Taxes

Trump Flip-Flops on Further Tax Cuts

By Yuval Rosenberg

President Trump said Wednesday that he’s no longer looking to cut payroll taxes, reversing comments he made a day earlier when he indicated that he was considering those and other tax changes. “I’m...
The American Public Has a Plan to Cut the Deficit: Higher Taxes

By Yuval Rosenberg

As evidenced by the CBO numbers above, lawmakers may be placing little importance on the rising deficit, but the American public apparently takes a different view. Writing at The Washington Post’s...
Trump Says More Tax Cuts Are on the Table

By Yuval Rosenberg

President Trump said Tuesday that his administration is considering a push to cut the payroll and capital gains taxes, but he insisted that such moves aren’t imminent and would not come as the result...
We May Need ‘Helicopter Money’ to Fight the Next Downturn: Report

By Michael Rainey

The next recession will call for unprecedented coordination of fiscal and monetary policy in the U.S. and other advanced economies, according to a new report from the BlackRock Investment Institute...
Spending Up, Revenue Down

By Michael Rainey

Politicians argue about whether the U.S. has a revenue problem (taxes too low) or a spending problem (spending too high), but in historical context, it looks like the answer might be “both.” The...

IRS Budget Cuts Led to Billions in Lost Corporate Tax Revenue: Study

By Yuval Rosenberg

IRS budget cuts are costing the U.S. government substantially more in tax collections than they save, according to a new study highlighted by USA Today . Researchers at the Indiana University Kelley...
Why Americans Won't Vote for Carbon Taxes

By Michael Rainey

Earlier this year, dozens of well-known economists backed a proposal to use a carbon tax as part of the federal policy response to global warming. Carbon taxes are generally popular with policy wonks...
The Market Flashes a Recession Signal: Does the Economy Need New Stimulus?

By Michael Rainey

Investors scrambled for cover Wednesday as the bond market flashed a signal that a recession may be on the way, sending stocks sharply lower, with the Dow Jones Industrial Average falling 800 points...
US Taxes Lower Than in Most Developed Countries

By Michael Rainey

The Tax Policy Center on Monday released a chart that reminds us once again that taxes are lower in the U.S. than in most developed nations – and that was true even before the Republican tax cuts...
Chart of the Day: Weak Effects of the Corporate Tax Cut

By Michael Rainey

Business investment has risen since the GOP tax cuts were signed into law by President Trump in 2017, but it’s not clear how much a contribution the tax cuts made to the relatively modest investment...

High-Income Households in High-Tax States Were Big Winners in GOP Tax Overhaul

By Michael Rainey

Millions of upper-middle class households in high-tax states paid lower taxes in 2018 thanks to the Tax Cuts and Jobs Act, despite the new $10,000 limit on state and local tax deductions, says The...
Why Bernie Sanders’ Wall Street Tax Isn’t Likely to Raise Trillions Like He Says

By Michael Rainey

Presidential candidate Sen. Bernie Sanders has proposed a financial transactions tax to cover the cost of making some types of higher education free while canceling $1.6 trillion in student debt...
How the New Republican Tax Law Worked in Its First Year

By Michael Rainey

In some respects, the 2018 tax year wasn’t that different from the year before, says Richard Rubin of The Wall Street Journal. According to new data from the IRS, 79% of taxpayers received refunds...
Trump Mulls Another Tax Cut for the Rich: Report

By The Fiscal Times Staff

The Trump administration is considering issuing an executive order that would index capital gains to inflation, Bloomberg News reported last week. “Indexing capital gains would slash tax bills for...
Economy Sets a Record, but Trump Isn't Getting Much of a Boost from It

By Yuval Rosenberg

The recovery from the Great Recession turned 10 years old on Monday, making it the longest period of economic expansion in modern U.S. history. Unemployment has fallen from 10% in October 2009 to 3.6...