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...

Warren Offers a Wealth Tax Calculator for Worried Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax seems to have unsettled some of the country’s wealthiest citizens, inspiring criticism from the likes of Bill Gates and Leon Cooperman — and maybe playing a...
Hillary Clinton: Warren’s Medicare for All Plan Won’t Ever Get Enacted

By Yuval Rosenberg

Hillary Clinton said Wednesday that she doesn’t believe Elizabeth Warren’s Medicare-for-All plan would ever become law and that there are better ways to raise revenues than Warren’s proposed wealth...
Number of the Day: $13 Billion

By The Fiscal Times Staff

That’s how much Microsoft founder Bill Gates would pay in federal taxes this year under Elizabeth Warren’s proposed wealth taxes, according to back-of-envelope calculations by CNBC’s Robert Frank (...
Democrats Propose New Tax on Millionaires

By Michael Rainey

Two Democratic lawmakers unveiled a plan Thursday that would raise taxes on high-income households. Sen. Chris Van Hollen of Maryland and Rep. Don Beyer of Virginia are proposing a 10-percentage...
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...