Super Committee Preparing Decent Burial

By: Sunday November 20, 2011 12:34 pm

I was on Mark Thompson’s show on Sirius XM radio on Friday, and I said at that time that there’s a better chance of Herman Cain knowing what he’s talking about on Libya than the Super Committee coming to a deal. And indeed, I will not be proven wrong. It’s clear that the Super Committee [...]

Effectiveness of Buffett Rule Depends on How It Manifests Itself

By: Wednesday September 21, 2011 9:30 am

The zeal for fact-checking in the traditional media has gotten so intense that they have now taken to fact-checking principles. Glenn Kessler gives the “Buffett rule” this treatment, even while acknowledging that the deficit reduction plan “never really explains what that means, and administration officials have refused to lay out any detailed proposal.” We don’t [...]

Obama Proposes Replacing AMT with Millionaire’s Minimum Tax

By: Sunday September 18, 2011 10:45 am

In tomorrow’s deficit speech, the President will propose a replacement structure for the alternative minimum tax, which would create what he will call “the Buffett rule.” It will set a minimum tax for individuals earning over $1 million a year. President Obama on Monday will call for a new minimum tax rate for individuals making [...]

Alternative Minimum Tax Patch Appears to Be Linchpin to Debt Limit Deal

By: Thursday July 7, 2011 10:56 am

The alternative minimum tax, enacted in 1970, could become a key player in the debt limit deal, much as it was in the 2009 stimulus package, according to multiple sources. The AMT is imposed in addition to the regular tax, and was designed to ensure that rich Americans couldn’t use exemptions and deductions to remove [...]

Obama Budget Cuts Deficit By $1.1 Trillion Over Ten Years

By: Sunday February 13, 2011 4:42 pm

It’s important to recognize that there are two budget debates happening simultaneously right now. The first covers the rest of the current fiscal year, and that’s dealt with in the continuing resolution to which Republicans have proposed $58-$60 billion in spending cuts. This has elicited howls from Democrats who find the cuts cruel and debilitating [...]

The Tax Cut Deal Through the Lens of Class

By: Monday December 13, 2010 7:36 am

The New York Times calculates that a large portion of the benefits in the tax cut deal will flow to the middle and upper-middle class. Because the Social Security payroll tax phases out at $106,000, those in the upper-middle class benefit as much from that as billionaires. And the AMT patch saves these families from [...]

Conrad, Bayh Push Bush Tax Cut Extension-for-Broad Tax Reform Swap

By: Wednesday November 10, 2010 7:28 am

A day after Evan Bayh and Kent Conrad stood with Pete Peterson at the launch of his new deficit-cutting campaign, they came out with a new idea today, linking the Bush tax cuts to a broad rewrite of the federal tax code. Two top Senate Democrats floated the idea Tuesday of extending the Bush-era income-tax [...]

Tax Cut Extensions and Estate Tax Repeal Would Double Federal Deficit in 2014

By: Thursday August 19, 2010 1:37 pm

The CBO released their budget estimates for the next ten years today, under current law. It shows that this year’s deficit is estimated at $1.342 trillion dollars, certainly a very high number and almost entirely attributable to the low tax receipts and high automatic stabilizers of the Great Recession. But by 2014, the deficit actually [...]

Skepticism Over Long-Term Excise Tax Savings

By: Thursday November 19, 2009 9:42 am

While Senate leaders are touting the long-term savings in the second decade from health care reform – pegged by the CBO at $650 billion – this assumes no changes to the law to allow average-cost health care plans to avoid the excise tax, an extremely unlikely scenario. There are several ways that the Senate health [...]

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