How Would the Tax Relief for American Families and Workers Act Change Federal Tax Law?
The Tax Relief for American Families and Workers Act is estimated to cost about $400 million over 10 years.
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The Tax Relief for American Families and Workers Act is estimated to cost about $400 million over 10 years.
"Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
“Sadly, we rung in the new year reaching a new record milestone of $34 trillion in national debt,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/12/fci-press-release
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for January 2024.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-january-2024
Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
https://www.pgpf.org/blog/2023/12/eight-of-the-largest-tax-breaks-explained
A new paper from Manhattan Institute’s Brian Riedl examines ways to raise revenue from high-income Americans.
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
Here we analyze the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.
https://www.pgpf.org/blog/2023/12/would-increased-funding-for-the-irs-narrow-the-tax-gap
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for December 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-december-2023