Tax Policy Center News
Winners and Losers in Obama's Budget
President Obama has released his FY2016 budget request, a giant document plopped onto desks in Congress this morning, signaling the president's spending priorities for the next 10 years. The document is more of a wish list than anything else. Congress, not the president, drafts federal spending
Apply for a Job? Take a Test
Morning Money Memo: Many employers are becoming a lot more picky about who they hire. New research from the employment firm Challenger Gray and Christmas finds young workers who apply for jobs are tested for their skills after they leave school. “Employers are now starting...
The GOP Family Feud Festers (The Note)
By MICHAEL FALCONE (@michaelpfalcone) NOTABLES WAR OF WORDS: The feud between two potential 2016 GOP presidential contenders is escalating this week with Sen. Rand Paul, R-Ky., and New Jersey Gov. Chris Christie attacking each other on an almost-daily basis. Yesterday they traded barbs about ...
Many Same-Sex Couples May Pay More in Taxes After Marriage
While the Supreme Court's decision to strike down the Defense of Marriage Act is a victory for same-sex couples, many will end up footing higher tax bills if they legally say, "I do." If they are legally married in their state, same-sex couples would be subject to the same "marriage penalty" or
TurboTax Lobbies Lawmakers to Keep Tax Code Complicated
Tax Filing in Denmark, Sweden and Spain Takes 5 Minutes. Why Not in the U.S.?
Payroll Tax Increase Weighs on Consumer Spending
Does it seem like your paycheck has gotten smaller? It has: 2 percent smaller, in fact, than it was in 2011 and 2012. Back then, employees only kicked in 4.2 percent of their wages towards Social Security thanks to a temporary rate cut as part of a...
Quotes of the Week: 'There Will Be Some Missing on the Bus'
The first week of the year was somber for students at Sandy Hook Elementary school who returned to classes, which were held in a neighboring town. A never-before-seen photo of Princess Diana gathered Internet buzz, while Congress addressed the looming fiscal cliff. Click through to see the quotes
The 9 Most Contentious Fiscal Cliff Tax Issues
While Congress has yet to discuss spending cuts to defense and domestic programs, they have drawn the line on tax increases and tax break extensions. Some businesses are happy about certain temporary tax credits, like the R&D credit, which expired in 2011, that Congress retroactively extended
Done Deal - For Now (The Note)
By MICHAEL FALCONE (@michaelpfalcone) and AMY WALTER (@amyewalter) NOTABLES: WE’VE GOT A DEAL: Congress waited to the last minute — and beyond — but a deal finally got done. ABC’s Devin Dwyer, John Parkinson, and Sunlen Miller report: The House of Representatives approved a bipartisan...
One Fiscal Cliff Leads To Another (The Note)
By MICHAEL FALCONE (@michaelpfalcone) and AMY WALTER (@amyewalter) NOTABLES: SENATE PASSES FISCAL CLIFF DEAL, BUT HOUSE MUST VOTE: ABC’s Devin Dwyer, Sunlen Miller, and Jonathan Karl report: Two hours after a midnight deadline for action, the Senate passed legislation early New Year’s Day to ...