Search publications by Thomas L. Hungerford
The American economy continues to struggle after the end of the Great Recession and five years of historically austere federal spending during an economic recovery.
Our genuinely pressing spending problem is a decline in spending on public investments relative to our needs, which can reduce future economic growth and contribute to growing inequality.
The House is set today to begin consideration of an ill-conceived bill inappropriately entitled “Death Tax Repeal Act of 2015.” This bill would repeal the estate tax, a tax which only affects estates worth more than $5.4 million—the wealthiest 0.2 percent of estates in the county.
Rising income inequality has had an adverse impact on tax revenues. Income inequality is rising not only because wage inequality has been rising but also because capital income inequality has been rising.
EPI’s Director of Tax and Budget Policy Thomas Hungerford discussed fiscal year 2016 budget proposals with C-Span’s Washington Journal.
Yesterday I wrote a quick overview of the House GOP budget proposal, which I argued would clearly be bad for our economic—and quite possibly physical—health.
The House Budget Committee passed, along party lines, a fiscal year 2016 budget resolution proposed by Chairman Tom Price that would continue damaging austerity for yet another year.
The Congressional Progressive Caucus (CPC) has unveiled its fiscal year 2016 (FY2016) budget, titled The People’s Budget—A Raise for America. It builds on recent CPC budget alternatives in prioritizing near-term job creation, financing public investments, strengthening the middle and working classes, raising adequate revenue to meet budgetary needs while restoring fairness to the tax code, protecting social insurance programs, and ensuring fiscal sustainability.
President Obama released his fiscal year 2016 budget proposal earlier this week. The proposal is full of good ideas, so-so ideas, and some not so good ideas.
President Obama released his 2016 budget proposal this morning. While president’s budgets are rarely implemented, especially if Congress is controlled by the opposite party, they help to set the agenda for the upcoming legislative year.
A priority of the new GOP-dominated Congress is to dismantle the Affordable Care Act (ACA), otherwise known as Obamacare. Having failed to repeal the ACA in the past, the GOP is now starting to nibble at the edges of the ACA, hoping to weaken it.
In the weeks leading up to the State of the Union address, President Obama has gradually laid out his vision for America.
Rep. Lloyd Doggett and Sen. Sheldon Whitehouse introduced the Stop Tax Haven Abuse Act earlier this week (Rep. Doggett and former-Sen.
Congress has agreed to reduce the Internal Revenue Service’s fiscal year 2015 budget by about 3 percent (from almost $11.3 billion in fy2014 to $10.9 billion), with over half coming from the enforcement budget.
Pity the top 1 percent in America. At the end of 2012, their taxes went up. First, Congress allowed the top tax rates on ordinary income and capital gains to increase back to 2001 levels (39.6 percent and 20 percent respectively), and the top tax rate on dividends increased to 20 percent (which is lower than the 2001 rate of 39.6 percent).
The Financial Times recently reported that the U.S. Chamber of Commerce has spent $30 million to influence the upcoming elections, backing mostly Republicans candidates.
On an almost weekly basis, a U.S. corporation announces that it is merging with a small foreign firm and re-incorporating in the foreign country, in what is known as a corporate inversion.
While near-term regulatory actions are a necessary stopgap to prevent corporate inversions, over the longer-run legislative changes are needed. For example, only legislation can change the definition of what constitutes a true foreign firm for tax purposes, clamp down on earnings stripping, and strengthen the controlled-foreign-corporation rules.
Earlier this week, we were greeted with the news that Burger King, a U.S. fast-food giant, is in talks to merge with Tim Hortons, a much smaller Canadian fast-food chain, and become a Canadian firm.
Corporate inversions are all the rage these days—over the past week and a half at least two large firms have announced plans to renounce their U.S.
Tuesday’s New York Times ran two interesting articles with the rather alarming headlines: “U.S. Drug Firms Seek Inversion Deals to Evade Taxes” and “Reluctantly, Patriot Flees Homeland for Greener Tax Pastures.” Both articles reported on U.S.
In politics, bad ideas never go away, even after being shown to be bad. A repatriation tax holiday is a case in point.
Today (or possibly tomorrow) the House of Representatives will vote on H.R. 4438, which would permanently extend and expand the research and development tax credit.
The House Ways and Means Committee plans to mark up six bills tomorrow that would make six temporary tax breaks—part of an annual tax extenders package—permanent.
“’Tis impossible to be sure of any thing but Death and Taxes” -Christopher Bullock, The Cobler of Preston, 1716
“Things as certain as Death and Taxes” -Daniel Defoe, The History of the Devil, 1727
“[N]othing can be said to be certain, except death and taxes” -Benjamin Franklin, Letter to Jean-Baptiste Leroy, 1789
Every year on Tax Day, there are always jokes about death and taxes, and questions on which one is preferable.
Thomas L. Hungerford, EPI’s Director of Tax and Budget Policy, testified before the House Committee on Ways and Means, at a hearing on “Benefits of Permanent Tax Policy for America’s Job Creators,” Longworth House Office Building, Washington, D.C., April 8, 2014.
In a post last month I compared nondefense discretionary spending (NDD) in three budget proposals: the Murray/Ryan budget deal, the administration’s budget, and the Congressional Progressive Caucus’s (CPC) budget.
Ending deferral could increase corporate tax revenue by over $50 billion per year, or $500 billion over 10 years. The additional revenue could be used for education funding, infrastructure improvements, and other investments in America’s future.
This commentary first appeared in Spotlight on Poverty and Opportunity.
The pressing importance of jobs and economic growth – rather than the misplaced obsession with austerity – finally seems to be gaining recognition inside Washington.
Representative Dave Camp, the Republican Chairman of the House Ways and Means Committee, recently unveiled his long awaited comprehensive tax reform proposal.