Budget Battles
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Deficit Owls Say You Shouldn’t Give a Hoot About $1 Trillion Budget Shortfall
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How Congress Cheats with Our Money — and How We Can Stop It
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April Is Financial Literacy Month. Someone Tell Congress.
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When the Budget Won’t Balance, Just Get Rid of the Budget Committee?
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With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit
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Why Trillion-Dollar Deficits Matter
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Paul Ryan's Fiscal Legacy: Lots of Red Ink
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Why the Deficit Outlook Could Be Even Worse Than It Seems
By The Fiscal Times StaffThe Congressional Budget Office warned earlier this month that the U.S. will start running $1 trillion deficits in 2020, and that the national debt will be nearly as large as the economy in a decade...
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Chart of the Day: Despite Trump's Tax Cuts, GDP Expectations Sag
By The Fiscal Times StaffThe Commerce Department is scheduled to issue its advance estimate of first-quarter GDP on Friday, and the report is widely expected to show economic growth slowed over the first few months of the...
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The Biggest Winners from the ‘Small Business’ Tax Cuts
By Michael RaineyRepublicans insisted that their tax cuts on pass-through entities were meant to reduce the tax burden on small businesses and thus spur job creation. But updated estimates from the Joint Committee on...
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Tax Cuts Take a Toll on State and Local Public Servants
By Michael RaineyTeachers in Arizona have announced they will go on strike this week, joining educators in Oklahoma, West Virginia and Kentucky protesting low wages and insufficient school funding in their states...
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Have the Trump Tax Cuts Flopped?
By Michael RaineySunday marks four months since President Trump signed the Republican tax overhaul into law. So it surprised us just a bit to see economist Andrew Hunter of Capital Economics already asking: “Have the...
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Could Another Round of Tax Cuts Backfire on Republicans?
Republicans face a dilemma in their quest to pass another massive tax cut ahead of November’s midterm elections. Party leaders have pledged to make permanent individual tax cuts in the tax overhaul...
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Why the Trump Tariffs Could Cost More Jobs Than They Save
By Michael RaineyThe tariffs President Trump announced – including a 25 percent levy on steel imports, with some notable exemptions – are meant to protect American jobs, but analysts at the Federal Reserve Bank of...
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Banks Score Big from New Tax Law: $2.5 Billion in One Quarter
By The Fiscal Times StaffThe Wall Street Journal’s Michael Rapoport reports : “Overall, the combined earnings of Goldman and the four major national banks — JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and...
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Tax Day, Take 2: Filers Get More Time After IRS Glitch
Happy Tax Day … again. The IRS e-file system that was down for most of Tuesday is back up, but the outage led the agency to extend its filing deadline by a day, meaning taxpayers have until midnight...
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Why All the Warnings About Unsustainable National Debt Could Be Wrong
By Michael RaineyInternational economists are warning about rising global debt levels and deficit hawks in Washington are increasingly worried about what they see as unsustainable debt levels in the U.S., but a new...
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With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit
Spending hikes and tax cuts passed since 2015 under the Trump and Obama administrations account for $540 billion of next year’s projected $981 billion budget deficit, or 55 percent, according to...
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Trump Touts Tax Cuts, but Can They Save the GOP from a Midterm Meltdown?
As the headlines about James Comey’s scathing criticisms of President Trump multiplied on Monday — and as presidential attorney Michael Cohen headed to a New York court for a hearing on documents of...
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HBO’s John Oliver Says GOP 'Absolutely Blew It' on Corporate Tax Reform
With tax day just around the corner, HBO’s John Oliver on Sunday night took aim once again at the recent GOP tax overhaul and, in particular, what he called the "long and infuriatingly proud history...
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Extending the Individual Tax Cuts Would Reduce Economic Growth: Penn Wharton Budget Model
By Michael RaineyMost of the individual tax cuts in the GOP tax overhaul that became law in December are scheduled to expire after 2025, but Republican lawmakers are expected to try to make them permanent well before...
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State Pension Funds Fall Deeper in the Hole
By Michael RaineyState pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to...
Taxes Directory
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