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Federal tax and spending policies

QTime's Oup Provisions set to expire in January 2012 Many federal tax and spending policies will expire, unless Congress and the president agree to extend them. How much would it cost to extend the federal tax and spending policies that are expiring? FY 2012-2021 $1,804b Total Costs FY 2012 $152b Cost Breakdown Cost of extending: I FY 2012-2021 FY 2012 ONLY Index AMT to inflation $690b $9b Misc, tax provisions $356b $12b Subpart Ffor active financing income "Doc fix"2 $298b $12b $1.1b 47 other provisions $4.3b $2.6b Extend payrol $120b tax holiday Research & experimentation tax credit $90b $4b Extend unemployment $44b $28b insurance Alcohol fuel tax credit Added interest $297b costs $2b Notes 1. AMT = Alternative Minimum Tax 4. Extension of emergency unemployment benefits to cover up to 99 weeks of unemployment. 2. "Doc fix" = Overriding the scheduled 27 percent cut to Medicare Part B physician reimbursements. 5. Added interest on the national debt that results from extending all of the policies analyzed here. 3. All policies assumed to be extended for 10 years, except for the payroll tax holiday and emergency unemployment insurance benefits; these are assumed to be extended for one year only due to lack of data on the cost of a 10-year extension. However, since part of calendar year 2012 falls into federal fiscal year 2013, the 10-year cost of these policies is slightly 6. This exception allows U.S. financial services firms to defer tax on overseas active business income until it is trans- ferred back to the U.S. higher than the one-year cost. There are minimal costs after fiscal year 2013. Source: Pew analysis of Congressional Budget Office data. Pew Fiscal Analysis Initiative infographic by Carla Uriona, Evan Potler, and Emest V. Tedeschi. For more information, contact Samantha Lasky at [email protected] or (202) 540-6390.

Federal tax and spending policies

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