Taxes

Are the Tax Cuts Paying for Themselves?

By Michael Rainey

The Heritage Foundation’s Stephen Moore, a longtime supply-sider who advised President Trump during the 2016 campaign, argues in Wednesday’s Wall Street Journal that “the corporate tax cut is paying...
Federal Tax System Becoming More Progressive: Report

By Michael Rainey

The U.S. tax system has become more progressive in recent years, says Eric Toder of the Tax Policy Center, thanks to real income growth and changes in federal policy. While the tax cuts passed last...
‘Beware Trillion-Dollar Deficits,’ Barron’s Says

By Yuval Rosenberg

In the latest Barron’s cover story, Jack Hough warns of the long-term risks of rising U.S. public debt. While noting that there’s little chance of hitting debt-related turbulence anytime soon and...
Buybacks Are Now the Top Way for Companies to Spend Their Cash

By Michael Rainey

Stock buybacks are now the most popular way for S&P 500 companies to spend their profits, the first time that’s happened in 10 years, Goldman Sachs said in a research note Friday. Buybacks surged...
Kudlow: ‘I Don’t Buy’ That Tax Cuts Boosted Deficit

By Yuval Rosenberg

Larry Kudlow is at it again. Speaking at the Economic Club of New York, the top economic adviser to President Trump said that, while the administration is looking to cut federal spending — including...

Why Trillions in Offshore Profits May Stay Offshore

By Michael Rainey

The tax law that went into effect this year imposed a one-time, reduced tax on profits held overseas by U.S. companies. The tax holiday was designed to encourage corporations to bring money home, to...
Tax Cuts Put the Brakes on Bracket Creep

By Michael Rainey

Receipts from individual income taxes tend to rise every year due to what economists call “bracket creep” – the movement of more taxpayers into higher tax brackets over time, even as tax rates stay...
Social Security Pulled 27 Million People Out of Poverty in 2017

By Michael Rainey

Since 2011, the U.S. Census Bureau has produced a more sophisticated measure of poverty that, among other things, includes the income effects of government assistance programs such as Social Security...
House to Considers Billions in Cuts to Obamacare Taxes

By Michael Rainey

In addition to a package of bills that would make the individual tax cuts permanent , the House is expected to consider legislation this week that would delay or roll back multiple tax provisions in...
Is Joe Scarborough Right About the GOP and the National Debt?

By The Fiscal Times Staff

Former GOP congressman and current Trump antagonist Joe Scarborough laid into the president and his party this week, finding fault with, among other things, their track record on deficit spending. "...

The Economy Is Booming. Will It Last?

By Yuval Rosenberg and Michael Rainey

The U.S. economy is humming. Gross domestic product grew at an annualized 4.1 percent rate in the second quarter, the Commerce Department said Friday in its initial estimate for the period. The surge...
A Hefty Price Tag for Republicans' 3 Health Care Bills

By Michael Rainey

Driven by concern that they’ll be held responsible for rising costs and other problems with the health care system, House Republicans passed bills this week that would, among other things, eliminate...
Lower Corporate Taxes Are a Global Trend

By Michael Rainey

The Washington Post’s Jeff Stein notes that the recent drop in corporate tax rates in the U.S. is part of a long-term global trend. The “average corporate tax rate globally has fallen by more than...
How Businesses and the Wealthy Could Game the New Tax Law

By Michael Rainey

Experts across the political spectrum generally agree that the Republican tax law fell short on eliminating loopholes while creating plenty of new opportunities for gaming the system. Scott Hodge,...
Corporate Tax Revenues Are Falling Fast

By Michael Rainey

Corporate tax receipts are near a 75-year low, Jim Tankersley of The New York Times reports , and revenues are dropping at a pace normally seen only during recessions. In the first six months of 2018...