Taxes

The Fiscal Challenge for the Next Recession

By Yuval Rosenberg

The federal budget deficit for fiscal year 2019 was nearly $1 trillion. “In the next downturn, don’t be surprised if this number hits $2 trillion,” writes Nick Timiraos, The Wall Street Journal’s...
Investors Eye Volatility from ‘Fiscal Dysfunction’

By Michael Rainey

Reviewing its outlook for 2020, the investment team at New York fund manager Neuberger Berman recently discussed the economic risks associated with “fiscal dysfunction” – the government’s inability...
Biden: Trump Tax Cuts ‘a Disaster for the Middle Class’

By Michael Rainey

Joe Biden has been criticized by his fellow Democrats for insisting that as president he would be able to work with the Republican Party – the same party that rejected much of the Democratic economic...
After Trump’s Cuts, US Taxes Are Fourth Lowest in the Developed World

By Michael Rainey

Total U.S. taxes as a share of the economy fell to 24.3% last year, thanks in large part to the tax cuts signed into law by President Trump in 2017, the Organization for Economic Cooperation and...
Biden Unveils $3.2 Trillion Tax Plan Targeting Corporations Like Amazon

By Yuval Rosenberg

Joe Biden rolled out a plan Wednesday to raise $3.2 trillion in additional taxes over 10 years, with the wealthy and corporations paying more to cover the cost of spending proposals on health care,...

Bad News for Charity on Giving Tuesday

By Michael Rainey

“Despite Giving Tuesday and despite all the charitable appeals that almost certainly landed in inboxes, charitable donations by individuals declined by slightly more than 1 percent in 2018, according...
Only One Demographic Group Opposes Warren’s Wealth Tax

By Yuval Rosenberg

The idea of a wealth tax like the one proposed by Sen. Elizabeth Warren is popular with a broad swath of voters, Ben Casselman and Jim Tankersley of The New York Times report . A new nationwide poll...
Chart of the Day: Record Low Poverty Rate

By Michael Rainey

The extensive array of government assistance programs — including Social Security, unemployment insurance, veterans’ benefits, nutritional aid, rental assistance and the Earned Income Tax Credit —...
Public Investment Is the Key to Avoiding Economic Stagnation: Report

By Michael Rainey

Economic stagnation on a global scale is a growing threat, according to a new report from the Organization for Economic Co-operation and Development (OECD). The group’s November economic outlook...
Pushing Back Against the Wealth Tax at the Dem Debate

By Michael Rainey

Sen. Elizabeth Warren defended her proposed wealth tax at the Democratic presidential debate on Wednesday night: “I’m tired of freeloading billionaires,” Warren said . “I think it's time that we ask...

Medicaid Work Requirements Dealt a Loss in Elections

By Michael Rainey

The effort to impose work requirements on Medicaid beneficiaries experienced a setback Tuesday with the apparent defeat of Kentucky Gov. Matt Bevin. Bevin, a Republican, hasn’t conceded defeat in his...
Wealthy Could See a Huge Tax Windfall if Obamacare Is Overturned

By Michael Rainey

The lawsuit by 18 state attorneys general seeking to invalidate the Affordable Care Act would provide an enormous tax cut for wealthy households if it succeeds, according to an analysis by the Center...
Trump’s Florida Tax Move

By Yuval Rosenberg

President Trump is making Palm Beach, Florida, his primary residence. The New York Times reported Thursday that the president and first lady filed documents in late September making their Mar-a-Lago...
Trump Pushes for More Tax Cuts Ahead of 2020 Election: Report

By Michael Rainey

With one eye on the upcoming election and the other on a decelerating economy, President Trump is pushing administration officials and Republican lawmakers to come up with a new package of tax cuts,...
Economy Cools as Trade War Bites, Tax Cuts Fizzle

By Michael Rainey

The economy grew at a 1.9% annual pace in the third quarter, according to preliminary data released by the Commerce Department Wednesday. Although the topline number was better than expected, the...