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Shaky Economic and Fiscal Outlook Requires Stable and Pro-Growth Tax Extenders Policy

Policymakers face a difficult balancing act this year in what is likely to be an unusual tax extenders season.

Biden’s FY 2024 Budget Would Result in More Than $4.5 Trillion in Gross Tax Increases

President Biden’s new budget proposal outlines several major tax increases targeted at businesses and high-income individuals that would bring U.S. income tax rates far out of step with international norms.

Testimony: Reviewing Recent Federal Tax Policies and Considering Pro-Growth Reforms

Lawmakers should focus on simplifying the federal tax code, creating stability, and broadly improving economic incentives. There are incremental steps that can be made on the path to fundamental tax reform.

Tax Expenditure

Who Benefits from Itemized Deductions?

While some tax preferences like the earned income tax credit (EITC) and child tax credit benefit lower- and middle-income households, others, like itemized deductions, benefit high-income households.