The nation lost an extraordinary individual Wednesday in Herbert Sandler, a visionary and path-breaking philanthropist who achieved remarkable results. Herb and his life-partner and wife, the late Marion Sandler, played pivotal roles in starting such notable organizations as, among others, ProPublica, the Center for Responsible Lending, the Center for American Progress, and the Center for Equitable Growth.
House Ways and Means Committee members Dan Kildee and Dwight Evans introduced a bill today to substantially expand the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC), which would boost the economic well-being of 46 million low- and moderate-income households with 114 million people, we estimate based on Census data.
June 2019 is the 120th month since the Great Recession ended in June of 2009, tying this expansion for the longest on record with the expansion of 1991 to 2001 (see chart). This expansion will become the longest on record next month — barring an extremely unlikely collapse in economic activity that would prompt the National Bureau of Economic Research, the recognized arbiter of business-cycle dating, to later determine that a recession began in June or July.
This chart book tracks the current economic expansion and the evolution of the economy under President Trump, both in terms of how the current expansion compares with other expansions over the past several decades and how it compares with his claims of what his policies will accomplish.
Social Security can pay full benefits for 16 more years, the trustees’ annual report shows, but then faces a significant, though manageable, funding shortfall. Several key points emerge from the report:
Participation and spending in the Supplemental Nutrition Assistance Program (SNAP) continue to decline.
The 2017 tax law likely has had little effect on economic growth, investment, and wages in 2018, the non-partisan Congressional Research Service (CRS) says in a new report.
Evidence suggests that in Massachusetts, making it easier for people to enroll in the marketplace has helped boost enrollment, prevent coverage gaps, and reduce uninsured rates, all without causing significant adverse selection.
Lack of transparency in how the Centers for Medicare & Medicaid Services (CMS) reviews state Medicaid waiver requests “may leave the agency and the public without key information to fully understand the potential impact of the changes being proposed, including on beneficiaries and costs,” according to a new report from the Government Accountability Office (GAO).
This week at CBPP, we focused on poverty and inequality, federal taxes, state budgets and taxes, and the economy.
May is a month to celebrate the vibrant cultures and rich heritages of the diverse Asian and Pacific Islander American communities, but it’s also important to advance policy proposals to improve their economic well-being.
The policy’s impact would be small at first but would grow each year. For example, by the tenth year, millions of people would lose eligibility for, or receive less help from, health and nutrition programs
Trump Administration’s Overbroad Public Charge Definition Could Deny Those Without Substantial Means a Chance to Come to or Stay in the U.S.
The Trump Administration’s proposed public charge rule unveiled last October could result in large numbers of individuals being denied lawful permanent residence status, the ability to extend their stay, to change their status, or to enter the United States, despite extensive research on the benefits of immigration to the country and immigrants’ demonstrated upward mobility.
To their credit, Connecticut lawmakers are considering a proposal to levy a modest 2 percent surcharge on capital gains of the wealthiest taxpayers, which would raise needed revenue, reduce inequality, and help the state’s economy.
Relatively few, mostly white, families hold an overwhelming share of the nation’s wealth, leaving millions of others, including those of color, with less wealth and fewer opportunities than they’d otherwise have. But states can build more broadly shared prosperity by strengthening taxes on wealth, including capital gains.
Some states still provide much less K-12 funding per student than in the 2008 school year, when the Great Recession hit, according to new Census Bureau data and state budget documents.
This week at CBPP, we focused on health, the federal budget, food assistance, state budgets and taxes, and housing.
On health, Aviva Aron-Dine and Matt Broaddus explained that a Trump Administration proposal to use a lower inflation measure to adjust the poverty line would cut health benefits such as Medicaid, Medicare, and premium tax credits for millions.
The fiscal year 2020 funding bill that a House subcommittee released today would invest substantial additional resources to help low-income families that struggle with the high cost of housing. Overall, the bill would raise Department of Housing and Urban Development (HUD) program funding by $3.8 billion (or 7 percent) over the nominal (not inflation-adjusted) 2019 level.
Lawmakers in Connecticut, Minnesota, and Vermont are considering raising taxes on capital gains —profits from selling an asset that has gained value, such as stock, real estate, or artwork — while New Mexico this year scaled back a tax break for capital gains. Historically, wealthy (mainly white) individuals used their political power to shape state tax policies in ways that largely benefit them and their families; reforms like these can reduce wealth concentration and racial inequality and expand equality of opportunity.
The Senate is expected to vote this week on a disaster relief bill restoring food aid to Puerto Rico, among other crucial assistance for the Commonwealth during its ongoing recovery as well as other U.S. territories and states affected by natural disasters.
Poverty Line Proposal Would Cut Medicaid, Medicare, and Premium Tax Credits, Causing Millions to Lose or See Reduced Benefits Over Time
A proposal the Trump Administration is considering to use a lower inflation measure to calculate annual adjustments to the federal poverty line.