Tax Policy Center

tax revenues

Federal Budget and Economy: TaxVox
In its semi-annual fiscal update released this week, the Congressional Budget Office projects that federal revenues will remain flat over the next decade, while spending—mostly for health care and Social Security—will rise. The result: Budget deficits, which have been declining in recent years as
August 27, 2015Howard Gleckman
Federal Budget and Economy: TaxVox
The House has instructed the Joint Committee on Taxation and the Congressional Budget Office to factor in the macroeconomic effects of tax law changes when calculating the official budget score of revenue bills. But are existing models up to the task of what’s commonly called dynamic scoring? A
January 26, 2015Howard Gleckman
Federal Budget and Economy: TaxVox
Yesterday, the Treasury Department reported that the deficit for Fiscal Year 2014, which ended on Sept. 30, fell to $483 billion, or about 2.8 percent of Gross Domestic Product. This being Washington, the report was hailed as either an enormous success or dismissed as meaningless. Who is right? Is
October 16, 2014Howard Gleckman
: 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
Individual Taxes: TaxVox
What to do about the tax extenders—or, as my colleague Donald Marron calls them, the “tax expirers” ? Restoring the current crop (most of which expired on December 31) for 10 years would add about $900 billion to the deficit. House Ways & Means Committee Chair Dave Camp (R-MI) and Senate
April 3, 2014C. Eugene Steuerle
Campaigns, Proposals, and Reforms: TaxVox
House Ways & Means Committee Chair Dave Camp (R-MI) has a plan for what to do with scores of now-expired tax subsidies that are sitting...
March 25, 2014Howard Gleckman
Federal Budget and Economy: TaxVox
After it returns from Spring Break next week, Congress may face two big fiscal reality checks. It will have to decide whether to temporarily extend...
March 20, 2014Howard Gleckman
Federal Budget and Economy: TaxVox
Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget...
February 6, 2014Howard Gleckman
Federal Budget and Economy: TaxVox
As House and Senate budget negotiators sit down (eight months late), the inevitable issue of new revenues has already raised its head. Predictably, Democrats insist...
October 31, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
The conventional wisdom is that next January, Congress and President Obama will be in exactly the same place they’ve been for most of the past...
October 17, 2013Howard Gleckman