Taxes

Winners and Losers from the GOP Tax Cuts This Year

By Michael Rainey

Bloomberg’s Ben Steverman and Marie Patino took a look at some representative households to see who’s winning and who’s losing under the Republican tax cuts this filing season. While most taxpayers...
IRS Eases Penalty for Taxpayers Who Paid Too Little

By Michael Rainey

Taxpayers who had too little withheld from their paychecks in 2018 now have a little more room to breathe. The IRS on Friday lowered the withholding underpayment threshold to 80 percent for the 2018...
A Trump Landslide in 2020?

By Yuval Rosenberg

Despite low approval ratings, constant controversy and the perpetual peril of numerous ongoing investigations, multiple economic models with successful track records of picking presidential winners...
Individual Income Taxes Make Up Majority of Federal Revenue for the First Time

By Michael Rainey

Income taxes paid by individuals made up the majority of federal revenue for the first time last year, according to an analysis released Wednesday by the Joint Committee on Taxation. The chart below...
Tax Law Is Getting More Popular, but Smaller Refunds Could Hurt Trump and GOP

By Michael Rainey

The size of your refund check from the IRS doesn’t tell you anything about whether you got a tax cut last year – but it may affect your attitude toward President Trump and his fiscal policies. People...

Anxious and Suspicious, Citizens in Wealthy Countries Want Stronger Safety Nets

By Michael Rainey

People living in some of the wealthiest countries in the world are worried about their economic futures and don’t trust government programs to provide much help if and when they need it, according to...
Trump Boom Could Go Bust Without More MAGAnomics, White House Says

By Michael Rainey

The U.S. economy is chugging along. A new CNN poll found that 71 percent of Americans say that economic conditions are good, the highest percentage to say that since 2001. And the White House is...
Just 21% of Americans Say They See Savings from Trump Tax Law

By Yuval Rosenberg

Only one in five adults expects to pay less income taxes this year as a result of the Republican tax law passed in 2017, according to a new Reuters/Ipsos poll released Friday. Just 21 percent of...
Treasury Secretary Mnuchin: My Tax Rate Went Up

By Michael Rainey

Treasury Secretary Steven Mnuchin told lawmakers Thursday that the Republican tax law affected his personal tax rate in 2018. “I personally pay taxes in New York and California and my tax rate did go...
Democrats Take Aim at Capital Gains

By The Fiscal Times Staff

Sen. Tammy Baldwin (D-WI) and Rep. Bill Pascrell (D-NJ) reintroduced legislation Wednesday that would end a tax break on carried interest – the share of profits that hedge fund and private equity...

A Fiscal Hawk Argues for Infrastructure Investment

By Michael Rainey

The stimulus from the GOP tax cuts and the bipartisan increase in federal spending in 2018 is starting to fade, says Diane Swonk, chief economist at the tax and advisory firm Grant Thornton. Writing...
Tax-Cut's Benefits Shrinking for Some U.S. Companies

By The Fiscal Times Staff

Some U.S. corporations have overestimated the windfall they’ll receive from the 2017 tax law, The Wall Street Journal’s Theo Francis and Richard Rubin report . In one example, Las Vegas Sands Corp...
Soaking the Rich: Your Guide to America's Next Big Debate

By Yuval Rosenberg

Sparked by progressive proposals from Sens. Elizabeth Warren and Bernie Sanders and Rep. Alexandria Ocasio-Cortez, the great fiscal debate of the moment is over taxing the wealthy to reduce economic...
Bernie Sanders Proposes 77% Estate Tax on Billionaires

By Michael Rainey

Sen. Bernie Sanders (I-VT) added to the rapidly growing pile of proposals to increases taxes on the wealthy Thursday, introducing a bill that would significantly expand the reach of the estate tax...
Trump's History-Making Deficits

By Michael Rainey

A dozen Bloomberg opinion writers on Thursday offered their evaluations of President Trump’s performance over his first two years in office, with former Bloomberg editor-in-chief Matthew Winkler...