Taxes
Latest
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Congress Should Avoid Costly Tax Cut Holiday Season
Read moreAccording 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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Five Revenue-Raising Loophole Closures Policymakers Should Consider
Read moreGeorge Callas of Arnold Ventures, who previously served as a senior tax counsel in the U.S. House of Representatives – both for the Ways and Means...
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Year-End Tax Deal Could Cost Over $800 Billion if Made Permanent
Read moreUPDATE (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
Read moreAccording 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
Read moreExtending 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
Read moreThe 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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Moore v. US Ruling Could Widen Deficits, Upend Tax Law
Read moreA pending Supreme Court case, Moore v. United States, could have implications that undermine existing tax law, upend the tax code, and cost the U.S...
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2023 Revenue Plunge Confirms 2022 Surge Was a Fluke
Read moreAfter 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 Estimates a $625 Billion Tax Gap
Read moreThe Internal Revenue Service (IRS) recently released a new analysis of the “ tax gap” – the difference between taxes owed to the federal government...
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IRS Rescission Would Worsen Deficits
Read moreRescinding $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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More Deficit-Increasing Tax Cuts from the Ways & Means Committee
Read moreTomorrow, the House Ways and Means Committee is scheduled to mark up two bills to expand Health Savings Accounts (HSAs). The bills will reduce revenue...
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Senate Budget Committee Holds Hearing on Raising Revenue to Save Social Security
Read moreOn July 12, the Senate Budget Committee held a hearing titled " Protecting Social Security for All: Making the Wealthy Pay Their Fair Share" to...