In a report released yesterday, Citizens for Tax Justice (CTJ) critically examine the tax policies proposed recently in Rep. Paul Ryan's (R-WI) budget alternative, conventionally titled, "A Roadmap for America's Future." Claims of the proposal "balancing the budget" and "reforming entitlements" have already been thoroughly debunked, but CTJ has contributed a valuable analysis of the young Republican's tax policies, which will actually cost the government "$2 trillion over a decade even while requiring 90 percent of taxpayers to pay more" than they already do in taxes.

In the midst of the media's recent myopic focus on the election of Sen. Scott Brown (R-MA), the fourth estate has largely overlooked the fact that Oregon voters approved measures at the ballot box in January to increase taxes on wealthy citizens and corporations to help bring the state back into fiscal balance. Earlier this week, the Center on Budget and Policy Priorities (CBPP) released a short paper on the implications those votes could have in Congress on the debate over the expiration of the Bush Tax Cuts.

According to a Wall Street Journal article published this morning, efforts to pass some sort of estate tax extension in the upper chamber broke down late Wednesday afternoon. It seems the Democratic caucus can't agree on whether to permanently or temporarily extend 2009 estate tax levels. Though legislators are already promising to address the issue as soon as they return from the holidays, there is still time left to pass something. OMB Watch and a host of other organizations have submitted a letter to the Senate urging them to take action. Ironically enough for those who would champion the tax's death on Jan. 1, the consequences of inaction for small businesses and farms are costlier than extension.

According to Howard Gleckman over at TaxVox, the blog of the Urban and Brookings Joint Tax Policy Center, due to a shortsighted revenue generator Congress put in place several years ago, wealthy individuals will soon be able to convert taxable investments into tax-free nest eggs, and deny the government needed revenues down the road. It's a perfect example of the unintended consequences of public policy and one of those things that make you either want to scratch your head or beat it against the wall, or both.