Taxes

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...
The US Has an Exceptional Debt Outlook – and Not in a Good Way

By Michael Rainey

The International Money Fund’s latest global fiscal survey warns that in five years, the U.S. debt-to-GDP ratio will be higher than Italy’s, a nation not generally known for its exemplary fiscal...
Why the Media War Over Trump's Tax Cuts Is Just Getting Started

By Yuval Rosenberg

Tax Day is, of course, the perfect time for Republicans and Democrats to resume their messaging battle over the GOP tax law that passed late last year. Republicans took to TV and social media to hail...
The Biggest Winners from the GOP Tax Cuts (Hint: It Isn't Workers)

By Yuval Rosenberg

This won’t help the GOP’s tax cut message: U.S. companies are using the benefits of their tax cuts to reward shareholders and management far more than they are on hiring and pay raises, according to...
Computer Problems Plague the IRS on Tax Day … and Bigger Troubles May Lie Ahead

By Yuval Rosenberg

It wasn’t a very happy Tax Day for the IRS, which announced it was “experiencing technical difficulties” with some computer systems and temporarily couldn’t accept returns from tax preparers,...

Chart of the Day: US Household Income

By Michael Rainey

The Congressional Budget Office released a new report Monday on the distribution of income in the U.S. Ignoring means-tested transfers and federal taxes, the average household income in 2014 was $19,...
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...