Taxes

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 —...
Public Investment Is the Key to Avoiding Economic Stagnation: Report

By Michael Rainey

Economic stagnation on a global scale is a growing threat, according to a new report from the Organization for Economic Co-operation and Development (OECD). The group’s November economic outlook...

Pushing Back Against the Wealth Tax at the Dem Debate

By Michael Rainey

Sen. Elizabeth Warren defended her proposed wealth tax at the Democratic presidential debate on Wednesday night: “I’m tired of freeloading billionaires,” Warren said . “I think it's time that we ask...
Democrat's New Taxes Wouldn't Hit Just Billionaires

By Michael Rainey

Some Democratic tax proposals are focused on making millionaires and billionaires pay more, but other households would be affected as well. Neil Irwin of The New York Times points out Tuesday that...
An Easy Way to Get $1 Trillion More in Tax Revenue?

By Michael Rainey

The first step in reforming the U.S. tax system doesn’t involve raising rates or eliminating deductions, say former Treasury Secretary Lawrence Summers and Penn Law professor Natasha Sarin. Instead,...
FedEx Battles New York Times Over Trump’s Tax Cuts

By Michael Rainey

The New York Times published a piece Saturday highlighting the huge windfall FedEx received from the 2017 GOP tax cuts — and the company’s CEO isn’t happy with the analysis. According to the Times,...
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...

Economy Cools as Trade War Bites, Tax Cuts Fizzle

By Michael Rainey

The economy grew at a 1.9% annual pace in the third quarter, according to preliminary data released by the Commerce Department Wednesday. Although the topline number was better than expected, the...
Mnuchin Pressed on ‘Alleged Rampant Corruption’ at Treasury Department

By Michael Rainey

Rep. Bill Pascrell, Jr. (D-NJ) on Tuesday asked Treasury Secretary Steve Mnuchin for more information related to a report in The New York Times alleging that Mnuchin personally intervened to provide...
Two Takes on Republican Debt Hypocrisy

By Yuval Rosenberg

The federal deficit for fiscal 2019 was nearly $1 trillion, and the national debt is going to hit $23 trillion within a matter of days. President Trump once said he would eliminate the national debt...
The Eye-Popping Tax Hikes Needed to Pay for Medicare for All

By Yuval Rosenberg

The Committee for a Responsible Federal Budget is the latest group to take a stab at answering the big question looming over the Medicare-for-All debate — and Elizabeth Warren’s presidential campaign...
Budget Deficit Rose 26% in 2019, to Near $1 Trillion: Treasury

By Michael Rainey

The federal government’s budget deficit grew to $984 billion in fiscal year 2019, the U.S. Treasury announced Friday. The final tally for 2019 is $205 billion larger than in 2018, a 26% increase. As...