Taxes

The Ongoing Fight Over Ocasio-Cortez’s 70% Top Tax Bracket

By Michael Rainey

The lively debate over the proposal by Rep. Alexandria Ocasio-Cortez (D-NY) to raise the top marginal tax rate to 70 percent continues, as it no doubt will for many months to come, with former...
Tax Cuts Still Not Paying for Themselves

By Michael Rainey

The latest budget data shows, once again, that the tax cuts are not paying for themselves. “It’s time to put to rest any notion that President Trump’s signature tax cuts are paying for themselves...
Ocasio-Cortez’s Tax Bombshell: Is a 70% Top Rate Too High, or Not High Enough?

By Michael Rainey

Political Rorschach test Rep. Alexandria Ocasio-Cortez (D-NY) sparked a lively fiscal debate this week after suggesting in an interview that the top marginal tax rate in the U.S. should be as high as...
Deficit Jumped Over First Months of Fiscal 2019, on Pace to Top $1 Trillion for the Year

By Yuval Rosenberg

The federal deficit jumped $92 billion in the first three months of fiscal 2019, up 41 percent from the same period in 2018, according to estimates published by the Congressional Budget Office on...
House Democrats’ Budget Will Call for Raising Corporate Taxes

By The Fiscal Times Staff

The new Democratic House Budget Committee chairman said Friday that the fiscal 2020 budget blueprint his chamber produces will seek to raise revenue by increasing the corporate tax rate from the...

Paychecks Are Growing Faster – but It’s Probably Not Due to the Tax Cuts

By Michael Rainey

Wages for American workers are finally rising at a faster pace and the trend is likely to continue, says Bloomberg’s Barry Ritholtz. Several factors are contributing to the faster pace of wage growth...
5 Tax Issues to Watch in 2019

By The Fiscal Times Staff

A divided Congress isn’t going to make another round of sweeping changes to the tax law this year, but there are plenty of important tax issues that are likely to come up. Tax Policy Center Senior...
Why 2018 Was an ‘Unusual Year’ for US Tax Revenues

By Michael Rainey

Federal tax revenues were lower in 2018 than in 2017, reversing a trend of rising revenues seen in recent years, according to U.S. Treasury data tracked by District Economics Group. DEG’s Diane Lim...
What’s in the New House Rules Package

By Michael Rainey

The new Democratic-controlled House is expected to adopt a rules package Thursday, with provisions covering a variety of issues ranging from wearing religious headgear on the House floor (to be...
Did Trump’s Tax Cuts Make America Poorer?

By Michael Rainey

Economist Paul Krugman took another look at the 2017 tax cuts in The New York Times Tuesday, arguing that they are “even worse than you’ve heard.” Many critics of the tax bill have complained that...

Why GM Pays Almost No Federal Income Tax

By Michael Rainey

General Motors has earned billions of dollars in the decade since its bankruptcy and bailout, but thanks to a provision in the tax code called "net operating loss carryforward," it has paid very...
One Simple Reason the GOP Tax Bill Has Stalled

By Michael Rainey

Republicans hold the majority in the House for a few more weeks, but that numerical advantage doesn’t mean much if lawmakers don’t show up to vote. Politico’s Brian Faler says that dozens of...
No Deal on Trump's Border Wall as Lawmakers Scramble to Avoid a Shutdown

By Michael Rainey

As negotiations to avoid a partial government shutdown next week continue, Democratic lawmakers have rejected a Republican proposal to spend $5 billion on the border wall over two years. “No matter...
GOP Tax Bill Running Out of Time

By Michael Rainey

The tax bill introduced this week by outgoing House Ways and Means Chair Kevin Brady (R-TX) faces a tough and increasingly narrow road ahead. Politico’s Brian Faler reports that several top...
Paul Ryan Says the National Debt Is His Biggest Regret. See How It Grew Under His Watch.

By Yuval Rosenberg

Outgoing House Speaker Paul Ryan said Thursday that the ballooning national debt is his biggest regret. In an interview with The Washington Post , Ryan named the debt and immigration as the two...