@chuckcbpp.bsky.social
CBO has now weighed in with a stunning analysis that highlights the economic power of investments in non-defense R & D:
www.cbo.gov/system/files...
www.cbo.gov/system/files...
October 10, 2025 at 2:29 PM
CBO has now weighed in with a stunning analysis that highlights the economic power of investments in non-defense R & D:
www.cbo.gov/system/files...
www.cbo.gov/system/files...
No tax on tips barely registers b/c it affects a tiny share of workers. (Chart is from an older bill but same story here.) And deductions for overtime & seniors add to the cost but don’t fundamentally change the story either (& leave out lower income filers).
May 12, 2025 at 11:45 PM
No tax on tips barely registers b/c it affects a tiny share of workers. (Chart is from an older bill but same story here.) And deductions for overtime & seniors add to the cost but don’t fundamentally change the story either (& leave out lower income filers).
While 3 million small business owners will see their health insurance premiums skyrocket, wealthy partnerships will receive an even larger pass-through deduction – rising from 20% to a 23% deduction.
May 12, 2025 at 11:44 PM
While 3 million small business owners will see their health insurance premiums skyrocket, wealthy partnerships will receive an even larger pass-through deduction – rising from 20% to a 23% deduction.
House Rs are also expanding the most skewed provision of the 2017 law: increasing the estate tax exemption by more than $1 million to $30 million per couple – this only affects the wealthiest 0.1% of estates & a large share of this money has never been taxed
May 10, 2025 at 4:08 AM
House Rs are also expanding the most skewed provision of the 2017 law: increasing the estate tax exemption by more than $1 million to $30 million per couple – this only affects the wealthiest 0.1% of estates & a large share of this money has never been taxed
The initial House Republican text increases the passthrough deduction to 22% -- a provision that skews overwhelmingly in favor of millionaires. So millionaire owners will pay a top tax rate of 28.9% while their highest paid employees pay 37%.
May 10, 2025 at 4:06 AM
The initial House Republican text increases the passthrough deduction to 22% -- a provision that skews overwhelmingly in favor of millionaires. So millionaire owners will pay a top tax rate of 28.9% while their highest paid employees pay 37%.
And, so many more of the working-class men Republicans talked about – as well as working-class women they didn’t talk about -- would benefit from an expanded childless EITC than from not taxing tips:
March 12, 2025 at 3:04 PM
And, so many more of the working-class men Republicans talked about – as well as working-class women they didn’t talk about -- would benefit from an expanded childless EITC than from not taxing tips:
For example : a single parent with two kids who earns $18,000 as a home health aide would have seen their Child Tax Credit go up by $1,275, from $2,325 to $3,600, in the first year of the proposal.
March 12, 2025 at 3:03 PM
For example : a single parent with two kids who earns $18,000 as a home health aide would have seen their Child Tax Credit go up by $1,275, from $2,325 to $3,600, in the first year of the proposal.
The Child Tax Credit expansion 169 House Republicans voted for last year would have delivered real $ to millions of working-class families.
March 12, 2025 at 3:03 PM
The Child Tax Credit expansion 169 House Republicans voted for last year would have delivered real $ to millions of working-class families.
Second, it just helps a small fraction of working-class people – only those who earn tips. Do not let Rs get away with giving most of the tax cuts to the country club golfers while tossing a little cash to caddies & cocktail servers in golf carts. It barely changes who gets what:
March 12, 2025 at 3:02 PM
Second, it just helps a small fraction of working-class people – only those who earn tips. Do not let Rs get away with giving most of the tax cuts to the country club golfers while tossing a little cash to caddies & cocktail servers in golf carts. It barely changes who gets what:
Just because it’s awful policy doesn’t mean Republicans aren’t going to do it. They’re probably going to do it. It’s classic type of Trumpism. It may be awful policy but it sounds good. But don’t be fooled and don’t be distracted. It does nothing to change this chart:
March 12, 2025 at 3:01 PM
Just because it’s awful policy doesn’t mean Republicans aren’t going to do it. They’re probably going to do it. It’s classic type of Trumpism. It may be awful policy but it sounds good. But don’t be fooled and don’t be distracted. It does nothing to change this chart:
W/ House Rs meeting on tax bill: we’re likely to hear tips, tips, tips. Don’t be distracted & don’t be fooled
This is bad policy that Rs seem determined to enact but doesn’t move the needle for working-class people & doesn’t change what Rs are doing: massive tax cuts for the rich
This is bad policy that Rs seem determined to enact but doesn’t move the needle for working-class people & doesn’t change what Rs are doing: massive tax cuts for the rich
March 12, 2025 at 2:59 PM
W/ House Rs meeting on tax bill: we’re likely to hear tips, tips, tips. Don’t be distracted & don’t be fooled
This is bad policy that Rs seem determined to enact but doesn’t move the needle for working-class people & doesn’t change what Rs are doing: massive tax cuts for the rich
This is bad policy that Rs seem determined to enact but doesn’t move the needle for working-class people & doesn’t change what Rs are doing: massive tax cuts for the rich
This has been a long thread, apologies, but it’s a lot shorter than what the text of a final tax bill would be. I just think it’s important after criticizing why the Rs are on the wrong track to lay out what would be better.
March 10, 2025 at 1:00 PM
This has been a long thread, apologies, but it’s a lot shorter than what the text of a final tax bill would be. I just think it’s important after criticizing why the Rs are on the wrong track to lay out what would be better.
