These proposals are expected to face strong resistance, especially among Democrats and even many Republicans who support many of the programs facing reductions.
While the president’s budget is best understood as an expression of one party’s agenda, the document does include a variety of new proposals.
Several recent comprehensive tax reform proposals, including plans put forward by House Ways and Means Chairman Dave Camp (R-MI) and the Bipartisan Policy Center’s Domenici–Rivlin Debt Reduction Task Force, have called for lower corporate and individual rates alongside limiting tax expenditures to broaden the tax base. But what exactly are tax expenditures?
Over the last few years, the president, lawmakers on both sides of the aisle, and BPC have all offered proposals to update or replace the Earned Income Tax Credit (EITC). We recently blogged about the EITC’s current structure and its advantages and drawbacks. In this post, we’ll detail some of the proposals for reform or replacement, including:
The Earned Income Tax Credit (EITC) is a federal tax provision that supplies a valuable benefit to low-income, working Americans. The credit is held in high esteem by Republicans and Democrats alike because it incentivizes work by subsidizing take-home pay for low-income workers. The EITC’s generosity has been increased under presidents from both parties.
President Obama released his Fiscal Year (FY) 2015 budget on Tuesday. As we said in our earlier statement, the Bipartisan Policy Center (BPC) believes that from a fiscal standpoint, this budget essentially constitutes a holding pattern. The Office of Management and…