Taxes

Restoring Highway Solvency with New Revenue Sources

As we approach the twin deadlines to reauthorize surface transportation spending and shore up the Highway Trust Fund (HTF), policymakers should note the importance of addressing the structural imbalance between highway spending and dedicated revenue.

Restoring Highway Solvency by Increasing Current Revenue

Without a fix soon, the Highway Trust Fund (HTF) will run out of money this summer, slowing down infrastructure projects across the nation.

Murphy-Corker: A Responsible Solution for Highways and an Irresponsible One for Tax Extenders

Senators Chris Murphy (D-CT) and Bob Corker (R-TN) announced a proposal this week to close the Highway Trust Fund (HTF) shortfall by increasing the gas tax by 12 cents a gallon over the next two years and indexing it to inflation. As we highlighted in our transportation paper this week, Congress should come up with a long-term solution to permanently solve the structural imbalance between current spending from the HTF and dedicated revenues into the HTF.

Repatriation Tax Holiday Doesn't Work As a Highway Trust Fund Offset

With the Highway Trust Fund (HTF) running low and the threat of disrupting highway construction later this summer, lawmakers are scrambling to come up with a short-term solution to add more money to the fund. However, a new Joint Committee on Taxation analysis shows that one popular idea to "pay" for the transfer – a tax holiday for corporations returning cash held overseas, or "repatriation tax holiday" – actually adds to the debt and therefore cannot be used as an offset.

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.

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