The voices of Tax Policy Center's researchers and staff
Some GOP Kansas legislators may wish they could pack their bags and go home. And they did, over the weekend, but will be back in session today to try to pass a bill that fills the state’s $400 million budget hole with tax increases and other revenue-raising measures. It’s no easy task, given divisions within the GOP. Senate taxation committee chair Les Donovan said of the conflict: “If we can’t get together and act as a level-headed, reasonable body of senators, what does the public think about us? We know what they think about us. We ought to be ashamed. I am ashamed.”
Presidential candidates’ tax returns: How many more will we see? GOP candidate Carly Fiorina has already released two years of tax returns, an unprecedented move so early in campaign season. Her tactic may put pressure on all candidates to follow suit. Bloomberg interviewed tax historian Joe Thorndike on the development. He concludes: “I believe that every serious candidate will release their tax returns.”
Pick your poison: A visual take on two tax systems. TPC’s Richard Auxier shares two charts explaining the progressivity of the federal income tax and the regressivity of the Fair Tax. “The bottom line: If everyone pays the same tax rate on consumption, tax burdens decline as income rises.”
This week on the Hill. Tax Analysts reports that the House may vote on the Trade Adjustment Assistance Reauthorization Act which includes Ron Wyden’s proposal to restore and extend a refundable health insurance tax credit for many workers who lose jobs to foreign competition. The bill would also deny refundability of the additional child tax credit to individuals who choose to exclude a portion of their foreign earned income from US tax. The House may also vote on the Permanent Internet Tax Freedom Act, which would ban state and local taxes on Internet access. The House Ways & Means Committee will hold a hearing on Wednesday on implementation of the Affordable Care Act.
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