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David S. Mitchell @dsmitch28.bsky.social · 4h

CBO confirms that the retroactive corporate tax cuts included in the Republican budget bill this summer delivered a multi-billion dollar windfall to the largest multinationals this fiscal year.

www.cbo.gov/publication/...

Monthly Budget Review: September 2025

The federal budget deficit was $1.8 trillion in fiscal year 2025, CBO estimates, $8 billion less than the shortfall recorded during fiscal year 2024.

www.cbo.gov

David S. Mitchell @dsmitch28.bsky.social · 2d

Great insights (and fun acronym reinterpretation!) from
@itep.org.

States should follow California's lead and decouple from the federal Qualified Small Business Stock exclusion. It sure doesn't seem like early-stage tech investment in CA has suffered without it...

itep.org/qsbs-trump-t...

Quite Some BS: Expanded ‘QSBS’ Giveaway in Trump Tax Law Threatens State Revenues and Enriches the Wealthy

States should decouple from the federal Qualified Small Business Stock (QSBS) exemption.

itep.org

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David S. Mitchell @dsmitch28.bsky.social · 15d

America First!

Reposted by David S. Mitchell

Zorka Milin @zorkamilin.bsky.social · 17d

Why would some business interests prefer for Congress to fly blind in tax policymaking? 🤔

Very good take from @howardgleckman.bsky.social @taxpolicycenter.bsky.social:

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David S. Mitchell @dsmitch28.bsky.social · 22d

Ever wonder what brides & grooms really mean when they recite their wedding vows?

My attempt at translation: weeklyhumorist.com/the-jaded-we...

"I got really lucky and am marrying someone completely out of my league"

=

“I will be spending the next 20 years paranoid about you cheating on me”

The Jaded Wedding Attendee’s Translation Guide for Marital Vows – Weekly Humorist

weeklyhumorist.com

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Reposted by David S. Mitchell

Air-rum @aarum.bsky.social · Sep 6

#DC DEEP TODAY… Marching to the White House 🏡

20 300 1.5K

David S. Mitchell @dsmitch28.bsky.social · Aug 25

Reason #3: These rich folks just got another tax cut!

The Tax Cuts & Jobs Act of 2017 already led to a big cut for the top. But this year's One Big Beautiful Bill Act not only extended TCJA but further lowered estate tax & provided additional breaks to high-income businesses & investors.

END/

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David S. Mitchell @dsmitch28.bsky.social · Aug 25

Reason #2: The researchers attribute the ENTIRE corporate tax to shareholders. Most analysts assume some of the tax gets paid by workers.

Either way, the researchers find the corporate tax is critical for fairly taxing the richest Americans. Their total tax rate would be ≈15% without it.

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David S. Mitchell @dsmitch28.bsky.social · Aug 25

This is actually a conservative estimate, for a few reasons:

Reason #1: That’s 23.8% of what the researchers call “economic income," a fairly comprehensive measure but still not capturing all unrealized capital gains. When those are included in denominator, the tax rate for the top drops to 21.2%.

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David S. Mitchell @dsmitch28.bsky.social · Aug 25

It’s dog days of summer, but tax scholarship doesn't take a vacation!

New study out today by Balkir, Saez, Yagan, and Zucman finds 400 richest Americans pay just 23.8% in total (federal, state, foreign) taxes, less than the 30% paid by the average American. www.nber.org/papers/w34170 🧵

How Much Tax Do US Billionaires Pay? Evidence from Administrative Data

Founded in 1920, the NBER is a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, an...

www.nber.org

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Reposted by David S. Mitchell

Democracy Now! @democracynow.org · Aug 20

"We want them gone today."

As Republican states send National Guard troops to Washington, D.C., organizer Keya Chatterjee of @freedcproject.bsky.social joins calls to end Trump's federal takeover of the nation's capital.

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David S. Mitchell @dsmitch28.bsky.social · Aug 12

This is an opportunity for organizing...

And for reminding/educating fellow Americans across the country, who will be reading news stories about yesterday's events, about the 700,000+ disenfranchised Americans living in DC without representation in Congress.

Michelle Chappell she/her @michellechap76.bsky.social · Aug 11

DC residents and allies!! It’s time to turn your anger at the federal takeover of law enforcement into action with @freedcproject.bsky.social 🧵

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Reposted by David S. Mitchell

Michelle Chappell she/her @michellechap76.bsky.social · Aug 11

DC residents and allies!! It’s time to turn your anger at the federal takeover of law enforcement into action with @freedcproject.bsky.social 🧵

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Reposted by David S. Mitchell

Amy Hanauer @amyhanauer.bsky.social · Aug 11

Economic threats ahead, courtesy of your president

Opinion | The Economy Is Starting to Pay for Trump’s Chaos

www.nytimes.com

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

Congress had opportunity to write simpler & more equitable tax code that raised additional revenue while encouraging economic competition & innovation that boosts productivity & growth. equitablegrowth.org/research-pap...

But this law moves in the opposite direction on every front. END

The promise of equitable and pro-growth tax reform

The next president and the incoming 119th Congress will have a rare opportunity in 2025 to enact true pro-growth tax reform.

equitablegrowth.org

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

10) Politically Targeted Pay-Fors

What do research universities, legal immigrants, blue-state homeowners & clean energy producers/investors/consumers have in common?

They're all seen as political enemies by those in power. So they get an economically destructive tax INCREASE.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

9) Encourages Outsourcing

Despite all of Trump’s rhetoric on tariffs and trade, his signature legislative initiative undermines domestic production by loosening tax penalties for profit shifting by multinational corporations. www.nytimes.com/2025/06/20/o...

Opinion | This Loophole Buried in Trump’s Bill Is Anything but Beautiful

www.nytimes.com

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

8) Missed Opportunity on Care

Instead of making the investments we know we need in paid leave, child care, and pre-K, the law tweaks a few employer tax credits and modestly and selectively increases the child tax credit, a woefully inadequate response to the care crisis.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

7) Other Macroeconomic Consequences

The law increases interest rates, not just b/c of fiscal risk premium, but also b/c of price pressure from deficit-spending. Even if Trump (illegally) fires Powell, consumers pay higher prices 1 way (inflation) or another (expensive credit).

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

6) Budget Gimmicks

The most egregious is the use of the “current policy baseline” to fraudulently conceal $3.8 trillion in tax cut extensions. This unprecedented abuse of the budget reconciliation process erodes trust in US global leadership & heightens fiscal risk.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

5) More Indefensible Tax Giveaways

The law doesnt just extend TCJA & doesnt just affect marginal rates. It gifts bunch of other handouts to the rich, including

Increase in estate tax exemption
Enhanced qualified small business stock exclusion
Extension of pass-through deduction

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

4) Large Tax Cuts for the Wealthy

The law uses these savings from Medicaid & SNAP for large tax cuts for the rich, making it the most regressive tax & budget bill in modern history.

The average household in top 0.1%, which makes >$2 million/year, gets a $300K+ cut in 2027.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

3) Increased Hunger

22 million families will lose some or all of their SNAP benefits as a result of the cuts, which will also have negative downstream consequences on local economies across the US.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

2) Backdoor Repeal of the Affordable Care Act

It's not just Medicaid that gets hit, but also enhanced premium tax credits that millions of Americans use to gain access to affordable insurance through the state marketplaces.

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David S. Mitchell @dsmitch28.bsky.social · Jul 15

1) Phony Populism

Though "no tax on tips/overtime" got a lot of attention, they are tiny compared to the rest of the law.

Plus, they're overly complicated, hard to enforce, will benefit few U.S. workers, and will expire after 2028...

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