Federal Budget and Taxes

Friday Funny: Mr. Burns Explains the Fiscal Cliff

A little fiscal cliff humor to take you into the weekend.

Listen to Main Street in Federal Tax Debate

You hear about small business quite a bit in the debate over extending federal tax cuts for upper income earners, even though the vast majority of small business owners do not benefit from those top tax cuts. Only 3% of taxpayers with business income above $250,000 would be impacted if tax cuts for top earners expired next year.

Morning Must Reads: Different Priorities For Different Senators

Proposals to avert the fiscal cliff shouldn't increase poverty or inequality or slow the economic recovery. Those simple common-sense principles appear to be gaining increasing visibility and support, which is the best news this morning.

Morning Must Reads: Corporate Tax Subsidies Run Amok and Fiscal Cliff Armageddon!

Dirty HippieI'm back, and that is completely unrelated to the fact that the blog in my absence featured people with bad wigs.

On Sunday, The New York Times launched the series The United States of Subsidies, which details the tax breaks and credits given out by state and local governments to businesses. Below you will find a link to the opening story, today's entry on Texas and finally a link to Pennsylvania data.

Tax Cuts for the Top Offer Little Bang for the Buck

Extending High-Income Tax Cuts a Poor Way to Support the RecoveryBetween now and January, Congress will develop a long-term solution to the nation’s deficit. One of the proposals on the table is to allow tax cuts enacted more than a decade ago under President George W. Bush to expire for high-income earners.

A new Congressional Budget Office (CBO) report finds that extending most of the expiring tax cuts — but not those for high-income earners — will boost gross domestic product (GDP) by 1.3%. Extending the tax cuts on top earners yields a much smaller return on investment, boosting GDP by only 0.1%.

Third and State This Week: The October No Surprise, Sizing Up Service Cuts, and Small Biz Owners Say End Top Tax Cuts

This week at Third and State, we blogged about U.S. job growth in October and what it means, how human service cuts are impacting the lives of Pennsylvanians, a poll showing a majority of small business owners support ending tax cuts for top earners, and more.

IN CASE YOU MISSED IT:

  • On jobs and the economy, Mark Price blogged about today's jobs report from the federal government signaling U.S. employment growth is back on track. Mark also delved further into the recent claim of a state official that the Marcellus Shale industry is bringing a "tsunami of jobs" to Pennsylvania.
  • On the state budget, Kate Atkins recapped a recent forum in Montgomery County where speakers testified to the importance of investing in prevention and community supports for people struggling with mental illness or substance abuse.
  • On federal budget and taxes, Chris Lilienthal blogged about a new poll finding that a majority of small business owners support ending the Bush tax cuts for the top 2% of earners. We also previewed a forum at Dickinson College in Carlisle next week featuring economist Dean Baker talking about the federal fiscal cliff.
  • And on voter ID, Jamar Thrasher wrote about advocates' concerns that ads in Pennsylvania are providing misleading information about voter ID in the upcoming election.

More blog posts next week. Keep us bookmarked and join the conversation!

The Fiscal Cliff: New Heights of Sensationalism

Dean BakerIn recent months, the media have frequently raised the specter of the federal government falling off the "fiscal cliff."

Next Wednesday evening, economist Dean Baker will take on the "fiscal cliff" in a talk at Dickinson College in Carlisle. If you plan to be in the Harrisburg-Carlisle area, come out and hear Dean explain why much of the discussion about "falling off the fiscal cliff" fundamentally misrepresents both the short- and long-term budget challenges we face as a nation.

Small Biz Owners Support Ending Top Tax Cuts, Poll Finds

A majority of small business owners agree that ending the Bush tax cuts for the top 2% of earners is the right course for the nation, according to a new poll from the Small Business Majority.

The poll reflects a pragmatic spirit among small business owners, with nearly 6 in 10 saying that government can play a productive role in helping small businesses thrive. 

Third and State This Week: Confusion About Voter ID, Payday Lending in the Senate and Poverty-wage Jobs

This week at Third and State, we blogged about a new report on the Voter ID Law, a bill to legalize high-interest payday lending now before the state Senate, poverty-wage jobs in Pennsylvania, and much more!

IN CASE YOU MISSED IT:

  • On voter ID, Sharon Ward blogged about a new report from the Pennsylvania Budget and Policy Center on confusion surrounding the new law among PennDOT staff and voters alike. You can check out PBPC's full report here.
  • On payday lending, Mark Price wrote about legislation before the Senate to legalize payday loans with annual interest rates of 369%. He also explained that the writer of a letter to the editor in the Patriot-News supportive of the bill forgot to mention her group represents payday lenders.
  • On economic development, Mark Price wrote about local incentives in a Tennessee town intended to lure web developers.
  • On poverty, Mark Price reported that about 24% of Pennsylvania workers earned poverty wages in 2011.
  • On monetary policy, Mark Price highlighted two views on what the Federal Reserve can do to boost the economy. 
  • On education, Mark Price shared an Allentown Morning Call column offering a midterm report card on Governor Corbett's education policies.
  • And in a Friday Funny, we bring you an article by the satirical newspaper The Onion on how voter suppression in Pennsylvania isn't as fun as it used to be. 

More blog posts next week. Keep us bookmarked and join the conversation!

Morning Must Reads: The Pennsylvania Senate Considers Payday Lending, Really?

Last week, the Pennsylvania Senate Banking and Insurance Committee held a hearing on payday lending. The testimony, time allotments and treatment of testifiers was biased in favor of the out-of-state companies seeking to permit the entry of storefront payday lenders in Pennsylvania by way of Senate passage of House Bill 2191.

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