Taxes

A Trump Landslide in 2020?

By Yuval Rosenberg

Despite low approval ratings, constant controversy and the perpetual peril of numerous ongoing investigations, multiple economic models with successful track records of picking presidential winners...
Individual Income Taxes Make Up Majority of Federal Revenue for the First Time

By Michael Rainey

Income taxes paid by individuals made up the majority of federal revenue for the first time last year, according to an analysis released Wednesday by the Joint Committee on Taxation. The chart below...
Tax Law Is Getting More Popular, but Smaller Refunds Could Hurt Trump and GOP

By Michael Rainey

The size of your refund check from the IRS doesn’t tell you anything about whether you got a tax cut last year – but it may affect your attitude toward President Trump and his fiscal policies. People...
Anxious and Suspicious, Citizens in Wealthy Countries Want Stronger Safety Nets

By Michael Rainey

People living in some of the wealthiest countries in the world are worried about their economic futures and don’t trust government programs to provide much help if and when they need it, according to...
Trump Boom Could Go Bust Without More MAGAnomics, White House Says

By Michael Rainey

The U.S. economy is chugging along. A new CNN poll found that 71 percent of Americans say that economic conditions are good, the highest percentage to say that since 2001. And the White House is...

Just 21% of Americans Say They See Savings from Trump Tax Law

By Yuval Rosenberg

Only one in five adults expects to pay less income taxes this year as a result of the Republican tax law passed in 2017, according to a new Reuters/Ipsos poll released Friday. Just 21 percent of...
Treasury Secretary Mnuchin: My Tax Rate Went Up

By Michael Rainey

Treasury Secretary Steven Mnuchin told lawmakers Thursday that the Republican tax law affected his personal tax rate in 2018. “I personally pay taxes in New York and California and my tax rate did go...
Democrats Take Aim at Capital Gains

By The Fiscal Times Staff

Sen. Tammy Baldwin (D-WI) and Rep. Bill Pascrell (D-NJ) reintroduced legislation Wednesday that would end a tax break on carried interest – the share of profits that hedge fund and private equity...
Once Again: The GOP Tax Cuts Are Not Paying for Themselves

By Michael Rainey

A handful of supply-side enthusiasts are sticking to their claim that the Republican tax cuts are paying for themselves, with Art Laffer making that argument on CNBC just last week, but the...
Did You Under-Withhold Last Year? IRS Watchdog Wants to Give You a Break

By Michael Rainey

National Taxpayer Advocate Nina Olson thinks the IRS should provide more relief to people who failed to withhold enough money from their paychecks in 2018. While the tax agency is offering some...

Tissues by the Case: How Accountants Are Handling Tax Season

By The Fiscal Times Staff

More accountants are finding themselves the bearers of bad news this tax season as clients see the results of their 2018 tax returns, the first under the Republican tax overhaul. Although most filers...
Economic Growth Falls Short of Trump’s Target — or Maybe Just Beats It

By Michael Rainey

Economic growth in 2018 was stronger than it has been since 2015, but whether it was it was strong enough for supporters of the $1.5 trillion Republican tax cut remains an open question. According to...
What Americans Want to Do with Money Raised by Taxing the Rich

By Yuval Rosenberg

Voters support higher taxes on the rich. But what do they want done with the revenue those taxes would raise? A new Morning Consult-Politico poll asked about a range of options. First, we should note...
11 Million Taxpayers Hit by SALT Deduction Limit

By Michael Rainey

Nearly 11 million tax filers will run into the $10,000 limit on state and local tax deductions that went into effect last year as part of the Republican tax overhaul, according to an audit released...
Chart of the Day: High Tax, High Service

By Michael Rainey

Can the U.S. afford to dramatically increase public spending on a whole host of new programs, potentially including Medicare for All, expanded Social Security and a massive Green New Deal? That...