The House is scheduled to vote tomorrow on a $1.1 trillion spending bill expected to be released today. Meanwhile, the IRS oversight report is out and the Congress is about to pass the compromise spending bill.
Two provisions that are enormously important to low- and moderate-income households-the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) are set to expire after 2017. They are relatively inexpensive ways to promote work and family, and Congress should make them permanent.
The House may vote this week on a one-year retroactive tax break extension. As many as one in six taxpayers could be affected without an extension of the 60 or more tax breaks.
Oil prices are dropping…fast. This may be good news for drivers but not so good for a handful of states that use energy tax revenue to help fund their budgets.
US could reduce its contribution to global climate change by taxing emissions of carbon dioxide and other greenhouse gasses and use the resulting revenue to reduce corporate income taxes. This carbon-corporate tax swap would make our economy bigger, cleaner, and more efficient.
A popular Washington narrative is that President Obama will kill prospects for tax reform in 2015 if he grants legal status to undocumented immigrants. But even if Obama does nothing on this issue, the political headwinds against a tax code rewrite were already too strong.