Taxes

Democrat's New Taxes Wouldn't Hit Just Billionaires

By Michael Rainey

Some Democratic tax proposals are focused on making millionaires and billionaires pay more, but other households would be affected as well. Neil Irwin of The New York Times points out Tuesday that...
An Easy Way to Get $1 Trillion More in Tax Revenue?

By Michael Rainey

The first step in reforming the U.S. tax system doesn’t involve raising rates or eliminating deductions, say former Treasury Secretary Lawrence Summers and Penn Law professor Natasha Sarin. Instead,...
FedEx Battles New York Times Over Trump’s Tax Cuts

By Michael Rainey

The New York Times published a piece Saturday highlighting the huge windfall FedEx received from the 2017 GOP tax cuts — and the company’s CEO isn’t happy with the analysis. According to the Times,...
Tax Break for Poor Neighborhoods Is Helping Build a Superyacht Marina

By Michael Rainey

The 2017 Tax Cuts and Jobs Act created special “opportunity zones” that give investors generous tax breaks in exchange for investing in low-income neighborhoods. The purpose of the tax law is “to...
Elizabeth Warren Escalates Her Battle With Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax has ruffled quite a few feathers among America’s billionaire class, and her rhetorical battle with the superrich entered a new phase Wednesday when investor...

Trump Eyes New Middle-Class Tax Cut – and a Massive Break for the Rich

By Yuval Rosenberg

President Trump’s economic advisers are considering whether he should make the promise of a middle-class tax cut a central element of his reelection campaign, according to various reports. The...
Elizabeth Warren Says Americans Will Spend $11 Trillion on Health Care. Is That True?

By Michael Rainey

Elizabeth Warren says that Americans will spend “about $11 trillion on insurance premiums, copays, deductibles and uncovered medical expenses” over the next 10 years if the current health care system...
Mark Sanford Ends 2020 Presidential Bid Challenging Trump

By Yuval Rosenberg

Former South Carolina Rep. Mark Sanford suspended his longshot presidential bid on Tuesday, 65 days after he announced he would challenge President Trump for the 2020 Republican nomination. A fiscal...
What Warren’s Wealth Tax Would Do to Billionaires

By Michael Rainey

Elizabeth Warren says her wealth tax – 2% on household wealth over $50 million, rising to 6% on household wealth over $1 billion – would raise trillions of dollars to pay for new social programs,...
What Bill Gates Gets Wrong About Wealth Taxes

By Yuval Rosenberg

Elizabeth Warren wasn’t the only one pushing back on Bill Gates’s comments about her wealth tax proposal. The New York Times Editorial Board notes that tax rates were considerably higher when Gates...

Fighting Corruption in Ukraine? Trump’s Budgets Suggest Otherwise

By Michael Rainey

President Trump has insisted that the controversial delay in the disbursement of military aid to Ukraine earlier this year was driven by his deep concerns about corruption in the Eastern European...
House Committee to Consider Vaping Tax That Would Raise $10 Billion

By Yuval Rosenberg

The House Ways and Means Committee is set to consider a bill Wednesday that would impose the first federal tax on vaping products. Roll Call reports: “The bipartisan bill, from New York Reps. Tom...
Senate Dems to Force Vote on IRS SALT Cap Rules

By Yuval Rosenberg

Senate Democrats say they will force a vote Wednesday to nullify IRS rules implemented to prevent blue states from creating workarounds to the $10,000 cap on state and local tax (SALT) deductions...
Buttigieg Would Hike Corporate Taxes to Pay for His Health Plan

By The Fiscal Times Staff

Pete Buttigieg has proposed a “Medicare for all who want it” plan, which would allow Americans to buy into the Medicare system while leaving the private insurance system in place. This past weekend...
Warren Proposes to Increase Spending on Public Education by $800 Billion

By Michael Rainey

Sen. Warren released an education plan Monday that calls for raising federal funding for public schools to $450 billion over 10 years, roughly four times current levels, according to Bloomberg News...