterday shows — notably higher than older children or adults (see chart).  (Our figures are based on the Supplemental Poverty Measure, which counts both cash and non-cash government benefits.)  That the nation’s poorest people are babies, toddlers, and kindergarteners shouldn’t be acceptable...

Poverty Rate Highest For the Youngest Children

Expanding the EITC Would Help Workers in Every State

September 7, 2016

The Earned Income Tax Credit rewards the work of low- and moderate-income working families across the country. Bipartisan proposals to expand the EITC for low-wage workers who aren’t raising children in the home would extend its success to workers doing a wide range of jobs in every state.

Factory Worker With Clipboard

At Labor Day, Let the EITC Help All Low-Wage Workers

September 1, 2016

Bipartisan proposals to expand the Earned Income Tax Credit (EITC) for low-wage workers who aren’t raising children in the home would extend the EITC’s success to such workers in every state.

Construction Worker

What to Look for in House GOP Tax Plan

June 23, 2016

When Speaker Paul Ryan releases the House GOP tax plan tomorrow, a key question is whether it’s closer to the plan from presumptive GOP presidential nominee Donald Trump or to a very different one from then-Ways and Means Chairman Dave Camp in 2014, the last time the House GOP presented a comprehensive tax reform plan. 

The answer will offer an early indication of possible GOP tax...

Tax Plans' Revenue Impact in First Decade