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Setting a higher minimum wage would affect family incomes in a variety of ways, including increasing earnings for most low-wage workers and lifting some families out of poverty.
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
Congress has a proven track record of extending tax provisions without paying for them.
https://www.pgpf.org/blog/2017/12/tax-extenders-the-potential-hidden-costs-in-tax-reform
Even in a highly polarized political landscape, there is broad congressional support for reforming the U.S. tax code.
https://www.pgpf.org/what-we-are-doing/fiscal-summit/2017-fiscal-summit/the-tax-reform-opportunity
As the coronavirus (COVID-19) pandemic took hold, economic activity slowed and tax revenues in most states began to decline.
https://www.pgpf.org/blog/2020/12/state-tax-revenues-took-a-hit-in-the-wake-of-the-pandemic
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today after the White House released the outline of President Trump’s tax plan.
https://www.pgpf.org/press-release/2017/04/statement-on-administrations-tax-plan
Tax expenditures cost the government about $1.5 trillion each year, more than the budget of any agency or major spending program.
A key provision of the ARP advances half of the expected credit for 2021 in periodic payments, which have now begun.
https://www.pgpf.org/blog/2021/07/what-to-know-about-the-new-monthly-child-tax-credit-payments
Adjustments to the U.S. corporate income tax system could influence the level of domestic investment, economic growth, and hiring; such adjustments would also alter the amount of revenues collected by the federal government, which would have an effect on the nation’s fiscal outlook.
A key part of the Biden administration’s policy agenda in 2021 relates to our nation’s energy policy, and in particular, there have been important debates among policymakers about how we use the tax code to incentivize economically and environmentally beneficial behavior.