Federal Tax Policy

Feb 8, 2016

Top 400 Taxpayers See Tax Rates Rise, But There’s More to the Story

As Americans were gathering party supplies to greet the New Year, the Internal Revenue Service released their annual report of cumulative tax data reported on the 400 tax r...

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Feb 4, 2016

Chlorine Bleach Plants Needlessly Endanger 63 Million Americans

Chlorine bleach plants across the U.S. put millions of Americans in danger of a chlorine gas release, a substance so toxic it has been used as a chemical weapon. Greenpeace’s new repo...

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Jan 25, 2016

U.S. Industrial Facilities Reported Fewer Toxic Releases in 2014

The Toxics Release Inventory (TRI) data for 2014 is now available. The good news: total toxic releases by reporting facilities decreased by nearly six percent from 2013 levels. Howe...

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Jan 22, 2016

Methane Causes Climate Change. Here's How the President Plans to Cut Emissions by 40-45 Percent.

UPDATE (Jan. 22, 2016): Today, the Bureau of Land Management (BLM) released its proposed rule to reduce methane emissions...

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House Pension Legislation Makes Some Cuts Permanent

Mar 10, 2006 by Guest Blogger

The pension legislation passed by the House would make some of the 2001 tax cuts permanent without offsetting their costs. These tax cuts include increases in IRA and 401(k) contribution limits and the creation of the “saver’s credit. According to this report, this move would cost about $30 billion between 2006-2015. Most of the costs would occur from 2011 on. Not offsetting these costs, as the Center on Budget and Policy Priorities puts it,

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Senate Budget Mark -- No Tax Reconciliation Instructions

Mar 9, 2006 by Guest Blogger

Senate Budget Committee Chair Judd Gregg (R-NH) unvelied the 2007 budget resolution mark yesterday. Notably it did not contain any reconciliation instructions for tax cuts, which may get in the way of efforts to cut taxes outside of the left-over tax reconciliation bill from last year that Congress is still negotiating. Additionally, it drops Bush's proposal for Medicare cuts and health savings accounts.

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Monthly Budget Review Released

Mar 7, 2006 by Matthew Madia

The Congressional Budget Office released the Monthly Budget Review yesterday, reporting that the government incurred a $219 billion deficit in the first five months of FY 2006. The CBO is estimating a total deficit for FY2006 to be $371 billion. The deficit in February was $121 billion, which is $7 billion more than the deficit recorded in February 2005.

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Thomas of Ways and Means to Retire

Mar 6, 2006 by Guest Blogger

It was reported today the Rep. Bill Thomas (R-CA), Chair of the House Ways and Means Committee, will retire as opposed to seeking reelection in November. This makes him the 24th member of the House who is retiring or seeking higher office instead of running for reelection. His resignation is not a big surprise because under House Republicans' self-imposed term limits for committee chairmen, Thomas can no longer serve as Ways and Means Chair after this year.Thomas, who has held the powerful position since 2001, was a key figure in helping to pass the 2001 and 2003 tax cuts.

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CBO's Analysis of the President's Budget

Mar 6, 2006 by Matthew Madia

The Congressional Budget Office has completed a preliminary analysis of the President's FY07 Budget.

Analysis
Supplemental Data

The report found that the President's proposal will:

Spend about $925 billion on discretionary programs in FY07;
Add $35 billion to the CBO's current deficit projections, putting the deficit projection at $371 billion;
Reduce revenues by nearly $9 billion for FY07;
Reduce revenues by $282 billion from 2007-2011 if some of the President's expiring 2001 and 2003 tax provisions are extended;

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Treasury Department Reports Deficit on an Accrual Basis

Mar 2, 2006 by Matthew Madia

The Treasury Department sent a report to Congress in December, reporting the FY05 federal deficit on an accrual basis as being $760 billion, a far higher number than $319 billion, which is what is generally accepted as the deficit level for FY05. The $319 billion number uses the government's accepted barometer of cash outlays versus revenues, while the $760 billion number takes into account accrued benefits owed to veterans and federal employees. Rep. Jim Cooper (D-TN), a member of the Blue Dog Coalition, said:

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Oil Tax Subsidies in Budget Reconciliation Bill

Feb 27, 2006 by Guest Blogger

Buried deep within the budget reconciliation bill are billions of dollars worth of tax subsidies. As this article points out, the subsidies do not come from oil, but from "the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil." Specificallyy, the bill reverts the price of a barrel of crude oil back to the amount it sold for two years ago. This "pretend price" benefits a small group of politically well connected investors and companies. CNN.com: A Magic Way to Make Billions

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Tax Cuts Contribute to Growing Gap in Income Inequality

Feb 24, 2006 by Adam Hughes*

As this telling article from the Bangor Daily News points out, we are a society with striking differences between the rich and the poor. Minimum wage policy, tax policy, and changes in the demand and supply for skilled employees have exacerbated this income inquality to the point where in 2000, the top 1 percent of wage earners owned 10 percent of the nation's total income. The average income of American families has fallen from 2001 - 2004. The current administration's tax policies are adding to this problem. The article says:

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Snow Sends Pro-Tax Cut Letter to Grassley and Thomas

Feb 23, 2006 by Guest Blogger

Today, Secretary Treasury John Snow sent a letter to Finance Committee Chairman (and tax bill conferee) Charles Grassley (R-IA) and Ways and Means Chairman Bill Thomas (R-CA) stating "the Administration's strong support for the extension... of dividends and capital gains tax relief included in the House-passed bill." Both Grassley and Thomas are known to be in favor of this extension as well.

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Frist Vows Estate Tax Vote This Spring

In a Feb. 10 speech, Senate Majority Leader Bill Frist (R-TN) told a national gathering of conservatives in Washington, D.C. he would "do everything in [his] power to bury the death tax once and for all," and said he plans to bring estate tax repeal legislation to the floor in May. These remarks, which were delivered at a three-day Conservative Political Action Conference, highlight Frist's desire to gain favor with his base by pushing for estate tax repeal. While full repeal is favored by a number of conservative groups, Frist lacks the 60 votes needed in the Senate to pass such a measure.

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