Taxes

  • 02.08.18

    More Buybacks, More Inequality

    Trump's promise that corporations will use his giant new tax cut to make new investments and raise workers' wages is proving to be about as truthful as his promise to release his tax returns....

    Trump’s promise that corporations will use his giant new tax cut to make new investments and raise workers’ wages is proving to be about as truthful as his promise to release his tax returns.

  • 01.24.18

    Patriotic Millionaires: Reframe the Debate

    It is important to recognize changes in the seasons. Our country is undergoing a significant metamorphosis, which is likely to last several years, but we have an opportunity to help ensure that what emerges from this turmoil is more beautiful than what preceded. While there are plenty of problems we can dwell on, a...

    It is important to recognize changes in the seasons. Our country is undergoing a significant metamorphosis, which is likely to last several years, but we have an opportunity to help ensure that what emerges from this turmoil is more beautiful than what preceded. While there are plenty of problems we can dwell on, at the same time there are a number of very positive changes occurring that I believe are laying the groundwork for a better future. It is now our collective job to work toward making that happen.

  • 01.01.18

    Tax Policy Center: Briefing Book

    This briefing book from the Urban Institute and Brookings Institution Tax Policy Center gives "A citizen's guide to the fascinating (though often complex) elements of the federal Tax System." It begins with some background on the federal budget and tax system, it covers key elements of the U.S. tax system, suggest...Read More

  • 11.26.17

    Congressional Budget Office Cost Estimate: The Tax Cuts and Jobs Act

    This report from the Congressional Budget Office investigates the Tax Cuts and Jobs Act currently being deliberated in the Senate. Its findings are essential when looking at decisions that will affect the future of the United States. Overall, the CBO finds that "Over the next 10 years, JCT estimates that the legis...

    This report from the Congressional Budget Office investigates the Tax Cuts and Jobs Act currently being deliberated in the Senate. Its findings are essential when looking at decisions that will affect the future of the United States.

    Overall, the CBO finds that "Over the next 10 years, JCT estimates that the legislation would increase on-budget deficits by about $1,441 billion over the period from 2018 to 2027."

    It also describes how this legislation would "permanently modify business taxation" by reducing the overall rate from 35% currently to 20% and alter a significant number of taxes for individuals including: modifying the current tax brackets, increasing the standard deduction, repealing the Alternative Minimum Tax, double the exemption allowed under the estate tax, and others. 

    It also reveals that these changes will disproportionately benefit individuals in higher income brackets.

    CBO Tax Score Table 3

  • 10.30.17

    Ten Facts You Should Know About the Federal Estate Tax

    The Estate Tax, also known as the "Death Tax" has been in the news recently. It has been removed as part of the GOP tax plan This article from the Center on Budget and Policy Priorities lists and explains ten facts about the estate tax. So that when we look at this repeal, we understand who it benefits and why. Th...Read More

  • 09.23.17

    Why We Must Raise Taxes on Corporations and the Wealthy, Not Lower Them

    When Barack Obama was president, congressional Republicans were deficit hawks. They opposed almost everything Obama wanted to do by arguing it would increase the federal budget deficit....

    When Barack Obama was president, congressional Republicans were deficit hawks. They opposed almost everything Obama wanted to do by arguing it would increase the federal budget deficit.

  • 07.20.17

    Long-term Projections of Social Security’s and Medicare’s Financing are Not as Scary as They Seem

    This article from the Center for Economic and Policy Research looks at the current financing of Social Security and Medicare and projects the changes that would need to occur for the programs to be financed in the long term. It finds that "workers should be much more concerned with making sure they receive their s...

    This article from the Center for Economic and Policy Research looks at the current financing of Social Security and Medicare and projects the changes that would need to occur for the programs to be financed in the long term.

    It finds that "workers should be much more concerned with making sure they receive their share of productivity gains in wage increases over this period than they should be about tax increases.  This is not about Social Security needing to be less generous, it is about making sure that workers receive their fair share."

    This conclusion largely stems from the fact that "With the upward redistribution of income that has occurred over the last four decades, Social Security has less of a base on which to draw. 90 percent of wage income was subject to the tax in 1983 — it was 82.6 percent in 2015. This decline represents a large share of the program’s shortfall."

    CEPR Social Security Funding Plot 2