Taxes
Latest
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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...
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IRS Funding Repeal Could Cost Over $100 Billion, Encourage Tax Cheating
1/9 Update: CBO released a score of the bill, incorporated below. The House is likely to vote today on a bill that would rescind roughly $70 billion...
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End-of-Year Changes Need Offsets
As policymakers continue to negotiate a possible omnibus appropriations bill, there is also discussion of attaching a variety of revenue and mandatory...
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CBO Releases 2022 Budget Options Report
The Congressional Budget Office (CBO) released its Options for Reducing the Deficit: 2023 to 2032 report this week, outlining 76 policy options and...
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Maya MacGuineas: Here’s A Blueprint For Tackling America’s Crippling National Debt
Maya MacGuineas is president of the Committee for a Responsible Federal Budget and head of the Campaign to Fix the Debt. She recently wrote an opinion...