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...

A Permanent Payroll Tax Cut?

By Yuval Rosenberg

With the Trump administration reportedly considering a temporary payroll tax cut to boost the economy and ward off a potential recession, Marc Goldwein of the Committee for a Responsible Federal...
Are Republican Voters Done With Tax Cuts?

By Michael Rainey

The White House is reportedly mulling another tax cut in the form of an inflation adjustment on capital gains and President Trump has promised a middle-class tax cut if Republicans sweep the 2020...
Will Trump Cut Taxes for the Rich Again?

By Yuval Rosenberg

President Trump is apparently still considering a plan to cut taxes by indexing capital gains to inflation — even after Trump had appeared to publicly reject such a move last month for fear that it...
Should the US Issue 100-Year Bonds?

By Michael Rainey

Treasury Secretary Steven Mnuchin said Wednesday that the U.S. is considering issuing ultra-long U.S. bonds – debt in 50- or 100-year durations. “If the conditions are right, then I would anticipate...
Can a Divided Congress Step Up to Fight a Recession?

By Yuval Rosenberg

The Congressional Budget Office projected last week that the deficit for the current fiscal year will rise to $960 billion, or 4.5% of gross domestic product, up from $779 billion (3.9% of GDP) last...