December 7, 2007 12:48 PM | Permalink | On Thursday, December 6, Republicans in the Senate voted en masse against consideration of a bill (H.R. 3996) passed last month by the House of Representatives to provide relief from the Alternative Minimum Tax (AMT) and offset the cost by closing loopholes for extremely wealthy financial managers. […]
November 15, 2007 12:50 PM | Permalink | Washington lawmakers are at loggerheads about how to pay for a “patch” to the Alternative Minimum Tax that would curb or eliminate the impact of the AMT on almost 23 million taxpayers in 2007. The debate has broken down almost entirely on party lines. On one side, […]
November 7, 2007 03:07 PM | Permalink | On November 1, the House Ways and Means Committee approved a bill (H.R. 3996) that would close the tax loophole for “carried interest” earned by buyout-fund managers. Closing this unwarranted loophole will raise $25 billion over ten years, offsetting half the cost of providing AMT relief for […]
November 7, 2007 03:05 PM | Permalink | The Hill newspaper reported today that the Real Estate Roundtable, a trade association for real estate developers, has hired Douglas Holtz-Eakin to defend the tax loophole for “carried interest.” Holtz-Eakin was the Chief Economist on President Bush’s Council of Economic Advisors and later the director of the […]
November 2, 2007 12:52 PM | Permalink | On October 25, House Ways and Means Chairman Charles Rangel introduced his proposal to address the Alternative Minimum Tax (AMT) problem and make the tax code simpler and fairer, without increasing the federal budget deficit. On the individual tax side, the bill would entirely repeal the AMT […]
September 13, 2007 02:07 PM | Permalink | President George W. Bush has added $3 trillion to the national debt so far, despite inheriting a balanced budget when he took office in 2001. Since then, Congress has been forced to raise the statutory limit on the total amount the federal government is allowed to borrow […]
September 5, 2007 05:28 PM | Permalink | Press Release:Hundreds of Organizations Urge Congress to Close Tax Loophole for Private Equity and Hedge Fund Managers –For Immediate Release–September 5, 2007, 10:30 a.m. EDT Contact: Brian Gumm, OMB Watch, (202) 234-8494 Steve Wamhoff, Citizens for Tax Justice, (202) 299-1066 WASHINGTON, Sept. 5, 2007-More than 300 […]
August 10, 2007 03:10 PM | Permalink | Newly released information from the Internal Revenue Service shows that the special low tax rates on capital gains and dividends, enacted or expanded under President Bush, reduced income tax payments by $91.7 billion in 2005. Almost three quarters of those tax reductions went to the 0.6 percent […]
August 9, 2007 03:18 PM | Permalink | After years of promoting or ignoring corporate loopholes and tax sheltering, President Bush announced yesterday that his administration has suddenly discovered that these corporate tax dodges are a drag on our economy. But while the President is right to call for closing corporate tax loopholes, he’s wrong […]
August 8, 2007 02:20 PM | Permalink | The farm bill passed by the U.S. House of Representatives on July 27 includes a provision proposed by Congressman Lloyd Doggett of Texas to close a tax loophole that currently allows foreign companies doing business in the U.S. to dodge taxes on their U.S. profits — which […]
July 19, 2007 03:12 PM | Permalink | Congressman Sander Levin (D-Mich.) has introduced a bill (H.R. 2834) in the House of Representatives to eliminate a tax loophole that allows private equity fund managers to pay taxes on their compensation at a much lower rate than other working people have to pay. Most of us […]
May 3, 2007 03:14 PM | Permalink | President George W. Bush and his wife Laura received a $31,037 income tax reduction for 2006 due to the President’s tax cut program. Vice-president Dick Cheney and his wife Lynne, whose income was much higher, saved $110,932. Read the Full Report Want even more CTJ? Check us […]
April 26, 2007 03:16 PM | Permalink | Taxes continue to take up a relatively small part of American economic output, according to data compiled by Citizens for Tax Justice from the Organization for Economic Cooperation and Development, the U.S. Treasury and the U.S. Census. For example, in all but two OECD countries, taxes make […]
April 16, 2007 03:47 PM | Permalink | Wal-Mart appears to be skipping out on its fair share of taxes that most Americans have to pay to help support state governments. New research conducted in part by a leading non-partisan, non-profit tax organization reveals that Wal-Mart avoided $2.3 billion in state income taxes, cutting its […]
April 9, 2007 12:54 PM | Permalink | Taxpayers Likely to Pay the AMT in Tax Year 2007 Under Current Law, By State Read the Full Report Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!
April 2, 2007 02:09 PM | Permalink | Republican critics of the budget resolutions recently passed in the U.S. Senate and House of Representatives have claimed that the congressional budget bills include tax increases. This is false. For better or worse, the resolutions do not raise taxes by a penny. Read the Full Report Want […]
March 6, 2007 02:11 PM | Permalink | I’m Robert McIntyre, director of Citizens for Tax Justice. Founded in 1979, CTJ is a nonprofit tax policy research and advocacy group that fights for fair and adequate taxes at the federal, state and local levels. I appreciate the opportunity to appear before the Subcommittee today, to […]
March 2, 2007 03:19 PM | Permalink | Updated estimates on the effects of the Bush tax cuts in 2001 through 2010 Read the Full Report Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!
February 6, 2007 02:13 PM | Permalink | In his fiscal 2008 budget proposals, President Bush claims to have a plan to balance the federalbudget by fiscal 2012. The truth is, he doesn’t. Read the Full Report Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!
January 23, 2007 02:22 PM | Permalink | I’m Robert McIntyre, director of Citizens for Tax Justice. Founded in 1979, CTJ is a nonprofit tax policy research and advocacy group that fights for fair and adequate taxes at the federal, state and local levels. I appreciate the opportunity to appear before the Budget Committee today, […]
January 10, 2007 03:21 PM | Permalink | There are two kinds of things that the new Congress can do regarding taxes. One approach is to come up with some revenue-enhancing tax changes that President Bush might sign. The other is to pass tax increase bills that the president will veto. Both approaches will probably […]
January 10, 2007 02:15 PM | Permalink | Citizens for Tax Justice congratulates the U.S. House of Representatives on their successful reinstatement last week of the “pay-as-you-go” rules, or PAYGO, which helped Congress to balance the federal budget back in the 1990s. CTJ encourages the House, Democrats and Republicans, to resist the temptation to waive […]
January 10, 2007 02:05 PM | Permalink | Newly-released IRS information on estate tax returns filed in 2005 indicate that as the estate tax moves towards its temporary repeal in 2010, only the very wealthiest Americans are affected by it. This analysis gives a quick overview of the new IRS data. Read the Full Report […]
January 10, 2007 02:04 PM | Permalink | The previous Congress failed in its efforts to enact permanent repeal of the federal estate tax, a move that would cost nearly $1 trillion over the first full decade. New data from the Internal Revenue Service, detailing estate tax payments in each state for 2005, show that […]
December 19, 2006 01:44 PM | Permalink | Over the last couple of years, Americans have faced rising gasoline prices — affecting their everyday lives as well as the economy in which they try to make a living — even as oil and gas companies enjoy record profits. Some suspect that the energy industry is […]