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revenue stability Archive

Corporate Tax Revenue Hit an All-Time High in 2021

TweetShareSharePin0 Shares The Congressional Budget Office (CBO) now estimates that the federal government received $370 billion in corporate tax revenue over the past year (fiscal year 2021), matching the record high level from 2007. This is a 75 percent increase over the previous year’s total, reflecting a rebound in corporate profits and the broader economy.

Federal Plastics Tax Is Not a Good Revenue Raiser

TweetShareSharePin0 Shares One of the Senate’s proposals to pay for the Build Back Better Act is a federal excise tax on virgin plastics, which are plastics that are not reprocessed or recovered. The tax would be $0.20 per pound of virgin plastics used to make single-use plastics products. While few details have been released about

Weighing the Options for Financing Reconciliation

TweetShareSharePin0 Shares Last week, The New York Times reported that in opposing corporate or individual income tax increases, Senator Kyrsten Sinema (D-AZ) has pushed other Senate Democrats, such as Senator Ron Wyden (D-OR), to consider a carbon tax to finance some of the infrastructure package. A carbon tax would be a less economically harmful pay-for

Federal Judge Rules Against American Rescue Plan Tax Cuts Mandate

TweetShareSharePin0 Shares Kentucky and Tennessee won an important legal victory Friday when a federal court ruled that the American Rescue Plan Act (ARPA)’s restrictions on state fiscal autonomy were unconstitutional and enjoined (blocked) the enforcement of those provisions against both states. Specifically, Judge Gregory Van Tatenhove held that the ARPA provision, which limited states’ authority

Economy Loses More than Revenue Gains

TweetShareSharePin0 Shares As Congress debates next steps on the tax provisions in the Build Back Better Act proposed in the House Ways and Means Committee, it is important to consider the economic impacts, which include reduced economic output, wages, and jobs. Due to the plan’s economically costly and inefficient tax increases, we find that long-run
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