Tax Policy Center has two sets of interesting tables that have just come out in the past few days. They offer some great information for those of you who are eager to brush up on your knowledge of the tax code.
Update: Howard Gleckman of Tax Policy Center has blogged on their paper over at TaxVox.
Clutch Goals -- The U.S. Women’s Soccer team scored an improbable victory over Brazil on Sunday in the Women’s World Cup, overcoming a scoring and manpower deficit with a last-minute goal and sealing the victory through penalty kicks. A similar storyline is playing out in Washington involving a different deficit -- the federal budget deficit. It looks as if negotiations to raise the statutory debt limit and reduce the deficit will also come down to the wire.
More Fireworks in Store – Washington, DC celebrated Independence Day on Monday night with its annual fireworks display on the National Mall. Though the traditional pyrotechnics may be out of the way, lawmakers returning to work today could produce more fireworks in the nation’s capital.
Where Is Our Columbo? – Peter Falk, the award-winning actor best known for playing the rumpled, yet wily, Lt. Columbo, died on Thursday. Falk, who was an analyst with the Connecticut State Budget Bureau before embarking on a professional acting career, created an endearing and enduring character who used unique techniques to get the job done. Detective Columbo always got the bad guy using a brilliant mind and obsessive desire to tie up loose ends, all hidden behind a disheveled facade to lull the guilty party into a false sense of complacency.
Time ‘Fore’ Action – Golf, that favorite pastime of power players, was even more popular than usual in Washington last week. Not only did the U.S. Open bring the best professional golfers in the world to the D.C. area, but a powerful foursome also hit the links, perhaps linking fiscal policy matters to their conversation as they played their round. Yet, while the Congressional Country Club in Bethesda, Maryland saw a dominating U.S.
For anyone who is interested in seeing tax subsidies cleaned up, there's a bit of good news for you. The Senate voted yesterday to eliminate a $5.4 billion per year ethanol tax credit by a tally of 73-27. The vote came on an amendment to the economic development bill that is making its way through the Congress.
The bicameral, bipartisan debt limit and deficit reduction negotiations chaired by Vice President Biden resumed today with the group’s fifth meeting since it first convened last month. The pace of the talks is expected to pick up next week with as many as three meetings.
Pawlenty of Ideas – GOP presidential candidate Tim Pawlenty gave a speech in Chicago on Tuesday where he laid out his fiscal and economic policy agenda. Among his proposals are reforming the tax code by eliminating many tax breaks (see our ideas for tax expenditures) while reducing tax rates. He also called for a balanced budget amendment to the U.S.