Independent voices from the TWT Communities
The Tax Policy Center (TPC) is a non-partisan joint venture of the Urban Institute and the Brookings Institution. Based in Washington D.C., TPC aims to provide independent analyses of current and longer-term tax issues and to communicate its analyses to the public and to policymakers in a timely and accessible manner. The Center combines top national experts in tax, expenditure, budget policy, and microsimulation modeling to concentrate on four overarching areas of tax policy that are critical to future debate: fair, simple and efficient taxation, social policy in the tax code, long-term implications of tax and budget choices, and state tax issues. - Source: Wikipedia
The tax deal President Obama and congressional Republicans struck last week will send government revenue soaring above its historic average, but did nothing to control spending, which remains stubbornly high.
The fiscal cliff debate has been a gift that keeps on giving -- at least to fact checkers. And before it fades to a distant, bitter memory, we thought it useful to sort out a couple of bigger claims made by political leaders.
The economic threat that's kept many Americans on edge for months is nearing reality — unless the White House and Republicans cut a budget deal by New Year's Day.
Efforts to save the nation from going over a year-end "fiscal cliff" were in disarray as lawmakers fled the Capitol for their Christmas break. "God only knows" how a deal can be reached now, House Speaker John A. Boehner declared.
Democrats want to see tax rates go up on the wealthy; Republicans want to see cuts in entitlement programs. But neither side is trumpeting an extension of the payroll-tax cut, which is also expected to expire at the end of the year — opening the door for the federal government to dig deeper into the pockets of 160 million workers.
In the fiscal feud between President Obama and Republican lawmakers, economists agree that Washington could raise several hundred billion dollars by limiting tax deductions and closing loopholes for the wealthy, but charities likely would take a big hit in donations.
President Barack Obama and Republican rival Mitt Romney spun one-sided stories in their first presidential debate, not necessarily bogus, but not the whole truth.
A typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if lawmakers fail to renew a lengthy roster of tax cuts set to expire at the end of the year, according to a new report Monday.
Hurricane Isaac might be pounding the GOP convention in Tampa this week, but on the political front, the skies are clear for Republicans looking toward this year's election. During times of national crisis, the electorate acts rationally when presented with a clear alternative to the status quo that is responsible for the mess. In 2012, conservatives offer voters a comprehensive, united vision for cleaning up the Obama Great Recession and returning America to economic growth and prosperity.
As the income gap between rich and poor widens, a majority of Americans say the growing divide is bad for the country and believe that wealthy people are paying too little in taxes, according to a new survey.
President Obama and Mitt Romney are at loggerheads over who can help middle-class Americans get out of this economic morass. Both candidates say their plans will restore financial security to families. Of course, only one of them has already had three years to try.
Returning to his economic message, Republican presidential candidate Mitt Romney claimed Thursday that his economic plan would generate 12 million jobs in four years. In Florida, President Barack Obama jabbed that Romney was offering nothing but "trickle-down tax cut fairy dust."
Seizing on a new report that challenges Mitt Romney's tax-cut claims, President Obama said Wednesday that the presumptive Republican nominee is trying to make middle-class families pay more "so that people like him" pay less.
Despite losing Tuesday's Florida primary, Newt Gingrich showcased his voluntary, 15 percent flat tax - 2012's smartest idea yet, both strategically and substantively. Through the Nov. 6 election, this concept can inoculate Republicans from the Democrats' ceaseless lies about the wealthy "not paying their fare share" of taxes. If implemented, Mr. Gingrich's plan would reinvigorate America's feeble economy.