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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 29/07/2026

There’s lots of room to raise it after Trump and Rs cut it below what even corporate lobbyists were asking for and it failed to deliver on their promises:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 29/07/2026

After taxes and transfers, our country is the most unequal among our wealthy peers. And, AI could increase inequality, i.e. the revenue we need to raise should be progressive.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/04/2026

Fewer sophisticated auditors means that fewer wealthy people will be audited. See below how audits of wealthy people plummeted since 2010 when Republicans began their latest round of gutting the IRS.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/04/2026

Fewer sophisticated auditors means that fewer wealthy people will be audited. See below how audits of wealthy people plummeted since 2010 when Republicans began their latest round of gutting the IRS.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/04/2026

Currently, *the IRS has fewer auditors than it has had since the 1950s* – not a typo! – because Republicans have previously gutted the enforcement budget.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/04/2026

House Republicans proposed another reckless cut in the IRS budget. The proposed 9% cut would take the IRS budget to 44% below its 2010 level. This gutting of the IRS is a betrayal of honest taxpayers. It should be rejected out of hand

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 28/01/2026

Plus, this time around people also have to deal with economy-wide Trump tariffs which – yikes – are twice as big in the wrong direction than the tax changes compared to last year:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 28/01/2026

The original 2017 Trump tax cut – tilted to the rich like this one – was not popular and subsequent tax filing seasons did nothing to change that. Now consider that the new tax changes people are going to see on average are less than half of 2017 changes:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/01/2026

Republicans first targeted the mandatory funding -- going after enforcement in particular, despite the deep cuts in audits they had caused

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/01/2026

Congress agreed over the weekend to cut the IRS's base budget by a reported $1 billion. This would be a serious policy mistake at a time when the IRS remains severely depleted. Honest taxpayers deserve better.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/10/2025

CBO has now weighed in with a stunning analysis that highlights the economic power of investments in non-defense R & D: www.cbo.gov/system/files...

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 13/05/2025

No tax on tips barely registers b/c it affects a tiny share of workers. (Chart is from an older bill but same story here.) And deductions for overtime & seniors add to the cost but don’t fundamentally change the story either (& leave out lower income filers).

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 13/05/2025

While 3 million small business owners will see their health insurance premiums skyrocket, wealthy partnerships will receive an even larger pass-through deduction – rising from 20% to a 23% deduction.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/05/2025

House Rs are also expanding the most skewed provision of the 2017 law: increasing the estate tax exemption by more than $1 million to $30 million per couple – this only affects the wealthiest 0.1% of estates & a large share of this money has never been taxed

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/05/2025

The initial House Republican text increases the passthrough deduction to 22% -- a provision that skews overwhelmingly in favor of millionaires. So millionaire owners will pay a top tax rate of 28.9% while their highest paid employees pay 37%.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

And, so many more of the working-class men Republicans talked about – as well as working-class women they didn’t talk about -- would benefit from an expanded childless EITC than from not taxing tips:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

For example : a single parent with two kids who earns $18,000 as a home health aide would have seen their Child Tax Credit go up by $1,275, from $2,325 to $3,600, in the first year of the proposal.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

The Child Tax Credit expansion 169 House Republicans voted for last year would have delivered real $ to millions of working-class families.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

Second, it just helps a small fraction of working-class people – only those who earn tips. Do not let Rs get away with giving most of the tax cuts to the country club golfers while tossing a little cash to caddies & cocktail servers in golf carts. It barely changes who gets what:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

Just because it’s awful policy doesn’t mean Republicans aren’t going to do it. They’re probably going to do it. It’s classic type of Trumpism. It may be awful policy but it sounds good. But don’t be fooled and don’t be distracted. It does nothing to change this chart:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/03/2025

W/ House Rs meeting on tax bill: we’re likely to hear tips, tips, tips. Don’t be distracted & don’t be fooled This is bad policy that Rs seem determined to enact but doesn’t move the needle for working-class people & doesn’t change what Rs are doing: massive tax cuts for the rich

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

This has been a long thread, apologies, but it’s a lot shorter than what the text of a final tax bill would be. I just think it’s important after criticizing why the Rs are on the wrong track to lay out what would be better.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

And this one’s a twofer. If you walk back the corporate rate cut some, then there’s no excuse for keeping the passthrough deduction for millionaires – some wealthy guy who is a passive partner in 6-tiered structure is not a small business.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

Cutting the corporate tax rate in 2017 was an obvious overreach. Whenever you’re doing more than lobbyists were asking for it’s time to turn around. Plus, it failed to deliver and raising it just halfway back generates big bucks:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

A word of caution to House Rs – there’s a sleeper issue – over 20 million people including 3 million small business owners are going to be shocked, and not in a good way, when their health insurance premiums go through the roof. Don’t let it happen – extend the enhanced PTCs:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

But an easy better way for House Rs would just be to the add the #ChildTaxCredit expansion that 169 of them voted for last year and Chairman Smith proudly & justifiably championed – take the win team!

