Taxes

Why the Deficit Outlook Could Be Even Worse Than It Seems

By The Fiscal Times Staff

The 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...
Chart of the Day: Despite Trump's Tax Cuts, GDP Expectations Sag

By The Fiscal Times Staff

The 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...
The Biggest Winners from the ‘Small Business’ Tax Cuts

By Michael Rainey

Republicans 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...
Tax Cuts Take a Toll on State and Local Public Servants

By Michael Rainey

Teachers 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...
Have the Trump Tax Cuts Flopped?

By Michael Rainey

Sunday 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...

Could Another Round of Tax Cuts Backfire on Republicans?

By Yuval Rosenberg

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...
Why the Trump Tariffs Could Cost More Jobs Than They Save

By Michael Rainey

The 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...
Banks Score Big from New Tax Law: $2.5 Billion in One Quarter

By The Fiscal Times Staff

The 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...
Tax Day, Take 2: Filers Get More Time After IRS Glitch

By Yuval Rosenberg

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...
Why All the Warnings About Unsustainable National Debt Could Be Wrong

By Michael Rainey

International 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...

Democrats’ New Weapon in the Tax Wars: Interactive Maps

By Michael Rainey

The political battle over the effects of the Republican tax cuts is heating up, with Democratic lawmakers on the Joint Economic Committee releasing a set of interactive maps Monday designed to show...
Tax Bill Throws Wicked Curve at Pro Sports Teams

By Michael Rainey

Thanks to a 1967 ruling from the IRS, professional sports franchises have made trades without worrying about taxes. Under the rule, player contacts were swapped as “like-kind property,” a tax-free...
A Withering Take on the New Pass-Through Tax Rules

By The Fiscal Times Staff

Daniel Shaviro , a tax law professor at New York University, published an analysis of the new U.S. rules for pass-throughs, and the abstract for the paper is just scorching: "The pass-through rules...
Liberal and Conservative Policy Wonks Agree: Sneaky Tax Breaks Need to Go

By Michael Rainey

There was rare agreement across the political spectrum at the House Ways and Means Tax Policy subcommittee hearing this week, with policy experts from Heritage Foundation, the Institute on Taxation...
Trade War Would Cost Billions, Wipe Out Tax Cut Gains: Penn Wharton

By The Fiscal Times Staff

Global political and business leaders are expressing concerns about the possibility of a trade war erupting in the wake of President Trump’s imposition of tariffs on steel and aluminum imports last...