Taxes
Latest
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How Much Would the Wyden-Smith Tax Deal Cost?
Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways & Means Committee Chairman Jason Smith (R-MO) recently put forward a bipartisan plan...
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Congress Should Avoid Costly Tax Cut Holiday Season
According to press reports , policymakers may be close to reaching a bipartisan tax cut deal that would temporarily restore various business tax...
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Year-End Tax Deal Could Cost Over $800 Billion if Made Permanent
UPDATE (January 2024): We have published an updated analysis of this tax deal. You can find the updated analysis here . According to press reports...
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Lawmakers Should Avoid Year-End Tax Cut Binge
According to press reports, lawmakers are considering a year-end tax package that would combine a temporary expansion of the Child Tax Credit with the...
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TCJA Expansions Could Balloon Cost of Extensions
Extending various income and estate tax provisions of the Tax Cuts and Jobs Act (TCJA) expiring after 2025 would cost $3.4 trillion through 2035...
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CBO: Israel Supplemental Costs $27 billion
The House of Representatives is set to vote on the Israel Security Supplemental Appropriations Act as early as Thursday. This morning, the...
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2023 Revenue Plunge Confirms 2022 Surge Was a Fluke
After surging to 19.3 percent of Gross Domestic Product (GDP) in Fiscal Year (FY) 2022, revenue in 2023 plummeted to 16.5 percent of GDP, according to...
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IRS Rescission Would Worsen Deficits
Rescinding $25 billion of IRS funding would result in the loss of $49 billion in revenue and increase deficits by $24 billion over ten years...
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Senate Budget Committee Holds Hearing on Raising Revenue to Save Social Security
On July 12, the Senate Budget Committee held a hearing titled " Protecting Social Security for All: Making the Wealthy Pay Their Fair Share" to...
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Tax Cut Extensions Cost Over $3.3 Trillion
Some parts of the 2017 Tax Cuts and Jobs Act (TCJA) have recently expired or changed, and large portions of the TCJA will expire by the end of...
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We Must Not Backslide on Fiscal Responsibility Act
The bipartisan Fiscal Responsibility Act (FRA) enacted last month was projected to generate $1.5 trillion of deficit reduction – more than any...
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IRA Energy Provisions Could Cost Two-Thirds More Than Originally Estimated
At the time of its passage, the Congressional Budget Office (CBO) and Joint Committee on Taxation (JCT) estimated that the Inflation Reduction Act...