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

Another easy course correction for Rs: let the tax cuts for people w/ incomes > $400k expire. We have big budget deficits. They’ve been doing & will do great. They can pay a fairer amount of tax. Avoids losing about $2 Trillion

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

One easy course correction Republicans should take: don’t take healthcare and help buying groceries away from families or make college more expensive for the people you’re supposed to be helping. Press delete on the left side of this chart.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 10/03/2025

With House Republicans meeting to flesh out their tax bill, it feels like an important time for a thread on what a better tax bill would look like.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 07/03/2025

Bottom line: More corporate tax cuts would move us in the completely wrong direction. Recall that in 2017, the Trump Administration promised the corporate tax rate cut would trickle down to a $4,000 per-worker raise. That didn’t happen ⬇️

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 07/03/2025

Extending the failed 2017 tax law would add an estimated $3.6 trillion to deficits over the next 9 years – again, with roughly half of that revenue loss from tax breaks for the richest 5% of households. ⬇️

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 07/03/2025

Roughly half of the cost of their planned extension of the 2017 tax law would flow to just the richest 5% of households. ⬇️

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 07/03/2025

House Ways and Means Republicans are meeting Monday to begin to flesh out their tax bill. Here’s a thread on why I think they’re on the wrong path

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 14/02/2025

Ending the thread with a critical reminder that Medicaid provides healthcare to 72 million with an M people. Cutting it by $880 would hurt millions of people. As Steve Bannon noted, it would hit a lot of MAGA people --- and many non-MAGA:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 14/02/2025

One wishes on could sit down with people across the country to explain how 1/2 of the estates of the wealthiest have NEVER been taxed -- & now Republicans want to let that untaxed income flow to wealthy heirs completely untaxed – and they want to take away healthcare from many of you to pay for it

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 14/02/2025

Clarifying contrast for the “Party of the Working-Class” 1) Sen Thune: make inheritances from Billionaires completely TAX-FREEE 2) Steve Bannon: "A lot of MAGAs on Medicaid. If you don't think so, you're dead wrong ... You can't just take a meat axe to it." (h/t @jsteinwapo)

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/02/2025

What the House Budget Committee is considering is not deficit reduction, it’s taking away food &healthcare from poor and working-class people to pay for tax cuts for rich people. As @brendanduke.bsky.social highlighted:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/02/2025

Bottom line: these tax cuts for rich people should not be enacted.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/02/2025

About half of the $4 trillion cost of extending the 2017 Trump tax law is for tax cuts for the richest 5% of people.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 12/02/2025

Team, we’re losing the plot. Their plan to cut people’s health care & food assistance is about paying for tax cuts for rich, not deficit reduction:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 11/02/2025

There’s nothing “fair” about Republicans taking $150B in food assistance from low-income SNAP participants, ~90% of whom are seniors, ppl w/ disabilities, or families w/ kids , while providing a $192B windfall to the wealthiest heirs in the country.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 11/02/2025

Question for Republicans and all of us: what is the “fair share” cut in food assistance for people who receive $6.20 per person per day in #SNAP benefits while giving a tax cut of some $6 million to the 1 in 1,000 wealthiest estates? www.politico.com/newsletters/...

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 07/02/2025

Party of the Working -Class? Here's what the distribution of the underlying tax cut extension that the House and Senate Republicans look like they are facilitating and assuming respectively in their budget resolutions. Note triple the % income gain at top vs bottom 60% --

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/01/2025

Having a full per-child #ChildTaxCredit should hold appeal for conservatives one would think as it avoids punishing larger families. Look at what happens to the impact of the Hawley proposal on our example family if the Smith-Wyden per-child reform is added:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 16/01/2025

The main problem with the Hawley proposal’s design is that the phase-in is so slow which means many working-class families will get much less than the full amount. This chart contrasts the impact on two families, one working-class/one higher income:

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 22/11/2024

The Trump 2017 tax law was costly. Rs made most provisions temporary, ie expire in 25, to keep the official cost down. Full permanence would have been much more expensive, adding $Ts to the deficit. Now, Senator Crapo is trying to wave away the huge cost of extension: www.youtube.com/watch?v=1vo0...

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 21/03/2024

Also at the time, President Trump’s Council of Economic Advisors claimed the corporate rate cut would “very conservatively” lead to a $4,000 boost in average household income. Economists at JCT and the Federal Reserve Board found instead a complete trickle-down failure.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 21/03/2024

What’s more, and policymakers must recognize this - the permanent corporate provisions are more skewed in favor of the wealthy than the expiring individual provisions.

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 21/03/2024

NEW Paper: The deep corporate tax rate cut was the centerpiece of the 2017 Trump tax law. Like the overall law, it was skewed in favor of wealthy people, very expensive, and failed to deliver on its promises. It needs to be revisited www.cbpp.org/research/fed...

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chuckcbpp.bsky.social @chuckcbpp.bsky.social · 21/03/2024

After deep budget cuts & plummeting audits for large corps & millionaires (see chart), the Inflation Reduction Act put the IRS on a path to provide the tax agency honest taxpayers deserve Funding flows in 2 critical streams: annual approps & a supplemental “mandatory” stream

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