Tax Policy Center

Buffett Rule

Federal Budget and Economy: TaxVox
If the White House wanted to attract attention to its final budget , it could not have picked a worse day to make it public. With official Washington obsessed with today’s New Hampshire primary, the 2017 budget barely caused a ripple. In case there was any question about its fate on Capitol Hill,
February 8, 2016Howard Gleckman
Federal Budget and Economy: TaxVox
When President Obama proposed his 2015 budget last March, he vowed to cut taxes for working class Americans while making sure high income households pay their "fair share." New Tax Policy Center estimates show that, like it or not, Obama would do pretty much as he promised. Low-income households
July 2, 2014Roberton C. Williams
Federal Budget and Economy: TaxVox
President Obama’s budget identifies a group of policies as a $1.8 trillion deficit reduction proposal. I found the budget presentation of this proposal somewhat confusing; in particular, it is difficult to see how much deficit reduction the president wants to do through spending cuts versus revenue
April 12, 2013Donald Marron
Individual Taxes: TaxVox
From the start of his 2008 campaign, President Obama has called for raising taxes on the rich. He got much but not all that he wanted in the American Taxpayer Relief Act (ATRA ) earlier this year. Now his FY2014 budget takes another couple of bites at that apple. The first repeats his proposal to
April 11, 2013Roberton C. Williams
Campaigns, Proposals, and Reforms: TaxVox
If you’re discussing tax policy with someone who asserts that his or her point is “just common sense,” this could indicate one of two things: Either no deep thought is required—as the person would have you believe. Or no deep thought has been applied. The “common sense” notion that capital income
March 15, 2013Chris Sanchirico
Federal Budget and Economy: TaxVox
Despite the ideological hype over revenue increases for the upper-income taxpayers and restricting itemized tax deductions, almost all the considered changes will tackle only a portion of the deficit. As the graph below indicates, the Congressional Budget Office projects a fiscal year 2015 deficit
December 7, 2012C. Eugene Steuerle
Campaigns, Proposals, and Reforms: TaxVox
Critics of the Buffett Rule often argue that the idea is hardly worth the trouble since it would raise taxes on less than a tenth of one percent of Americans and generate less than $5 billion a year . With annual deficits projected at 100 times that amount over the next decade, the additional
May 4, 2012Roberton C. Williams
Individual Taxes: TaxVox
These days, some people want to impose a new Buffett tax on millionaires while others are outraged that low income people pay no income taxes at all and still others want to cut taxes on “job creators.” All in the name of fairness. Is the tax code fair? Should it be? It all depends on what you mean
May 3, 2012Howard Gleckman
Individual Taxes: TaxVox
When the president first announced his Buffett Rule–that millionaires should pay at least 30 percent of their income in tax–in the State of the Union address in January, I had a strong sense of déjà vu. It is another alternative minimum tax, and its provenance is very similar. Congress created a
April 18, 2012Leonard E. Burman
Individual Taxes: TaxVox
This afternoon, I moderated an interesting Tax Policy Center panel on taxing the rich. With the Senate about to debate a Buffett tax on millionaires, the timing couldn’t be better. Unfortunately for the White House, about the only thing the panelists agreed upon was that the Buffett tax is a
April 12, 2012Howard Gleckman