Taxes

The Fiscal Challenge for the Next Recession

By Yuval Rosenberg

The federal budget deficit for fiscal year 2019 was nearly $1 trillion. “In the next downturn, don’t be surprised if this number hits $2 trillion,” writes Nick Timiraos, The Wall Street Journal’s...
Investors Eye Volatility from ‘Fiscal Dysfunction’

By Michael Rainey

Reviewing its outlook for 2020, the investment team at New York fund manager Neuberger Berman recently discussed the economic risks associated with “fiscal dysfunction” – the government’s inability...
Biden: Trump Tax Cuts ‘a Disaster for the Middle Class’

By Michael Rainey

Joe Biden has been criticized by his fellow Democrats for insisting that as president he would be able to work with the Republican Party – the same party that rejected much of the Democratic economic...
After Trump’s Cuts, US Taxes Are Fourth Lowest in the Developed World

By Michael Rainey

Total U.S. taxes as a share of the economy fell to 24.3% last year, thanks in large part to the tax cuts signed into law by President Trump in 2017, the Organization for Economic Cooperation and...
Biden Unveils $3.2 Trillion Tax Plan Targeting Corporations Like Amazon

By Yuval Rosenberg

Joe Biden rolled out a plan Wednesday to raise $3.2 trillion in additional taxes over 10 years, with the wealthy and corporations paying more to cover the cost of spending proposals on health care,...

Bad News for Charity on Giving Tuesday

By Michael Rainey

“Despite Giving Tuesday and despite all the charitable appeals that almost certainly landed in inboxes, charitable donations by individuals declined by slightly more than 1 percent in 2018, according...
Only One Demographic Group Opposes Warren’s Wealth Tax

By Yuval Rosenberg

The idea of a wealth tax like the one proposed by Sen. Elizabeth Warren is popular with a broad swath of voters, Ben Casselman and Jim Tankersley of The New York Times report . A new nationwide poll...
Chart of the Day: Record Low Poverty Rate

By Michael Rainey

The extensive array of government assistance programs — including Social Security, unemployment insurance, veterans’ benefits, nutritional aid, rental assistance and the Earned Income Tax Credit —...
Public Investment Is the Key to Avoiding Economic Stagnation: Report

By Michael Rainey

Economic stagnation on a global scale is a growing threat, according to a new report from the Organization for Economic Co-operation and Development (OECD). The group’s November economic outlook...
Pushing Back Against the Wealth Tax at the Dem Debate

By Michael Rainey

Sen. Elizabeth Warren defended her proposed wealth tax at the Democratic presidential debate on Wednesday night: “I’m tired of freeloading billionaires,” Warren said . “I think it's time that we ask...

Buttigieg’s $1 Trillion Plan for Free Tuition, Child Care and Housing

By Michael Rainey

Democratic presidential contender Pete Buttigieg released on Friday more than $1 trillion worth of proposals that focus on education, housing and child care. The plans include: $700 billion for pre-K...
Warren Offers a Wealth Tax Calculator for Worried Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax seems to have unsettled some of the country’s wealthiest citizens, inspiring criticism from the likes of Bill Gates and Leon Cooperman — and maybe playing a...
Hillary Clinton: Warren’s Medicare for All Plan Won’t Ever Get Enacted

By Yuval Rosenberg

Hillary Clinton said Wednesday that she doesn’t believe Elizabeth Warren’s Medicare-for-All plan would ever become law and that there are better ways to raise revenues than Warren’s proposed wealth...
Number of the Day: $13 Billion

By The Fiscal Times Staff

That’s how much Microsoft founder Bill Gates would pay in federal taxes this year under Elizabeth Warren’s proposed wealth taxes, according to back-of-envelope calculations by CNBC’s Robert Frank (...
Democrats Propose New Tax on Millionaires

By Michael Rainey

Two Democratic lawmakers unveiled a plan Thursday that would raise taxes on high-income households. Sen. Chris Van Hollen of Maryland and Rep. Don Beyer of Virginia are proposing a 10-percentage...