And this one’s a twofer. If you walk back the corporate rate cut some, then there’s no excuse for keeping the passthrough deduction for millionaires – some wealthy guy who is a passive partner in 6-tiered structure is not a small business.
March 10, 2025 at 12:58 PM
And this one’s a twofer. If you walk back the corporate rate cut some, then there’s no excuse for keeping the passthrough deduction for millionaires – some wealthy guy who is a passive partner in 6-tiered structure is not a small business.
Cutting the corporate tax rate in 2017 was an obvious overreach. Whenever you’re doing more than lobbyists were asking for it’s time to turn around. Plus, it failed to deliver and raising it just halfway back generates big bucks:
March 10, 2025 at 12:58 PM
Cutting the corporate tax rate in 2017 was an obvious overreach. Whenever you’re doing more than lobbyists were asking for it’s time to turn around. Plus, it failed to deliver and raising it just halfway back generates big bucks:
A word of caution to House Rs – there’s a sleeper issue – over 20 million people including 3 million small business owners are going to be shocked, and not in a good way, when their health insurance premiums go through the roof. Don’t let it happen – extend the enhanced PTCs:
March 10, 2025 at 12:54 PM
A word of caution to House Rs – there’s a sleeper issue – over 20 million people including 3 million small business owners are going to be shocked, and not in a good way, when their health insurance premiums go through the roof. Don’t let it happen – extend the enhanced PTCs:
But an easy better way for House Rs would just be to the add the #ChildTaxCredit expansion that 169 of them voted for last year and Chairman Smith proudly & justifiably championed – take the win team!
March 10, 2025 at 12:54 PM
But an easy better way for House Rs would just be to the add the #ChildTaxCredit expansion that 169 of them voted for last year and Chairman Smith proudly & justifiably championed – take the win team!
Another easy course correction for Rs: let the tax cuts for people w/ incomes > $400k expire. We have big budget deficits. They’ve been doing & will do great. They can pay a fairer amount of tax. Avoids losing about $2 Trillion
March 10, 2025 at 12:52 PM
Another easy course correction for Rs: let the tax cuts for people w/ incomes > $400k expire. We have big budget deficits. They’ve been doing & will do great. They can pay a fairer amount of tax. Avoids losing about $2 Trillion
One easy course correction Republicans should take: don’t take healthcare and help buying groceries away from families or make college more expensive for the people you’re supposed to be helping. Press delete on the left side of this chart.
March 10, 2025 at 12:52 PM
One easy course correction Republicans should take: don’t take healthcare and help buying groceries away from families or make college more expensive for the people you’re supposed to be helping. Press delete on the left side of this chart.
With House Republicans meeting to flesh out their tax bill, it feels like an important time for a thread on what a better tax bill would look like.
March 10, 2025 at 12:51 PM
With House Republicans meeting to flesh out their tax bill, it feels like an important time for a thread on what a better tax bill would look like.
Bottom line: More corporate tax cuts would move us in the completely wrong direction. Recall that in 2017, the Trump Administration promised the corporate tax rate cut would trickle down to a $4,000 per-worker raise.
That didn’t happen ⬇️
That didn’t happen ⬇️
March 7, 2025 at 9:48 PM
Bottom line: More corporate tax cuts would move us in the completely wrong direction. Recall that in 2017, the Trump Administration promised the corporate tax rate cut would trickle down to a $4,000 per-worker raise.
That didn’t happen ⬇️
That didn’t happen ⬇️
Extending the failed 2017 tax law would add an estimated $3.6 trillion to deficits over the next 9 years – again, with roughly half of that revenue loss from tax breaks for the richest 5% of households. ⬇️
March 7, 2025 at 9:47 PM
Extending the failed 2017 tax law would add an estimated $3.6 trillion to deficits over the next 9 years – again, with roughly half of that revenue loss from tax breaks for the richest 5% of households. ⬇️
Roughly half of the cost of their planned extension of the 2017 tax law would flow to just the richest 5% of households. ⬇️
March 7, 2025 at 9:46 PM
Roughly half of the cost of their planned extension of the 2017 tax law would flow to just the richest 5% of households. ⬇️
House Ways and Means Republicans are meeting Monday to begin to flesh out their tax bill. Here’s a thread on why I think they’re on the wrong path
March 7, 2025 at 9:45 PM
House Ways and Means Republicans are meeting Monday to begin to flesh out their tax bill. Here’s a thread on why I think they’re on the wrong path
Ending the thread with a critical reminder that Medicaid provides healthcare to 72 million with an M people. Cutting it by $880 would hurt millions of people. As Steve Bannon noted, it would hit a lot of MAGA people --- and many non-MAGA:
February 14, 2025 at 7:10 PM
Ending the thread with a critical reminder that Medicaid provides healthcare to 72 million with an M people. Cutting it by $880 would hurt millions of people. As Steve Bannon noted, it would hit a lot of MAGA people --- and many non-MAGA:
One wishes on could sit down with people across the country to explain how 1/2 of the estates of the wealthiest have NEVER been taxed -- & now Republicans want to let that untaxed income flow to wealthy heirs completely untaxed – and they want to take away healthcare from many of you to pay for it
February 14, 2025 at 7:06 PM
One wishes on could sit down with people across the country to explain how 1/2 of the estates of the wealthiest have NEVER been taxed -- & now Republicans want to let that untaxed income flow to wealthy heirs completely untaxed – and they want to take away healthcare from many of you to pay for it