Buffett is Right, the Rich Should Pay More in Taxes
Aug 24, 2011 by Gary Therkildsen*
Warren Buffett's op-ed last week calling on Congress to raise taxes on the wealthy has struck a nerve with conservatives, stirring charges of class warfare and zingers about how the billionaire investor should write a check to help Uncle Sam. Exemplifying the right's opprobrium, the reactionary Tax Foundation has been lambasting Buffett in a series of recent posts and has actually gone so far as to call on low- and middle-income Americans to pay more before the rich do.
read in fullThe Threat to Our Democracy from the Debt Ceiling Deal
Aug 4, 2011 by Gary Therkildsen*
Bob Greenstein, president of the well-respected Center on Budget and Policy Priorities (CBPP), lays out the broader consequence of the self-inflicted debt ceiling crisis and, in short, it's a "terrifying" new framework of federal budget politics that enshrines minority rule and threatens to "undermine democracy."
read in fullExperts Foresee Disturbing Trend out of Recent Census Data
Sep 11, 2009 by Gary Therkildsen*
With yesterday's release of the Census Bureau's report on income, poverty, and health insurance coverage for Americans in 2008, most economists and analysts agree that while the numbers are bad, next year's numbers will be worse and that trend could continue for a number of years.
read in fullA Letter to Congress: PAYGO Legislation an Encouraging Start
Jul 21, 2009 by Jocelyn Yin*
This afternoon, OMB Watch submitted a letter to all members of the House of Representatives, encouraging them to support the "Statutory Pay-As-You-Go Act of 2009" ("PAYGO"). Introduced by House Majority Leader, Rep. Steny Hoyer (D-MD), the bill is a crucial first step towards returning to a culture of responsible spending.
read in fullCTJ and RRAN Call for Funding Health Care through Responsible Tax Reform
Jul 7, 2009 by Gary Therkildsen*
This morning, Citizens for Tax Justice (CTJ), in conjunction with Rebuild & Renew America Now (RRAN), a tax policy group, released a report outlining two tax reform proposals devised to help pay for the much anticipated overhaul of the U.S. health care system by Congress. The proposals, designed to place the least amount of tax burden on low and middle-income families, call for an expansion of the Medicare tax and a limitation on itemized deductions. According to CTJ, the two tax reforms could yield as much as $60.5 billion in the first year and $760 billion over the course of a decade. The report breaks down how the tax reforms would affect citizens of different income levels on a state-by-state basis. In addition to the report, Deborah Weinstein, Executive Director of the Coalition on Human Needs, which is part of RRAN, published an opinion piece on Huffington Post arguing for responsible revenues to pay for health care reform.
read in fullSenate (sort of) Passes Estate Tax Cut
Apr 3, 2009 by Adam Hughes*
Well, the U.S. Senate is a mysterious thing. The Lincoln/Kyl estate tax amendment to reward the children of multi-millionaires passed last night - 51 - 48. But there's a caveat. The Senate also passed an amendment from Sen. Richard Durbin (D-IL) that prohibits any estate tax cuts called for in the Lincoln/Kyl amendment unless an equally large tax cut is passed for Americans making under $100,000 per year. That amendment also passed 56 - 43. Even Lincoln voted for Durbin's amendment (I guess she just really likes tax cuts?). I think on a procedural level this amendment does help a bit. While the Durbin amendment doesn't negate the Lincoln/Kyl amendment, it does make it a bit harder to develop legislation that would actually enact a change in the estate tax that is called for under the Lincoln/Kyl amendment.
read in fullLong Overdue Outrage Over the Anti-Estate Tax Crowd
Apr 2, 2009 by Adam Hughes*
Both the New York Times and the Washington Post ran lead editorials this morning denouncing the attempt of Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) to give yet another tax cut to the children of the very richest Americans. Both editorials are spot on and raise excellent points about why Sens. Lincoln and Kyl seem to be both out of touch and out of their minds. In fact, both editorials express far more outrage and disdain for this proposed tax cut than I've ever seen before in any newspaper. (Read the Times and Post editorials.)
read in full56 National Organizations Oppose More Tax Cuts for Millionaires
Mar 31, 2009 by Adam Hughes*
The House and Senate are debating the FY 2010 budget resolution on the floor this week and in anticipation of regressive amendments that would expand the cut to the estate tax enacted under the Bush administration, OMB Watch joined 55 other national nonprofit organizations have sent a letter to each senator urging them to oppose any amendment that further erodes the estate tax.
read in fullWe Wish You a Merry Christmas and Happy Holidays
Dec 23, 2008 by Craig Jennings
The Budget Brigade would like to wish you all a great holiday season and a super New Year.
We would also like to thank all of our readers for following our work supporting us in 2008. We will be on vacation until January, but will return in 2009 to continue keeping an eye on things.
read in fullChristmas Comes Early to Wall Street
Dec 22, 2008 by Adam Hughes*
We're on the verge of the holidays this Monday and the Associated Press reported yesterday that bank executives around the country received an early present this year, courtesy of Joe and Jane Taxpayer:
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysisread in full
