Taxes

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...
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 —...

Tax Break for Poor Neighborhoods Is Helping Build a Superyacht Marina

By Michael Rainey

The 2017 Tax Cuts and Jobs Act created special “opportunity zones” that give investors generous tax breaks in exchange for investing in low-income neighborhoods. The purpose of the tax law is “to...
Elizabeth Warren Escalates Her Battle With Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax has ruffled quite a few feathers among America’s billionaire class, and her rhetorical battle with the superrich entered a new phase Wednesday when investor...
Trump Eyes New Middle-Class Tax Cut – and a Massive Break for the Rich

By Yuval Rosenberg

President Trump’s economic advisers are considering whether he should make the promise of a middle-class tax cut a central element of his reelection campaign, according to various reports. The...
Elizabeth Warren Says Americans Will Spend $11 Trillion on Health Care. Is That True?

By Michael Rainey

Elizabeth Warren says that Americans will spend “about $11 trillion on insurance premiums, copays, deductibles and uncovered medical expenses” over the next 10 years if the current health care system...
Mark Sanford Ends 2020 Presidential Bid Challenging Trump

By Yuval Rosenberg

Former South Carolina Rep. Mark Sanford suspended his longshot presidential bid on Tuesday, 65 days after he announced he would challenge President Trump for the 2020 Republican nomination. A fiscal...