March 22, 2006 12:58 PM | Permalink | On January 1, 2006, temporary higher exemptions from the individual Alternative Minimum Tax were allowed to expire. These higher AMT exemptions were enacted to keep the Bush reductions in the regular income tax rates from pushing large numbers of people into the AMT. But continuation of these […]
March 16, 2006 05:29 PM | Permalink | In 2003, Congress enacted—and President Bush signed into law—a new tax break that lowered the top federal income tax rate on capital gains from 20 percent to 15 percent. This special lower capital gains rate, which is less than half of the 35 percent top tax rate […]
March 14, 2006 03:52 PM | Permalink | The Bush Treasury Department today published charts that seem to show that President Bush’s huge tax cuts enacted in 2001 and 2002 failed to help the economy. The tendentious report, “Report of the Department of the Treasury on the Economic Effects of Cutting Dividend and Capital Gains […]
January 26, 2006 02:23 PM | Permalink | The Congressional Budget Office issued new budget figures today that project $8.5 trillion in federal borrowing over the fiscal 2006–2016 period if President Bush’s tax and spending policies are maintained. Read the Full Report Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!
January 23, 2006 02:25 PM | Permalink | Since President George W. Bush’s tax cuts took effect in 2001, more than a quarter of all federal spending outside of the self-funded Social Security system has been paid for by borrowing—with no relief in sight. From fiscal 2002 through fiscal 2005, deficits in the regular budget […]
December 22, 2005 02:26 PM | Permalink | A new report from the Congressional Budget Office paints a bleak picture of the nation’s fiscal health. The CBO’s biennial Long-Term Budget Outlook report, released on December 15, shows that under any realistic forecast of federal spending and tax collection trends, the nation faces budget deficits—and growing […]
December 6, 2005 01:00 PM | Permalink | Passed by the Senate and pending in the House are two “tax reconciliation” bills, which, if enacted, will represent the fifth straight year of tax reductions under President Bush. The Senate plan passed the Senate by a 64–33 vote.1 The pending House plan is backed by President […]
November 21, 2005 03:57 PM | Permalink | Almost all of George W. Bush’s tax cuts are now in place, or have begun to phase in. But two of the most regressive (and most overlooked) tax cuts enacted in 2001 will begin to take effect starting on January 1, 2006. Since 1991, under a law […]
November 8, 2005 03:37 PM | Permalink | Current federal tax law provides a credit against taxes otherwise due of up to $1,000 for each child age 16 or under. Not all families are eligible for the full credits, however. In particular, the $1,000 child tax credit is phased in at lower income levels, in […]
October 18, 2005 02:17 PM | Permalink | Early news reports about the upcoming report from President Bush’s Advisory Panel on Federal Tax Reform indicate that the panel will propose a major tax shift away from capital income and onto wage-earners. In addition, the plan contemplates permanent extension of the revenue losses from Bush’s previously […]
July 28, 2005 01:50 PM | Permalink | The energy bill agreed upon by a conference committee this week would create a host of expensive new corporate tax breaks, mostly targeted toward the oil and gas industry. The bill, HR 6, includes $14.5 billion in new tax breaks over the next ten years. Specifically: The […]
May 24, 2005 01:02 PM | Permalink | Repeal of the individual Alternative Minimum Tax would add more than $50 billion to the federal budget deficit in 2006, and would reduce revenues by more than $600 billion over 10 years. The tax cuts would be heavily tilted in favor of the wealthy. Read the Full […]
April 21, 2005 01:53 PM | Permalink | The energy bill being considered by the U.S. House of Representatives this week would create a host of expensive new corporate tax breaks, mostly targeted toward the oil and gas industry. The bill, H.R. 6, has been estimated to cuts taxes by over $8 billion over the […]
April 15, 2005 03:58 PM | Permalink | The 2004 tax returns released today by President Bush and Vice-president Cheney show that the two saved a combined $110,182 in taxes last year from the President’s income tax cuts. Specifically: President and Mrs. Bush reported $784,219 in total income on their tax return. They paid $207,307 […]
March 25, 2005 04:09 PM | Permalink | In its first foray into Social Security since President Bush called for restructuring the program, the U.S. Senate voted 55-45 on March 17 to increase benefits — in a way carefully targeted to primarily help the best-off Social Security recipients. Read the Full Report Want even more […]
February 7, 2005 02:28 PM | Permalink | The fiscal 2006 budget presented by President George W. Bush today calls for giant new tax cuts likely to cost $2.4 trillion over the upcoming decade. At the same time, the President seeks huge reductions in most federal programs. Most of the 10-year cost of the tax […]
February 2, 2005 03:52 PM | Permalink | Click here to see the full analysis in PDF format.Click here to see this press release in PDF format. Click here for detailed data on 71 zero-tax corporations. A new analysis of the state corporate income taxes paid by 252 of America’s largest and most profitable corporations finds that by […]
January 27, 2005 02:29 PM | Permalink | New projections from the Congressional Budget Office confirm that continuation of President Bush’s budget policies will triple the national debt over the next decade. Left unchecked, Bush’s reckless approach to fiscal policy will saddle our country with an additional $10 trillion in debt just ten years from […]
October 13, 2004 03:54 PM | Permalink | Corporate tax legislation approved by the House and Senate over the Columbus Day weekend will add $210 billion in new tax breaks, mostly for corporations, over the next decade. Many of the tax subsidies will further reward multinational corporate tax avoidance. The measure is expected to be […]
September 22, 2004 03:56 PM | Permalink | Eighty-two of America’s largest and most profitable corporations paid no federal income tax in at least one year during the first three years of the George W. Bush administration — a period when federal corporate tax collections fell to their lowest sustained level in six decades. This […]
September 1, 2004 02:39 PM | Permalink | Recently, there has been renewed discussion of the possibility of replacing most federal taxes with a national retail sales tax. Such an idea was broached in the 1990s, but political interest waned when it was discovered that it would take a sales-tax rate well in excess of […]
June 16, 2004 03:58 PM | Permalink | Corporate tax legislation approved by the House Ways and Means Committee on June 14 and scheduled for a House vote this week would add $278 billion in new tax breaks, mostly for corporations, over the next decade. This is similar in cost to $270 billion in corporate […]
May 10, 2004 05:32 PM | Permalink | TOP FEDERAL INCOME TAX RATES SINCE 1913 Read the Full Report Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!
April 13, 2004 04:02 PM | Permalink | Combined federal, state and local taxes in 2004 will take only a slightly higher share of the income of the very richest Americans than the average for all other income groups, according to a new analysis released by Citizens for Tax Justice. The figures, computed by the […]
February 3, 2004 02:31 PM | Permalink | The Bush 2004 Tax Cut Program See the Numbers Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!