Administration’s Proposed Cuts to Non-Defense R&D Pose Long-Term Risk to Rising Living Standards | Center on Budget and Policy Priorities New, high-quality research quantifying the powerful impact of federal non-defense research and development shows why the dramatic cuts to non-defense R&D funding proposed by the Trump Administration w...

The Trump Administration is doing the exact opposite, instead proposing deep cuts in nondefense R & – it’s hard to overstate how important it is for the Congress to reject this effort
www.cbpp.org/research/fed...

An underlying theme of the research is that the US should be investing more in nondefense R & D to boost future living standards.

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...

While this connection has long been recognized, it has been difficult to quantify. Recent exciting research from @A_Fieldhouse, Karel Mertens, @ArnaudDyèvre, & others take a key step forward in connecting the investments to productivity growth, eg:
www.dallasfed.org/~/media/docu...

50 inventions you might not know were funded by the US government Stacker compiled information on 50 inventions funded by the United States government using government and scientific reports, and news articles.

Investments in non-defense R & D have long been a critical component of the govt-university-private sector US innovation machine
stacker.com/stories/busi...

Administration’s Proposed Cuts to Non-Defense R&D Pose Long-Term Risk to Rising Living Standards | Center on Budget and Policy Priorities New, high-quality research quantifying the powerful impact of federal non-defense research and development shows why the dramatic cuts to non-defense R&D funding proposed by the Trump Administration w...

New Paper:
CBO finds $1 invested in federal non-defense R & D yields $11.50 over 30 yrs, i.e. wow
Meanwhile, the Trump Admin proposes a 21% cut in non-defense R & D funding– while targeting top universities– posing a threat to future living standards
www.cbpp.org/research/fed...

Bessent Picks Social Security Chief Frank Bisignano as IRS CEO The Social Security head will do double duty at the tax agency while Treasury Secretary Scott Bessent retains his formal title as acting IRS commissioner.

Alarming news this morning that Social Security head Frank Bisignano has been named “CEO” of IRS, a move that raises 3 major concerns:

www.wsj.com/politics/pol...

Exclusive | Trump Administration Cancels Annual Hunger Survey The government has been measuring food insecurity since the mid-1990s but now says the report has become “overly politicized.”

The Administration acknowledged that it will stop the survey that measures food insecurity, just as tariffs push up food prices and the deep cuts to food assistance enacted in July start to take effect. Congress must intervene to save these vital data. www.wsj.com/economy/trum...

Conservatives are asking Trump for another big tax cut Fresh off passage of the “One Big Beautiful Bill,” some anti-tax advocates hope to push the administration to change how taxable capital gains are calculated.

Via @jeffstein.bsky.social @washingtonpost.com anti-tax interests want the Trump IRS to give an unlawful tax cut to wealthy people by executive fiat.

Just the tip of one of two big icebergs of tax cuts for special interests coming for the tax system. www.washingtonpost.com/business/202...

This suggests that Republicans may add yet another deeply harmful health care cut to the Senate bill – a cut that would take health coverage away from even more people, shift massive, unaffordable costs to states, & could even lead some states to end their #Medicaid expansion.

Meanwhile, House Republicans are doing nothing about the Trump tariffs & going out of their way to deny any of their Child Tax Credit increase to 17 million kids, many of whose parents likely shop at Walmart- families they voted to help last year, but not now when it counts- why?

The IRS has the fewest auditors who have expertise to audit sophisticated tax returns — since the 1950s

For those who care about the Child Tax Credit - this from my colleague Kris Cox is a must read:

This is an upside-down plan that walks away from campaign promises to serve those at the margins of the economy.

The tax cuts will be partly offset by taking away/cutting food assistance, health coverage, income assistance, & college aid, making it harder for people to afford their basic needs and limiting opportunity.

Meanwhile, the Ways and Means bill does nothing about the elephant that is going to be in their hearing room on Tuesday: the Trump tariffs --- which would erase much of the small working-class gains from their skewed tax bill while risking recession.

And for all of the feigned concern about budget deficits, the House bill likely costs hundreds of billions more than a full extension of the already bloated 2017 tax law. (More to come when JCT scores are released.) The ultimate cost would be much higher without budget gimmicks.

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).

And none of the much-touted new tax exemptions change the picture.

And while Republicans left out 17 million children in low-income families from their Child Tax Credit proposal, they increased to $30 million per couple the amount that can be bequeathed tax-free to trust fund kids.

These new corporate tax cuts come on top of the already permanent corp tax cuts – which delivered an eye-popping 83% of benefits to the households with incomes in the top 1%.

While House Rs excluded critical improvements to the #ChildTaxCredit that 169 of them voted for last year (Smith-Wyden bill), they included ALL of the add’l corporate tax cuts that were in that same bill, plus permanent lower tax rates on corporations’ foreign income.

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.

While ignoring small biz health care needs & leaving millions of working-class fams behind, the bill throws a gold-plated kitchen sink of tax cuts at high-income ppl – incl expanded discounts for wealthy partnerships, tax-free millions for heirs, & new windfalls for shareholders.

Sarah Lueck on X: "The House W&M bill includes a slew of tax cuts for wealthy ppl. One glaring omission: an extension of enhanced premium tax credits. And that's a major reason 13.7M would be uninsured per CBO's early look at proposals in the House E&C bill. https://t.co/baMbr67eoN" / X The House W&M bill includes a slew of tax cuts for wealthy ppl. One glaring omission: an extension of enhanced premium tax credits. And that's a major reason 13.7M would be uninsured per CBO's early look at proposals in the House E&C bill. https://t.co/baMbr67eoN

For all the rhetoric we will hear about small businesses at the markup on Tuesday, it’s notable that House Rs propose to do nothing but watch the health premiums of 3 million small businesses owners – and 21 million low/middle inc people overall – skyrocket:
x.com/sarahL202/st...

None of these 17 million kids from low-income families will get a dime of the Republicans’ proposed increase in the #CTC as Kris Cox explains here ⬇️
bsky.app/profile/kris...

Let’s start w/ the bill’s failure to deliver for families on the #ChildTaxCredit – 17 million kids today do not get the full $2,000 max credit b/c their families don’t earn enough – these are parents who drive delivery trucks, clean offices, care for the elderly, etc.

The House Ways and Means tax bill released today is skewed in favor of rich people, is even more costly than the original 2017 law, and fails to deliver for working-class families and small businesses.
A thread 🧵

in the gop tax plan, the top 0.1% gets more than all the households in the bottom half of america combined

To get an idea of Republican tax bill on the Child Tax Credit:

Picture a couple with 2 kids living in a fancy suburb, making $400k. A thousand $ more for them.

For the kids of the people who cut their grass, deliver their packages, watch their kids, clean their house: Nothing