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Chye-Ching Huang Profile picture
Chye-Ching Huang
@dashching
Executive Director of @TaxLawCenterNYU @NYULaw Tax, law, policy, budget, economy. US & NZ. Former Senior Director for Economic Policy @CenteronBudget
Aug 1, 2022 • 8 tweets • 4 min read
Thread of some resources on the proposed reconciliation deal (Inflation Reduction Act): Post on the book Corporate Minimum Tax describing it and its role in the deal, looking at the manageable implementation challenges, and considering its impact on financial statements. From Peter Richman, Sophia Yan, and me @TaxLawCenterNYU: medium.com/@taxlawcenter/…
Jul 31, 2022 • 30 tweets • 11 min read
THREAD. Opponents of the reconciliation deal are pointing to @jctgov tables & saying that they show tax increases on filers w/ incomes <$400k.

That:
1. relies on the assumption that tax increases on ~150 corporations w/ >$1 billion/year in income end up hurting workers; 2. Leaves out all direct benefits for households of tax credits for health coverage & green energy; and
3. Leaves out indirect benefits e.g. drug price savings, mitigating climate crisis, deficit reduction.

More on each point in this long thread.
Nov 30, 2021 • 17 tweets • 8 min read
THREAD on the State & Local Tax deduction, and why the Senate should fix the SALT change in the House #BuildBackBetter bill.

The House bill has many very good things in it, including structurally important ones: megaphone.link/VMP5677525158. But the SALT provision isn’t one of them. The House bill raises the 2017 tax law’s cap on the SALT deduction from $10k to $80k. So, while the bill on average significantly increases taxes on the top 1% (due to other provisions), many filers within the top 1% would get large tax cuts. (Ditto for those making >$1M/year.)
Oct 8, 2021 • 13 tweets • 3 min read
This is a once-in-a-century moment in international taxation, literally, and I am still astounded that it has happened. 1/

OECD statement: oecd.org/tax/internatio…

Secretary Yellen statement: The core of the current international tax regime was put in place a century ago. It allows multinational corporate profits to be taxed nowhere, & enabled a global race-to-the bottom on corporate taxes that undermines countries’ revenues & ability to make public investments.
Sep 23, 2021 • 22 tweets • 6 min read
Thread: how can this be?

The wealthiest 400 households (net worth from $2.1 to $160 billion) on average paid just just 8.2% of their $1.2 trillion of income in federal individual income tax over 2010-2018, new estimates show.

whitehouse.gov/cea/blog/2021/… Isn’t the federal income tax described as "progressive" (higher-income people pay a greater share of their income in tax)?

The 8.2% rate of the very wealthiest is well below what many filers with less-extreme incomes pay in income tax.
Sep 13, 2021 • 18 tweets • 6 min read
Thread (non-exhaustive) on various great & “good start” proposals in the @WaysMeansCmte revenue-raising proposals released today. As @jacsamoby @ChuckCBPP point out, the proposal raises substantial revenue from shrinking preferences for capital gains, dividends, pass-through business income, and carried interest.
cbpp.org/research/feder…
Sep 13, 2021 • 25 tweets • 4 min read
Initial reaction thread on CORPORATE/INTERNATIONAL provisions of @WaysMeansCmte proposal. Top line: a move in the right direction, but quite a bit more to do, & could be substantially strengthened with elements of Administration and/or Finance proposals. For background on problems with the current corporate/international tax system, see my testimony here: finance.senate.gov/imo/media/doc/…
Apr 26, 2021 • 16 tweets • 7 min read
Thread: the host of unproductive tax shelters for exploiting lower tax rates on capital gains is one of many good reasons to tax capital gains at rates closer to the rates on income from work. Tax shelters like these benefit only the wealthiest (& their tax advisors). Capital gains from the growth in value of wealth are taxed at a much lower rate than the top rate on income from work -- and the rate on capital gains is *zero percent* if a person holds onto an asset that’s gained in value until their death.
Mar 22, 2021 • 6 tweets • 4 min read
After a decade of damaging funding cuts to the IRS that hurt honest filers but benefits tax cheats, it is great to be just one voice in what is now a chorus of calls to restore radequate funding to the agency.

