Taxes

Social Security's Worsening Financial Picture Since 2011

We have already shown how both federal health care spending and revenue projections have been revised downward by $900 billion and $4.2 trillion, respectively, through 2021 since CBO's March 2011 baseline. Another story -- one that is a continuation of a trend since the Great Recession -- is the deterioration of Social Security's finances.

The $4.2 Trillion Drop in Revenue Projections

As we explained last week, health care spending is growing more slowly, which is great news for the federal budget. Spending has been revised downward by $900 billion through 2021 since CBO's March 2011 budget outlook. Unfortunately, not all parts of the budget tell as positive a story.

Ways & Means Considers Extending Business Tax Breaks

The House and Senate appear to be taking different approaches to the "tax extenders" which expired at the end of 2013.

Club for Growth: Quit Renewing the 'Temporary' Tax Breaks

In the Wall Street Journal today, Chris Chocola of the right-leaning Club for Growth called for Congress not to renew the expired "tax extenders." Earlier this month, the Senate Finance Committee advanced legislation to reinstate more than 50 of these provisions, at a cost of $85 billion.

Tax Day 2014: Ten Charts to Explain our Federal Tax System

In honor of tax day, CRFB released its Tax Day 2014 chartbook yesterday, with ten charts (and one table) that explain federal taxes – who pays them, what they pay for, and how they are collected.

Happy Tax Day!

Happy Tax Day! CRFB has produced a number of analyses and blog posts on tax issues since last year's filing deadline, from our report on House Ways & Means Chairman Dave Camp's Tax Reform Act of 2014, to our recent work analyzing the costs of the tax extenders. Here are just a few of our most recent blog posts on tax issues:

Extending Tax Breaks Would Squander Fiscal Cliff Revenue

After allowing taxes to rise on the highest 1 percent of earners at the beginning of last year, many Democrats patted themselves on the back for raising $620 billion of revenue for deficit reduction, while many Republicans declared that the tax increase fulfilled any future need to raise revenue.

Ways & Means Hearing on Business Extenders

The House Ways and Means Committee is holding a hearing Tuesday to consider whether to permanently extend the business tax breaks that expired at the end of 2013. In particular, the hearing will focus on the provisions extended by Camp's Tax Reform Act of 2014; the two largest of which are the research and experimentation (R&E) tax credit and Section 179 expensing.

Paying For the Tax Extenders

The Senate Finance Committee met yesterday to consider the fate of the 50-plus tax breaks that expired last year known as "tax extenders." Unfortunately, they chose to extend almost all of them for two years by adding the costs of the tax cuts to the national debt.

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