Chuck Marr @ChuckCBPP
Vice President of Federal Tax Policy at the Center on Budget and Policy Priorities. cbpp.org Washington, DC Joined May 2013-
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We at CBPP are in a search for a Chief Economist or Visiting Scholar. This is a great opportunity at a wonderful place at a key time. Take a look and help us spread the word. Thanks! cbpp.org/careers/chief-…
That’s something — and not just any addition to deficit but blatant tax fraud…
That’s something — and not just any addition to deficit but blatant tax fraud…
The carried interest tax loophole is a scam that lets PE and hedge fund managers pocket money that should be paid in taxes. It's one of the many rules that rig the economy in favor of the wealthy. In the interest of fairness, it should be ended now.
The carried interest tax loophole is a scam that lets PE and hedge fund managers pocket money that should be paid in taxes. It's one of the many rules that rig the economy in favor of the wealthy. In the interest of fairness, it should be ended now.
Key point:
NEW: The goal of 100,000 taxpayers successfully filing their returns as part of the Direct File Pilot Program has been met. Interest has surged in recent days, with more than 50,000 taxpayers successfully filing over the past week. 👏👏👏
Tax Day Charts: Course Correction is Needed: cbpp.org/blog/for-tax-d…
Happy Tax Day! Lots of folks are talking about the upcoming expiration of the Trump tax cuts, but in a new paper out today, I argue we have to think bigger to strip the fallacy of trickle down economics from our tax code. rooseveltinstitute.org/publications/t…
Happy Tax Day! Lots of folks are talking about the upcoming expiration of the Trump tax cuts, but in a new paper out today, I argue we have to think bigger to strip the fallacy of trickle down economics from our tax code. rooseveltinstitute.org/publications/t…
Great paper by @ENPancotti --you should read it! Does a great job of tying together a lot of (tax and non-tax) economic data to frame the stakes of Trump tax cut extension. In particular, I thought this was a really smart way of talking about the racial wealth gap implications.
Great paper by @ENPancotti --you should read it! Does a great job of tying together a lot of (tax and non-tax) economic data to frame the stakes of Trump tax cut extension. In particular, I thought this was a really smart way of talking about the racial wealth gap implications. https://t.co/GzQhFTT0Xd
And in the U.S. think about the amounts of 401(k) assets that will be transferred in the next couple decades
And in the U.S. think about the amounts of 401(k) assets that will be transferred in the next couple decades
The pay-for in this bill happens to be curbing a pandemic-era, fraud-ridden program. Which you'd think Rs would he psyched about, given all the "waste fraud abuse" rhetoric Alas, more important to maintain tradition of making sure tax cuts add to deficit wapo.st/49EraDf
The modern GOP is supposed to be pro-family, pro-tax-cuts and anti-“waste, fraud and abuse.” So why are Republican senators trying to tank a bill that is all three? wapo.st/49EraDf
I was honored yesterday to testify in front of House Ways and Means about the 2017 tax law. I argued the $2trillion price tag represented an enormous economic opportunity cost to invest in families, rather than investing in corporations hoping they pass on money to families.
(3) Much more serious and careful analyses, including those leveraging administrative data, have showed emphatically that the TCJA did *not* pay for itself. See excerpts from Kennedy et al. (2024) and Chodorow-Reich, Smith, Zidar, and Zwick (2024) below.
The House Ways & Means Committee is holding a hearing tomorrow on the 2017 Trump tax cuts, many of which expire in 2025. The record on these tax cuts is crystal clear: they are skewed to the rich, costly & failed to deliver promised economic benefits, especially for workers.
Reported #ChildTaxCredit proposals out of the Senate will make children worse off as compared to the House bill in two ways. @ChuckCBPP explains. cbpp.org/blog/key-senat…
2025 tax policy course correction needed. Trump tax cut was skewed, expensive, and failed to deliver - @jacsamoby bringing the charts:
2025 tax policy course correction needed. Trump tax cut was skewed, expensive, and failed to deliver - @jacsamoby bringing the charts:
It has been a pleasure to have Chad on the CBPP team all these years. He has contributed immensely to our understanding of how policy decisions impact the economy and I wish him well in his next adventures!
It has been a pleasure to have Chad on the CBPP team all these years. He has contributed immensely to our understanding of how policy decisions impact the economy and I wish him well in his next adventures!
Republican billionaires: the insurrection was bad, but raising our taxes is worse nymag.com/intelligencer/…
Recent federal reports estimate that after the enhanced premium tax credits (PTCs) were enacted in 2021, increases in ACA marketplace enrollment and declines in out-of-pocket premium costs were widespread but especially large for people of color. (1/4)
James Medlock @jdcmedlock
102K Followers 2K Following Tax enthusiast. Hyperinflation doubter. Soc dem in the streets, market socialist in the sheets. 🧦🏗️
Richard Rubin @RichardRubinDC
39K Followers 719 Following I cover U.S. tax policy for the @WSJ. There is ALWAYS a tax angle. Retweets are not endorsements or tax advice.
