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...

House Committee to Consider Vaping Tax That Would Raise $10 Billion

By Yuval Rosenberg

The House Ways and Means Committee is set to consider a bill Wednesday that would impose the first federal tax on vaping products. Roll Call reports: “The bipartisan bill, from New York Reps. Tom...
Senate Dems to Force Vote on IRS SALT Cap Rules

By Yuval Rosenberg

Senate Democrats say they will force a vote Wednesday to nullify IRS rules implemented to prevent blue states from creating workarounds to the $10,000 cap on state and local tax (SALT) deductions...
Buttigieg Would Hike Corporate Taxes to Pay for His Health Plan

By The Fiscal Times Staff

Pete Buttigieg has proposed a “Medicare for all who want it” plan, which would allow Americans to buy into the Medicare system while leaving the private insurance system in place. This past weekend...
Warren Proposes to Increase Spending on Public Education by $800 Billion

By Michael Rainey

Sen. Warren released an education plan Monday that calls for raising federal funding for public schools to $450 billion over 10 years, roughly four times current levels, according to Bloomberg News...
Warren Says She’ll Release a Medicare for All Finance Plan

By Michael Rainey

Under pressure from competitors and journalists covering the Democratic presidential nomination race, Elizabeth Warren said Sunday that she would release details “over the next few weeks” to explain...