Tax Policy Center

fiscal cliff

Federal Budget and Economy: TaxVox
This is one of a series of guest TaxVox blog posts discussing dynamic scoring. The House recently changed the rules of budget scoring: The Congressional Budget Office and the Joint Committee on Taxation will now account for macroeconomic effects when estimating the budget impacts of major
February 27, 2015Donald Marron
: Daily Deduction
The FATCA wait is over. The Foreign Account Tax Compliance Act goes into effect tomorrow. It is designed to prevent tax evasion by US citizens with more than $50,000 held in foreign banks, investment funds, and other institutions. China is the latest nation to join about 80 other jurisdictions in
June 30, 2014Renu Zaretsky
Federal Budget and Economy: TaxVox
Tax Vox proudly announces its seventh annual Lump of Coal Award for the worst tax and fiscal policies of 2013. The year was a curious mix of really bad ideas and dithering. After all, Congress's finest moment may have been its December budget mini-deal—a decision that effectively ignored every one
December 23, 2013Howard Gleckman
Individual Taxes: TaxVox
The year in taxes started with the nation toppling, briefly, over the fiscal cliff. And it ended with some interesting policy proposals on tax reform though little political progress. Remember the fiscal cliff? While that crisis was resolved on New Year’s Day, it really began in 2001, when
December 12, 2013William G. Gale
Federal Budget and Economy: TaxVox
There is lots of buzz around Washington about whether a laundry list of expiring tax provisions could be the key to a modest budget agreement. Sadly, it is hard to see how. The theory goes like this: Democrats might agree to some cuts in programs such as Medicare if Republicans swallow some new
November 7, 2013Howard Gleckman
Individual Taxes: TaxVox
Congressional negotiators are trying to craft a budget deal by mid-December. Fareed Zakaria’s Global Public Square asked twelve experts what they hoped that deal would include. My suggestion: it’s time to fix the budget process: Odds are slim that the budget conference will deliver anything big on
November 4, 2013Donald Marron
Individual Taxes: TaxVox
2013 is a tough year if you owe payroll tax, as most of us do. Not only did the 2010 payroll tax cut die at the end of 2012, but high-income workers now owe an extra 0.9 percent, thanks to the Affordable Care Act. Economists worry about what the combined new taxes will mean for workers’ net pay,
April 5, 2013Roberton C. Williams
Campaigns, Proposals, and Reforms: TaxVox
House Budget Committee Chair Paul Ryan (R-WI) has proposed a controversial plan to balance the budget in 10 years , entirely by cutting planned spending by $4.6 trillion. While Ryan includes lots of specific spending cuts, his tax agenda is far less clear. In some respects, the former GOP vice
March 12, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
House Republicans say they want to balance the budget in a decade with only spending cuts and no tax hikes. In his state of the union address tonight, President Obama—perhaps channeling his new pal New Jersey Governor Chris Christie—had a response. In a word, fuhgedaboutit. Obama’s priorities: Gun
February 12, 2013Howard Gleckman
Individual Taxes: TaxVox
The Congressional Budget Office released its latest Budget and Economic Outlook earlier this week. As always, the Outlook provides insight into the fiscal status of the federal government. My three overarching reactions are: First, because American Taxpayer Relief Act of 2012 (ATRA) instituted tax
February 8, 2013William G. Gale