off the charts
BEYOND THE NUMBERS
BEYOND THE NUMBERS
In Case You Missed It...
This week on Off the Charts, we discussed Congress’ deficit-reduction “supercommittee,” the proposed constitutional balanced budget amendment, the economy, federal taxes, state budgets, and health reform.
- On the supercommittee, Jim Horney explained why doing nothing would reduce deficits by $7.1 trillion over the next decade. Paul Van de Water noted that the automatic cuts to non-defense discretionary spending that will occur if the committee doesn’t agree on a plan could be less severe than the cuts that the committee is considering. Kathy Ruffing pointed out that most previous deficit-reduction packages have contained significant revenue increases. And we featured two papers — one on the “Toomey proposal” to reduce deficits and one on a Democratic proposal issued in response to it.
- On the balanced budget amendment, Robert Greenstein explained why a common comparison between a family budget and the federal budget is false. We also highlighted two new papers on the budget cuts and economic problems that a constitutional balanced budget amendment would entail, as well as a video of Jared Bernstein and Jim Horney discussing the perils of a balanced budget amendment.
- On the economy, we featured Chad Stone’s testimony before the congressional Joint Economic Committee on why tax reform is unlikely to boost business investment and job creation.
- On federal taxes, Chuck Marr explained why a flat tax wouldn’t make the tax code simpler, just more regressive. He also highlighted recent Congressional Budget Office data ranking a tax repatriation holiday last out of a number of job-creation proposals.
- On state budgets, Phil Oliff explained that states’ progress in reducing income taxes on working-poor families stalled in 2010 and noted that a few states have even raised taxes on these families. Michael Mazerov discussed legislation that would help states collect sales taxes owed on Internet purchases.
- On health reform, Judy Solomon rebutted the claim that under the Affordable Care Act, residents of states that don’t establish a health insurance exchange won’t qualify for help buying coverage.
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