Boehner’s Plan B Also Cuts Taxes on Rich, Raises Them on Poor

By: Thursday December 20, 2012 6:25 am

John Boehner may not even have the votes for today’s “Plan B,” a bill that effectively raises taxes on people making over $1 million a year. He was seen gladhanding on the House floor last night, whipping votes for his side. He can only lose 24 votes to reach 217 (there are a couple vacancies [...]

White House Makes Aggressive Opening Bid in Fiscal Slope Negotiations

By: Thursday November 29, 2012 3:54 pm

In the context of doing a deficit reduction deal at all, this is an extremely strong bid that Tim Geithner delivered to John Boehner today. Now we know why Boehner whined and cried all afternoon. Let’s walk through it. House Republicans said on Thursday that Treasury Secretary Timothy F. Geithner presented the House speaker, John [...]

Mitt Romney’s Low Tax Rate a Function of How US Treats Capital Gains and Dividends

By: Friday September 21, 2012 1:03 pm

Mitt Romney’s tax returns are now posted, along with that letter summarizing the previous 20 years of taxes. You can find them here. Without delving too deeply into the return, I will say that Romney’s low effective tax rate is not a function entirely of Mitt Romney being a scoundrel as it is a function [...]

Senate Democratic Tax Plan Increases Revenue By $28 Billion in 2013

By: Thursday July 19, 2012 1:41 pm

$28 billion. That’s the difference, in 2013, between the Democratic and Republican tax plans on the Bush tax cuts, which shows the narrowness of the debate. Republicans want to extend all the Bush tax cuts permanently. Democrats have countered with a bill, which will get a vote in the Senate next week, that would extend [...]

Senate Democrats Holding Firm on Strategy to Let Bush Tax Cuts Expire, Come Back in 2013

By: Wednesday July 18, 2012 6:59 am

It’s with some pride that I note the current strategy from Senate Democrats to let the Bush tax cuts expire and then, if necessary, come back with a more progressive tax cut later. I was calling for this in 2010, and pretty much nobody agreed, save for perhaps Tom Udall (D-NM). Two years later, it [...]

Obama Administration Would Tax Dividends at Same Rate as Top Earnings

By: Monday February 13, 2012 8:59 am

I’m loath to dive into the numbers of the Administration’s FY 2013 budget, because it won’t be used as anyone’s baseline, and to the extent that it will, that was baked into the cake by the debt limit deal. If you want the hard numbers, the surprisingly best source I’ve found comes from the Guardian. [...]

Income Inequality Driven By Slashes to Capital Gains Tax Rate

By: Tuesday January 3, 2012 1:40 pm

The Congressional Research Service declined a vacation in favor of whipping up a report on the major causes of inequality, which Jared Bernstein summarizes here. The report does find that income inequality is in part a function of the Bush tax cuts, and I’m unsure how it accounts for the higher salaries granted to executives [...]

Federal Reserve Won’t Release New Stress Tests, Say Some Banks Passed

By: Friday March 18, 2011 11:02 am

In case you thought we were living in an open democracy, here’s a press release from the Federal Reserve on a recent round of stress tests commissioned to test banks. The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the [...]

Tax Cut Deal Includes Monstrous Estate Tax, Dividend Concession

By: Monday December 6, 2010 2:15 pm

I don’t think we should jump on this fully until we see a full solution. But enough of the usual suspects have signaled that a tax cut deal is imminent, with the same broad contours, that we should take a look at the particulars. Here’s Jon Ward (although others have corroborated): The deal will extend [...]

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