Taxes

Medicaid Work Rules Approved for South Carolina

By Michael Rainey

The Trump administration on Thursday approved South Carolina’s request to impose work requirements on Medicaid recipients. Seema Verma, administrator of the Centers for Medicare & Medicaid...
Buttigieg Calls for Twice as Much in New Taxes and Spending as Biden Does: Report

By Yuval Rosenberg

In his campaign for the Democratic presidential nomination, Pete Buttigieg may be positioning himself as a moderate alternative to Elizabeth Warren and Bernie Sanders, but he still calls for more...
House Panel Advances Bill to Temporarily Repeal SALT Deduction Cap

By Yuval Rosenberg

House Democrats on the Ways and Means Committee voted Wednesday to advance a temporary repeal of the $10,000 cap on the state and local tax deduction. The bill , which advanced largely along party...
Warren’s Wealth Tax Would Raise Up to $2.7 Trillion Over 10 Years, but Less Than She Projects: Report

By Michael Rainey

A new analysis from the Penn Wharton Budget Model finds that Elizabeth Warren’s proposed wealth tax would raise between $2.3 trillion and $2.7 trillion over 10 years, while reducing GDP in 2050 by...
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...

Trump’s Tax Cuts Are Driving Up the Trade Deficit

By Michael Rainey

President Trump’s efforts to reduce the trade deficit don’t seem to be working – and his fiscal policies are almost certainly making the situation worse. The U.S. trade deficit in goods hit its...
Deficit Increases in First 4 Months of Fiscal Year

By The Fiscal Times Staff

The budget deficit between October 2018, when the current fiscal year began, and January 2019 was $310 billion, a 77 percent increase from the same period a year earlier, the Treasury Department said...
Why You Don’t Want to Mess with Americans’ Tax Refunds

By Michael Rainey

Amid the controversy over the tax refunds the IRS is paying out this year, new research from the JPMorgan Chase Institute underscores the important role tax refunds play in the financial lives of...
Tissues by the Case: How Accountants Are Handling Tax Season

By The Fiscal Times Staff

More accountants are finding themselves the bearers of bad news this tax season as clients see the results of their 2018 tax returns, the first under the Republican tax overhaul. Although most filers...
Economic Growth Falls Short of Trump’s Target — or Maybe Just Beats It

By Michael Rainey

Economic growth in 2018 was stronger than it has been since 2015, but whether it was it was strong enough for supporters of the $1.5 trillion Republican tax cut remains an open question. According to...