New Posts

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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Take the BudgetBlog Reader Survey

We here at the BudgetBlog would like to know what you think of our blog. Please take a moment to fill this short reader survey and give us your thoughts.

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What Do Americans Think About Inequality? Addendum

Studying public opinion on economic inequality can make you both hopeful and cynical. On the one hand, we sincerely don't like extreme and rising inequality, for uniquely American reasons. But on the other, we support legislation -the 2001 and 2003 tax cuts being most notable- that make society even more unequal. And we don't support a lot of legislation that would level the playing field.

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Right Doesn't Know What the Right is Doing

I don't know who to take less seriously, Grover Norquist or Robert Novak. Oftentimes, they agree, and appear equally ridiculous. But when they disagree -- or merely get their signals crossed -- it's not only amusing for its own sake, but allows for a comparative assessment of their analytic genius. Last week, we noted Mr. Norquist's rap against Rangel that the House Ways & Means chair "created, fed, defended ... a monster," the Alternative Minimum Tax. Norquist incoherently tries to depict Rangel as an AMT-loving Frankenstein, "defending [the] monster he helped create."

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Krugman: Greenspan and Tax Cuts

Paul Krugman's take on how former Federal Reserve chairman Alan Greenspan gave a green light to the tax cuts he now calls irresponsible. When President Bush first took office, it seemed unlikely that he would succeed in getting his proposed tax cuts enacted. The questionable nature of his installation in the White House seemed to leave him in a weak political position, while the Senate was evenly balanced between the parties. It was hard to see how a huge, controversial tax cut, which delivered most of its benefits to a wealthy elite, could get through Congress.

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GOP Rethinking Tax Cuts As Solution To Everything Imaginable

At Womenstake, Christina Martin-Firvada reports on how the GOP is finding that tax cuts are going out of style. In case you do not follow this sort of thing, it's Fashion Week in New York,that magical time twice yearly when vanity wrestles good sense to the ground and hogties it to the latest impossible trend. (How do you feel about shoes designed to look too small?).

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Carried Interest -- Humor from the Street

Below are bits from recent pieces from the belly of the beast -- the depths of the corporate canyon at the lower end of Manhattan, where lies (damn lies) Wall Street -- with telling arguments regarding carried interest. Both are scary, both are funny (tho only one intentionally so).

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"Birnbaum," Italicized

In his story on last week's House Ways & Means Committee hearing on the carried interest tax loophole, "More Opposed to Equity Tax Plan,"More Opposed to Equity Tax Plan," Washington Post reporter Jeffrey Birnbaum misstates some key facts and mischaracterizes others. [Incidentally, the Post editors almost got the headline right. "More Opposed to Equity Tax Plan" implies the plan is a tax on equity, which it is not. "More Opposed to Tax Equity Plan," would be much more accurate, but it would highlight the weakness of the position.]

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Monster Nonsense: Norquist Outdoes Novak

In an op-ed yesterday's New York Sun, Confronting His Monster, Grover Norquist, the Frankenstein of modern conservative tax policy points his fickle finger at the man he says "created, fed, defended ... a monster," the Alternative Minimum Tax -- none other than (drumroll please): that's right, Charlie Rangel! Is this better than Novak or what? "Hold" on -- let's be fair minded and consider Mr. Norquist's three claims on the merits:
  • Created: Norquist notes, "The AMT was created in 1969." Charlie Rangel was elected to Congress the following year.

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Carried Interest Issue Gets Full Hearing(s) in Congress

On Sept. 6, the carried interest tax loophole took center stage, featuring a four-panel, 20-witness marathon hearing in the House Ways and Means Committee and the third hearing this year on the topic in the Senate Finance Committee. The day before the hearings, over 300 national, state and local nonprofit organizations sent a letter to Congress urging it to close the loophole in order to bring equity to the tax code.

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Paper Demystifying Carried Interest Issues Released

Following up on the letter we reported was distributed this week from 300 organizations urging members of Congress to close the carried interest tax loophole, a working group of policy analysts has released a paper for advocates, legislative aides and members of the media. The paper, "Addressing Objections to H.R.

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Resources & Research

Living in the Shadow of Danger: Poverty, Race, and Unequal Chemical Facility Hazards

People of color and people living in poverty, especially poor children of color, are significantly more likely...

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A Tale of Two Retirements: One for CEOs and One for the Rest of Us

The 100 largest CEO retirement funds are worth a combined $4.9 billion, equal to the entire retirement account savings of 41 percent of American fam...

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