Income/Wealth Inequality

Income/Wealth Inequality: News Blog

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Budget Process Basics: A Brief Introduction to the Budget Process

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Temporary and Targeted: The Basics of an Economic Stimulus Package 01/08/2008
The release of dismal national jobs data on Jan. 4 has prompted rumblings from politicians in Washington about the need for an "economic stimulus package." On Jan. 7, President Bush and Treasury Secretary Henry Paulson delivered separate speeches on the state of the economy, in which they addressed the basic outlines of a fiscal policy designed to mitigate the effects of a possible recession. Bush announced he is taking a stay-the-course approach while economists from across the political spectrum are calling for some type of stimulus package. The president could still offer a plan in his State of the Union speech at the end of January. Read More

Despite New Majority in Congress, Fiscal Policy Still Mostly Stuck in Neutral 12/18/2007
A new congressional majority in 2007 promised a clean break from past practices of a Congress noted for its corruption, dysfunction and profligacy. It moved on a modest agenda and successfully enacted a few important policies, but overall, it failed to chart a new direction in fiscal policy. This failure was due in large part to the majority underestimating the ability and willingness of a coalition of conservative policymakers and the president to fiercely obstruct even the modest reform policies on the new Congress's agenda. Read More

Census Report Shows Working Americans Falling Behind 09/11/2007
The U.S. Census Bureau released its annual report, Income, Poverty, and Health Insurance Coverage in the United States 2006 on Aug. 28. The report, which covers the most recent Current Population Survey (CPS) data, showed slight overall improvement in income and poverty, but continued declining rates of health insurance coverage. The headline numbers — a 0.7 percent increase in median household income and a 0.3 percent decline in poverty — are undermined, however, by the underlying story that middle- and low-income working Americans are not seeing substantial gains from the current economy. Read More

Americans Dislike Rising Inequality, Contrary to Popular Belief 09/11/2007
It is commonly assumed that Americans do not oppose increasing inequality. After all, a consensus among social scientists exists that most Americans favor equality of opportunity over equality of outcome, and the public has supported welfare state retrenchment and regressive tax cuts, both of which increase inequality. However, this belief may be a misinterpretation of American values and policy preferences. Read More

Squabbling Over Tax Cuts Continues to Delay Minimum Wage Increase 02/21/2007
On Feb. 16, by a vote of 360-45, the U.S. House of Representatives passed H.R. 976, a ten-year, $1.3 billion package of offset tax cuts designed to accompany a $2.10 per hour increase in the minimum wage. On Feb. 1, the Senate adopted S. 2 — including its own set of offset tax cuts totaling $8.3 billion over ten years. The two tax packages differ markedly in size and content, and S. 2 includes the minimum wage hike while H.R. 976 comprises only the tax provisions, which could complicate the procedural road ahead. Read More

Senate Passes Minimum Wage Increase with Tax Cuts Added 02/06/2007
On Feb. 1, the U.S. Senate wrapped up nearly two weeks of debate with a 94-3 vote to approve S. 2, the Fair Minimum Wage Act of 2007. The bill raises the federal minimum wage to $7.25 an hour by 2009 and extends $8.3 billion of existing small business tax breaks. The fate of the bill remains uncertain because House Democrats are reluctant to provide tax breaks for small business in exchange for passing a minimum wage hike. Read More

The Fiscal Impact of House 100 Hours Agenda 01/23/2007
On Jan. 18, the House Democrats succeeded in passing the final piece of their six-part "100 hours" agenda. The combined fiscal impact of the bills — which implement 9/11 Commission recommendations, close energy tax loopholes and more — is significant: the Congressional Budget Office (CBO) has estimated $21.1 billion in savings and revenue over the next ten years if the bills are signed into law. Read More

Threat of Estate Tax Rollback Finished for 2006 11/21/2006
Outgoing Senate Majority Leader Bill Frist (R-TN) admitted last week the Senate was unlikely to pass any permanent reduction to the estate tax in 2006, despite repeated attempts and rhetorical ultimatums from Frist and his allies. Read More

Citizens for Tax Justice Give Congress, President Failing Marks on Tax Policy 10/24/2006
The last six years of fiscal policy under the Bush Administration have been a bad deal for 99 percent of Americans, according to two reports released last week by Citizens for Tax Justice (CTJ). Read More

Senate Finance Committee Looks at Executive Compensation Excesses 09/12/2006

A Sept. 8 Senate Finance Committee hearing demonstrated that a 1993 tax code reform has failed to curb the growth of extravagant CEO compensation packages. In fact, the reform created loopholes that have opened the door for outrageous salaries and bonuses, and unscrupulous behavior by company executives and boards of directors. Read More

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