Matt Darling 🌐🏗.. @besttrousers
47K Followers 3K Following Senior Employment Policy Analyst @niskanencenter. Chief Neoliberal Shill 2023. Labor/behavioral economics and causal inference.
Jason Furman @jasonfurman
157K Followers 2K Following Professor of Practice at Harvard. Teaches Ec 10, some tweets might be educational. Also Senior Fellow @PIIE. Was Chair of President Obama's CEA.
Natasha Sarin @NatashaRSarin
7K Followers 426 Following Professor @YaleLawSch & @YaleSOM. Former Counselor (tax policy and implementation) at @USTreasury; Professor @PennLaw & @Wharton.
Steven Dennis @StevenTDennis
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Len Burman @lenburman
5K Followers 2K Following Father, grandfather, @taxpolicycenter cofounder at @urbaninstitute. Paul Volcker Professor emeritus at @MaxwellSU. I cycle, swim, cook, and sing. I disclaim!
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190K Followers 2K Following Syndicated op-ed columnist @washingtonpost, commentator @cnn, special correspondent @newshour. Previously econ/theater NYT. Econ, immigration, tax, politics etc
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Joey Politano 🏳️.. @JosephPolitano
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559 Followers 447 Following Working on economic policy to fight inequality in the United States. Currently @BrookingsEcon, fmr: @UChicago @williamsecon.
ohhillturtle @ohHillturtle
191 Followers 201 Following here for the memes and make fun of chuds. sometimes I game
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32K Followers 2K Following I'm 6 feet tall and I wrote the novel FAKE ACCOUNTS. My new book is an essay collection called NO JUDGMENT and you can buy it now!
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sṫǔttsiiso’ōḱ.. @MrHWM
8K Followers 3K Following sinǎḱii. ǎmsḱǎaṗii ṗīīḱǔni nation. real big ndn. words @newyorker @parisreview @theatlantic @espn etc. ad astra. “I’m a disco guy.”
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8K Followers 256 Following You are only coming through in waves...
anna kw✨ @tenshi_anna
6K Followers 6K Following I like psychoanalysis and sometimes philosophy but I mostly like people and I think history hurts a lot
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59K Followers 2K Following Culture editor, @FDRLST. Director, @NJC_YAF. Host of Federalist Radio Hour and Co-Host of Counter Points. Senior fellow, @IWF.
[email protected].. @jennycohn1
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BREAKING: Direct file is a success! 90% gave a positive review, and it delivered over $90 million in refunds. It’s clear that Americans want an easy and free way to file their taxes directly with the IRS — without paying junk fees.
Treasury and IRS released new data on the IRS's Direct File Pilot for the 2024 filing season. The program received positive user feedback, saved participants an estimated $5.6M in tax preparation fees and helped taxpayers access over $90M in refunds. home.treasury.gov/news/press-rel…
Thanks @hardlynormal! Hopefully this won’t be the last time you let me run my mouth on camera. We can’t solve the problem if we diagnosis it incorrectly. People who are unhoused need help paying rent. Next step - gathering the political will to make it happen.
This is a raw video, so I probably shouldn’t be sharing it, but I love @PeggyBaileyDC so much, and I think this is the first time we’ve been able to interview her, so I could not resist. Full video dropping soon!
If they're bored they should kill some time passing the Smith-Wyden tax package. #HR7024
Senators are getting cranky because they have no idea what they are going to be doing and for how long; many want to jet out of town because they have other things to do, like campaign.
The offset is stopping tens of billions in fraudulent Employee Retention Credit claims. Protecting taxpayer interests by pursuing unscrupulous actors is setting a good precedent.
News from @doug_sword and me: Another speed bump for the tax bill? Sen. Crapo now says the inclusion of a nearly full offset in the package would set a bad precedent for next year’s TCJA tax negotiations. House GOP taxwriters have a different view. taxnotes.com/tax-notes-toda…
Why haven’t the fraudulent claims decreased since House passage of a Jan 31, 2024, termination date? Because several Senate Republicans have signaled they intend to kill the bill and let the fraud continue. And the fleecing of American taxpayers continues.
~$4.5 billion in largely fraudulent Employee Retention Credit claims, every week. Week after week. I didn’t have a lot of faith in Congress before, but if we can’t fix this, what CAN we fix?!?
The investment in modernizing the IRS is paying off - both in terms of unpaid taxes collected and improved customer service.