Here's a few examples from over the last few weeks: 1/ In @nytopinion, I explained why the time for rebuilding this critical government infrastructure is now. A responsible recovery package should include a multiyear stream for rebuilding the I.R.S.:
nytimes.com/2021/03/10/opi…
Feb 7, 2021 • 8 tweets • 6 min read
@crampell @JStein_WaPo This is a hugely important question. And one where the experience of other countries has been too often glossed over, I think. Short (maybe) thread: @crampell @JStein_WaPo Other countries with fully-integrated tax/benefit systems that the US might be envious of (UK, Aus, NZ) have nevertheless often still caused massive hardship (& political firestorm) over creating reconciliation debts for low-income people.
Jan 26, 2021 • 4 tweets • 5 min read
I’ve not done one of these for a while! After ~10 years @CenterOnBudget with some of the best colleagues in the world, I’ve started @nyulaw as executive director of a new initiative founded w/ the incredible @lilybatch: The Tax Law Center @nyulaw.
Here’s more about what we’re seeking to build in collaboration with a terrific tax community: law.nyu.edu/centers/tax-la…
Jul 16, 2020 • 6 tweets • 4 min read
Just like you don't need Valentines Day to show appreciation, every day can be Tax Day, in your heart!

Some belated tax day readings: We still, really need to rebuild the IRS. cbpp.org/blog/this-year… by @jacsamoby
May 19, 2020 • 8 tweets • 5 min read
Thread. Per @JStein_WaPo @byHeatherLong, Trump Administration economists think lawmakers have "a little bit of luxury to wait and see" before doing more to address the COVID-19 human & economic crisis.

washingtonpost.com/business/2020/…

Here are some people lacking that luxury: 1/ The ~1 in 5 mothers of young children who say their children aren't eating enough -- & the very many other families facing sharply increased food insecurity.

cbpp.org/blog/covid-19-…:
Apr 23, 2020 • 20 tweets • 8 min read
BIG THREAD: the fiscal policy response to the economic crisis caused by COVID-19 should match the extraordinary human hardship & economic need – not arbitrary dollar comparisons to stimulus in prior recessions, the level of debt, or even the debt ratio. 1/ EXTRAORDINARY NEED. The pace of economic decline suggests this recession will be especially deep -- deeper than the 2007-09 Great Recession.
Mar 21, 2020 • 6 tweets • 3 min read
Making millions of people who otherwise don't need to file a tax return have to file one to get a stimulus payment is a mistake that lawmakers have made before. It's one that should be avoided now, in the middle of a pandemic. 1/ Here's @Claudia_Sahm on the 2008 stimulus payment. Lawmakers required some 20 million seniors veterans, & others to file a tax return to get it. 17 percent didn't ever file for the payment -- & that wasn't in a pandemic.
hamiltonproject.org/assets/files/S…
Feb 12, 2020 • 11 tweets • 9 min read
1/ Yesterday I testified before @WaysMeansCmte on the deep damage to IRS enforcement over the last decade, & how it can be reversed: waysandmeans.house.gov/sites/democrat…

Here's the damage in a chart: @WaysMeansCmte Whose audit rates fell most? Corporate giants & wealthy filers who overwhelmingly own businesses.

They've got the most complex finances (often set up that way to avoid tax in the first place!) so require experienced IRS staff for audits.

But IRS has hemorrhaged those staff.
Jan 22, 2020 • 7 tweets • 3 min read
Just the latest in very many instances of Trump & GOP leaders' making crystal clear -- in their statements, budgets, and legislation -- that tax cuts for the well-off are intended to go hand-in-hand with targeting critical programs. 1/ Just a few examples.

Here's Trump in 2017 saying "welfare reform" is up next after taxes.
washingtonexaminer.com/trump-says-wel…
Nov 29, 2017 • 5 tweets • 2 min read
A running list of recent statements from GOP leaders making clear that tax cuts for the wealthy are just a prelude to cutting vital programs: 1/ Senator Rubio: 2/
Nov 27, 2017 • 6 tweets • 2 min read
The to-and-fro about whether to look at GOP tax bill before or after most of its provisions expire is distracting from the fact that it's very bad in both cases, for the same reasons 1/ Here's why we should take the fact that it sunsets most of its provisions -- leaving only tax cuts for corporations paid for by low- & middle-income tax increases & 13 million more uninsured -- seriously: 2/