Now would be a great time to talk about what future budgets - which after all are strategic planning documents, communication devices, and ultimately statements about values - should look like /fin
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Tracy Gordon
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Co-Director and Acting Director , VP Tax Policy . Former , , ,
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Do you know much about machine learning? Me neither. And that's why I'm really looking forward to this event. Please join us!
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Happy birthday, !! And big thanks to cofounders and as well as all the many partners along the way. We are looking forward to the future and I know I can't wait to see what's next from this terrific group
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Happy Birthday, @TaxPolicyCenter! taxpolicycenter.org/taxvox/happy-b
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Don Lubick belongs in the Tax Policy Hall of Fame. He had 5 stints of government service dating back to the Kennedy Administration. He was an idealist who never lost his faith that government could work for people. tpc.io/3oy7Kvq via
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To be fair, we have many kinds of tax nerds - economists, lawyers, political scientists, former journalists and practitioners too. All committed to making the world better through tax and budget policy. Join us!
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TPC is looking for a research assistant! If you want to work with some of the best public finance economists around and explore federal, state and local fiscal issues, apply here: urban.wd1.myworkdayjobs.com/en-US/Urban-Ca @econ_ra
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Late stage capitalism Monopoly. No free parking?? At least it’s confirmed that bankers should NOT steal
Merry Christmas! May I commend to you this apple sauce recipe, which pairs nicely with frozen latkes and makes the whole house smell divine smittenkitchen.com/2010/04/first-
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Spending Recovery Act funds fast prevented a deeper economic collapse but also created challenges for state & local governments looking to implement equity-informed projects. New post from on what we can learn from 2009.
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You have returned me to my grad school self, nerding out over new data on a Friday night...
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This is just a phenomenal resource. In addition to accessing all the ARPA-required Recovery Plan Performance Reports, you can drill down to find out how places are allocating funds among eligible uses and making specific investments in equity and evidence results4america.org/tools/arp-dash
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Additional update: Repurposing was rejected.
"That's not a 'yay.' Only important 'yay' things go in that folder."
Tbh, I kind of liked my budgets and meeting notes
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Update: Home office supplies are running low. I finally opened the yay folder and found this:
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Check it out and let us know what you think! Bonus points for sharing promising approaches from other jurisdictions we may have missed in our review /end
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Federal, state, and county policy makers also have roles to play in designing intergovernmental grant and shared revenue programs to prioritize equity /5
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Our snapshot at this early stage suggests cities should:
1. consider equity in both processes and outcomes
2. use data- and community-driven strategies to track progress and routinize evaluations
3. include in-kind resources in their assessments /4
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We found cities are at varying stages of development and implementation of strategies to make revenue systems more equitable /3
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Cities are focused on addressing structural inequities in access to wealth building and opportunity.
Federal policy makers are requiring reporting on equity in the use of funds (ARPA, IIJA)
We partnered with to see what local leaders were doing /2
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🚨New publication alert 🚨
and colleague , colleague Lourdes Germán and I looked into how cities were approaching making their revenue systems more equitable /1
urban.org/research/publi
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Nothing like seeing family again this Thanksgiving, and also saving my grandparents 1953-73 tax returns from the shredder
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ARRA and ARPA: Really proud to push this brief spearheaded by my colleagues and and with a support from and me to understand lessons from the last recession for building an inclusive recovery from the most recent one
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NEW: How does the House's proposed $80K SALT cap compare to the Senate's proposal to cutoff relief at $400K in income? The impact on the middle class is small in both cases, but the Senate plan would sharply reduce benefits for high-income households. tpc.io/3csQ9OO
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Apparently this was on my back for a while before I noticed. And, yes, “this is rea-l.”
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The tax proposals in the Build Back Better legislation are in flux. To make things simpler, we put our resources on the various tax provisions in one place, including our latest model score of the revised House bill.
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NEW: We've released our model estimates of the latest House version of the Build Back Better plan. In 2022, higher-income earners would see a significant tax increase, while the average household in the bottom four income quintiles would get a tax cut.
tpc.io/30gJ0OF
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Now, instead of solving that and other problems, we have this particularistic approach that could breed cynicism toward this vital sector of government /end
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For example, recessions hit different parts of the country at different points in time. A better set of formula-driven automatic stabilizers could help address that /8
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My concern with overdoing SALT relief is that when COVID relief expires in 2024, federal policymakers will say “we’re done” and have no appetite to address larger issues in our federalist system /7
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State and local belt-tightening to satisfy balanced budget rules risks harms not only to people living in those places but also to the broader economy /6
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But COVID relief is a one-time cash infusion. Federal policymakers realized there was a risk of overshooting but also saw risks from state and local job and investment cuts as in the Great Recession /5
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As , , and my colleague have shown, many states and localities have a lot of cash right now thanks nearly $1 trillion in federal aid since Spring 2020 and better than expected tax receipts /4
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Also troubling to me is what this means for the long-run balance of rights and responsibilities between states and localities and the federal government /3
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My concern is not just distributional – although there’s certainly that. According to the latest estimates, the average tax cut for all middle-income households under a $72,500 cap would be… $20 /2 taxpolicycenter.org/taxvox/latest-
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Hi! Former SALT apologist here. Like a lot of the Twitterverse, I'm troubled by plans to raise the SALT deduction cap to high levels or restore the full deduction for all but the highest income filers /1
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Rather than outright repealing the SALT cap, House lawmakers have proposed increasing it from $10K to $72,500. Our new model estimate shows that the proposal would still benefit high income households and do little for the middle class. tpc.io/3wk4tlR
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Still regressive: looks at how the House plan to raise the SALT #tax deduction impacts various income groups:
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The latest news on the budget bill indicates that Democrats may scrap rate increases as part of their tax plan. What's left on the table for lawmakers to raise revenue for new spending programs? A 🧵on the options:
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