Thanks to @POTUS Inflation Reduction Act, Americans are getting the service they deserve this Tax Day. ☎️ ~9 in 10 calls answered w/ 3 minute average wait times. 💵 31 million views of the new Where’s My Refund. ⏰ 1.4 million hours of hold time saved. apnews.com/article/irs-cu…
Thanks to @POTUS Inflation Reduction Act, Americans are getting the service they deserve this Tax Day. ☎️ ~9 in 10 calls answered w/ 3 minute average wait times. 💵 31 million views of the new Where’s My Refund. ⏰ 1.4 million hours of hold time saved. apnews.com/article/irs-cu…
Here’s a good news story worth sharing this Tax Day: 360,000+ Minnesota children and counting have benefitted from the state’s new #ChildTaxCredit. The $1,750 per-child-credit – created last year – is the highest child tax credit in the country. x.com/mnbudgetprojec…
Thanks to the new Child Tax Credit, some #Minnesota parents can get up to $1,750 for every child when filing their 2023 tax return. Visit claimyourmoneymn.org to learn more #MNCTC #ClaimYourMoneyMN
Holy crap—@ChuckCBPP and @MichaelSLinden are Mark Cuban’s speechwriters apparently.
Now do corporate. Whether the cuts paid for themselves. The wage growth he said would happen after the cuts, but didn’t. The greater disparity in incomes when hardly any of the corporate tax cuts went to workers. When combined with zero interest rates he demanded, what path…
Now do corporate. Whether the cuts paid for themselves. The wage growth he said would happen after the cuts, but didn’t. The greater disparity in incomes when hardly any of the corporate tax cuts went to workers. When combined with zero interest rates he demanded, what path…
@mcuban Trump tax cuts were for everyone, not just the entitled brats. -$15K to $50K got tax cuts of 16% to 26% in 2018 -$51K to $100K→15% to 17%
@Read_Instead A PERSONAL MATTER by kenzaburo oe
For context, the deal -- which again, passed in the House on a bipartisan basis -- would, just in the first year: *increase the tax credit for about 16 million children in families with low incomes *lift 400,000 poor kids out of poverty cbpp.org/research/feder…
Full funding for #WIC + no harmful food package changes = a huge victory for the millions of low-income families who receive support from WIC. Now, we have an important opportunity to connect more eligible people with WIC’s proven benefits. cbpp.org/blog/2024-appr…
Look at this graph from 2001. CBO thought that by 2034, Medicare and Medicaid would cost around 9.5% of GDP. Right now, CBO thinks Medicare and Medicaid will cost 6.4% of GDP in 2034 - EVEN THOUGH we created Medicare Part D and Medicaid expansion and did the Doc Fix in between.
The ACA opened up health insurance to tens of millions of otherwise uninsurable Americans. And this coincided with a dramatic decrease of excess cost growth in health care.
Trump's massive tax cuts expire at end of 2025. Extending them all, as he wants, would cost $3-3.5 trillion; Biden would end them for top earners, saving ~$1.2 trillion. Plus Biden's proposed to raise $5t more from top earners & corps. November will decide which path prevails
The most important domestic policy decision of the 24 election has drawn very little attn. But the choice b/twn fully extending Trump's 2017 tax cuts (as he wants) or paring them back (as Biden wants) will shape federal gov't options for a decade. My take. theatlantic.com/ideas/archive/…
Great new piece from Ron w/ quotes from me & @ChuckCBPP, w/ a new stat from me: If the Trump tax cuts are made permanent, what's the total cost of Bush+Trump tax cuts through 2035 (if you first assume an AMT patch at Clinton levels)? $26 trillion - enough to stabilize debt/GDP.
The most important domestic policy decision of the 24 election has drawn very little attn. But the choice b/twn fully extending Trump's 2017 tax cuts (as he wants) or paring them back (as Biden wants) will shape federal gov't options for a decade. My take. theatlantic.com/ideas/archive/…
Look at this!! For 40 years, wages grew faster for people at the top. But for the last four years, that's totally reversed. Great new report from @eliselgould and @Katiedeco4. epi.org/publication/sw…
@ChuckCBPP @LPeraltaSchulte it is almost as if trickle down doesn't work
@ChuckCBPP Great thread! But think you need to take back what you said about the excitement of tax -- I already have my tix for this blockbuster! :) x.com/mindthetaxgap/…
The creation of the Federal Reserve and the move towards using heavy fiscal policy has been one of the best changes in all of US history. Strong monetary & fiscal policy as a team hugely decrease human suffering, & the gold standard balanced budget folks couldn’t be more wrong.
This is underappreciated but perhaps the greatest accomplishment of modern-day economists. graph via @leecoppock
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