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...

Tax Cuts, Part 2: Trump Wants Another Crack at the Code

By Michael Rainey

The tax overhaul may not be generating the kind of political momentum Republicans were hoping for, but that’s not stopping them from talking about another round of tax cuts. President Trump has been...
CEOs Warn That Trump’s Tariffs Could Undo Benefits of His Tax Cuts

By Yuval Rosenberg

The Business Roundtable’s quarterly index of CEO confidence last month hit its highest level since the survey began late in 2002. But the latest survey was conducted in February, before the Trump...
Koch Network Targets Red State Dems with More Tax Ads

By Yuval Rosenberg

American for Prosperity, the conservative political advocacy group funded by the Koch brothers, announced Wednesday that it is launching the second wave of a major television and digital ad campaign...
The GOP Tax Message May Have Backfired in Pennsylvania

By Michael Rainey

Republicans were banking on their $1.5 trillion tax cut to give them a boost in the 2018 elections, but that isn’t how Tuesday’s special election in Pennsylvania's deep-red 18th congressional...
Global Economy Is Booming, but Beware ‘Excessively Pro-Cyclical’ Policies

By Michael Rainey

The Organization for Economic Cooperation and Development is feeling pretty optimistic these days, saying Tuesday that global growth continues to strengthen this year and next, with investment and...