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Federal Budget and Economy

Biden’s Budget Would Raise Taxes On High-Income Households, Cut Them For Many Others

March 23, 2023 –
The revenue provisions of President Biden’s fiscal year 2024 budget would lower after-tax incomes by an average of about $2,300 next year, according to a...
Federal Budget and Economy

Congress’s Medicare Financing Mess is Bigger Than You Think

February 6, 2023 –
While Congress talks about the federal debt, it’s still hesitating to deal with one major source of rising deficits—Medicare—that it can’t avoid much longer. Medicare’s...

Why TPC Revised Its Estimates Of Business Tax Proposals Pending In the Post-Election Congress

December 7, 2022 –
The Tax Policy Center has revised its estimates of the revenue cost and distributional effects of the business tax cuts included in its analysis of...
Federal Budget and Economy

Joe Manchin Pulled The Plug On Tax Increases. What Happens Next?

July 19, 2022 –
Joe Manchin Pulled The Plug On Tax Increases. What Happens Next? Conservative Democrat Joe Manchin (D-WV) may have effectively sealed the fate of President Biden’s...
Individual Taxes

Biden’s New Taxes for Billionaires: One Is Hard, One Is Easy

March 31, 2022 –
This week, President Biden proposed two new taxes on the very rich. A minimum income tax that Biden calls a billionaire tax but would in...
Federal Budget and Economy

TPC: The Ways & Means Reconciliation Bill Would Raise Taxes On High Income Households, Cut Taxes On Average For Nearly Everyone Else

September 28, 2021 –
All major provisions of the House Ways & Means Committee’s budget reconciliation tax bill would cut 2022 taxes on average for households making $200,000 or...
Federal Budget and Economy

Neal’s Tax Bill Is Big And Bold, With Hits and Misses

September 14, 2021 –
The most important thing to know about the tax bill proposed by House Ways & Means Committee Richard Neal (D-MA) is that it’s big. The...

How Can Tax and Spending Policy Together Enhance The Wealth Of The Nation?

August 16, 2021 –
Buried in today’s partisan squabbles over President Biden’s ambitious domestic agenda is a fundamental question: How can government best increase the nation’s wealth? Does it...
Business Taxes

Too Many IRS Audits of Big Businesses Result In No Change In Tax Liability

April 19, 2021 –
Change can be good, right? Maybe or maybe not. But if you are the Internal Revenue Service, “no change” audits never are good. And, for...
Federal Budget and Economy

How Could the United States Pay for Reparations?

February 3, 2021 –
A few years ago, Ta-Nehesi Coates wrote a powerful essay, “The Case for Reparations” for The Atlantic . Reparations, he affirmed, would help close the...