Taxes
  • President Donald Trump and House Ways and Means Committee Chairman Kevin Brady smile at each other after the U.S. Congress passed sweeping tax overhaul legislation, on the South Lawn of the White House in Washington

    In Search of the ‘Disappearing Corporate Income Tax’

    By Michael Rainey

    Lawmakers clashed on Tuesday over the performance of the 2017 Tax Cuts and Jobs Act in a House Ways and Means Committee hearing titled “The Disappearing Corporate Income Tax,” with Democrats arguing...

  • Copies of U.S. President Donald Trump's FY2021 budget proposal on display in Capitol Hill in Washington, U.S.

    Trump’s $4.8 Trillion Fiscal Fantasy

    By Yuval Rosenberg and Michael Rainey

    The Trump White House on Monday released a $4.8 trillion budget for 2021 that calls for steep reductions in spending on safety net programs including Medicaid while proposing greater outlays for the...

  • What to Look For in Trump’s 2021 Budget: CBPP

    By Michael Rainey

    President Trump’s agenda for a possible second term is still on the drawing board, according to The Wall Street Journal’s Andrew Restucci, and aides are reportedly in the early stages of drafting...

  • U.S. President Trump delivers State of the Union address at the U.S. Capitol in Washington

    5 Whoppers From Trump’s State of the Union Address

    By Michael Rainey

    President Trump delivered a polarizing, reality-show tinged State of the Union address Tuesday in which he claimed credit for three years of solid economic growth while making more than 30 “dubious...

  • A cyclist passes the U.S. Capitol in Washington

    Fiscal Policy Still Boosting the Economy, but Not For Long

    By Michael Rainey

    Tax and spending policies at the local, state and federal level boosted economic growth in the fourth quarter of 2019, according to the newly updated Hutchins Center Fiscal Impact Measure from the...

  • The U.S. Capitol Building is shown at sunset in Washington

    Is a Wealth Tax a ‘Very American Idea’?

    By Michael Rainey

    The wealth tax proposed by Democratic presidential candidates Elizabeth Warren and Bernie Sanders has broad support among the American public. A Hill-HarrisX survey last year found that 74% of...

  • A security camera hangs near a corner of the Internal Revenue Service (IRS) building in Washington

    Why the IRS Is Struggling to Do Its Job

    By Michael Rainey

    The IRS doesn’t have enough funding or personnel to do its job properly, according to the 2019 annual report from the Taxpayer Advocate Service, an independent organization within the Internal...

  • IRS, activist lawyers to clash in court over tax preparer rules

    Good News for Tax Cheats: IRS Audit Rate Drops to Lowest in More Than 40 Years

    By Michael Rainey

    The annual IRS report we told you about yesterday revealed that the agency audited just 0.45% of individual tax returns in 2019. That marks the eighth year in a row the audit rate has dropped, says...

  • FILE PHOTO:  U.S. President Trump displays signature after signing tax bill into law at the White House in Washington

    Another Look at Trump’s Tax Cuts

    By Michael Rainey

    The Tax Cuts and Jobs Act has been on the books for two years now, prompting The Wall Street Journal’s Richard Rubin and Theo Francis over the weekend to review how the law has fared so far. A few...

  • IRS Looks Back at 2019, Gets Set for 2020

    By Michael Rainey

    “The IRS touches more Americans than any other entity, public or private,” Internal Revenue Service Commissioner Chuck Rettig said in the agency’s annual report released Monday. The document provides...