Taxes

New Tax Brackets for 2019

By The Fiscal Times Staff

The IRS released its inflation adjustments for the 2019 tax year this week, which include new brackets and limits on deductions and exemptions. A few highlights: The standard deduction for single...
Krugman: Why the Tax Cuts Fizzled

By Michael Rainey

A long-time critic of Republican fiscal policies, economist Paul Krugman takes on the GOP tax overhaul in Friday’s New York Times, asking, “Why Was Trump’s Tax Cut a Fizzle?” Krugman notes that the...
The Economy’s Coming Wile E. Coyote Moment

By Michael Rainey

Most economists think that the “sugar high” in the economy produced by simultaneous tax cuts and federal spending increases this year will fizzle at some in the next few quarters, at which point GDP...
Companies Are Using Their Tax Cut Windfall to Pay Down Debt: Moody’s

By Michael Rainey

What are companies doing with their tax cut windfalls? In addition to boosting shareholder returns through buybacks and dividends (more on that here , here and here ), U.S. corporations are placing a...
Amazon Got More Than $2 Billion in HQ2 Sweeteners

By Yuval Rosenberg

Amazon confirmed on Tuesday that it will build two new headquarters in New York City and Northern Virginia while also adding a smaller site in Nashville that will deal with operations and logistics...

Deficit Hit $100 Billion in October

By The Fiscal Times Staff

The U.S. government spent $353 billion in October while revenues came in at $253 billion, producing a deficit of $100 billion. Receipts were 7 percent higher than a year ago, but spending was up 18...
The GOP Tax Cuts 10 Months In: What's Working, What's Not

By Michael Rainey

The $1.5 trillion Republican tax overhaul came with some big promises, including faster economic growth, increased business investment and significantly higher wages for American workers. Ten months...
Chart of the Day: How Taxes and Transfers Affect US Incomes

By Michael Rainey

A new analysis of the distribution of household income by the Congressional Budget Office shows how taxes and means-tested transfers such as Medicaid and food stamps affect US incomes. “The combined...
What the Exit Polls Revealed on Taxes and Health Care

By The Fiscal Times Staff

Here's what exit polls told us about some key issues: 45 percent: NBC News’ exit poll found that 45 percent of voters said the Republican tax cuts had no impact on their personal finances, compared...
Dems Will Target GOP Tax Cuts in the New Year

By Michael Rainey

Democrats will attempt to undo tax cuts for wealthy households when they take over the House in January, The Wall Street Journal’s Richard Rubin reports . The move will likely come as part of an...

Deficit Jumped to $782 Billion in 2018 – and It’s Only Going to Get Bigger

By Michael Rainey

You might have missed this with everything else going on in the world, but the Congressional Budget Office said Friday that the deficit for fiscal year 2018 rose to $782 billion, a big jump from the...
MLB Owners Angle for a Tax Break

By Yuval Rosenberg

Major League Baseball owners have made a pitch — fastball? curveball? screwball? — for the IRS to rule them eligible to take the 20 percent deduction for pass-through businesses created by the new...
Larry Kudlow Wants to Put a ‘Big Dent’ in Government Spending

By Yuval Rosenberg

Larry Kudlow, the director of President Trump’s National Economic Council, is once again talking up the economy and talking down the threat posed by rising debt and deficits. And once again, he’s...
What Trump’s Reported Tax Dodges Say About the US System

By Yuval Rosenberg

The New York Times dropped a bombshell Tuesday with its report detailing how President Donald Trump received the equivalent of $413 million in today’s dollars from his father’s real estate empire,...
Tax Cuts (Still) Not Boosting Wages

By Michael Rainey

Three new surveys confirm what some critics of the GOP tax cuts have been saying all along: companies aren’t sharing much of their tax-cut windfall with workers in the form of higher wages. While...