Taxes
Latest
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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...
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W&M Tax Bill Undermines FRA Savings
The American Families and Jobs Act (AFJA) that recently passed the House Ways and Means Committee would add $320 billion to the deficit over the next...
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W&M Tax Bill Would Cost Over $1 Trillion if Made Permanent
The House Ways and Means Committee will soon consider the American Families and Jobs Act, legislation to temporarily extend various business tax...
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Revenue Surge Comes to an End
After surging to a near-record 19.6 percent of Gross Domestic Product (GDP) last fiscal year, revenue has fallen to 17.7 percent of GDP over the past...
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Breaking Down the Proposals in the President's FY 2024 Budget
The FY 2024 President’s budget includes policy changes that it estimates would reduce budget deficits by $3 trillion over a decade, the net effect of...
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Extensions Would Wipe Away President's Deficit Reduction
We were very encouraged by the President’s call for $3 trillion of ten-year deficit reduction in his Fiscal Year (FY) 2024 budget proposal. However...
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Tax Policy Center Estimates Medicare Revenue Proposals
The Tax Policy Center (TPC) recently published a report on “ Options for Increasing Medicare Revenues.” This report identifies 12 options to increase...