|Filed Under:||Business & Finance|
|Posts on Regator:||491|
|Posts / Week:||1.3|
|Archived Since:||February 28, 2011|
Big tax cuts and big new spending mean big deficits and will disarm Washington when the next recession comes.
Congress may restore dozens of special-interest tax breaks as part of its massive budget deal. Giving away $15 billion to subsidize activity that has already occurred is a terrible idea.
Despite the fervent wishes of some conservatives and the great fears of some liberals, the "starve-the-beast" theory of government is flawed. Tax cuts don't lead to spending reductions.
President Trump looks back on his first year in office and lays out his goals on immigration reform, infrastructure and health care.
Supporters of the new tax law say you'll be able to file on a postcard. But the law appears to eliminate fewer than a half-dozen lines on the Form 1040 that now has 98 lines and boxes.
The new tax bill is turning Americans into a nation of tax shelter hunters.
For the third time in recent years, Congress has required the IRS to turn some back taxes over to private firms for collections. An oversight report shows the agency has spent three times more on the program than the firms are collecting and remitting to the Treasury.
The new law is likely to reduce charitable giving by somewhere in the neighborhood of 5%. And those gifts will come from fewer--and richer--givers.
The new tax bill is a big tax cut for business and high-income households. But it is much smaller and less regressive than earlier versions.
TaxVox presents its annual award for the worst tax policy ideas of the year. There are a lot to choose from in the tax overhaul the Republicans just rushed through Congress, but one stands out as particularly egregious.
By capping the state and local tax (SALT) deduction, the new tax bill will raise taxes by $36 billion in 2018 and shift 3.5 million households to the standard deduction.
Congress is about to pass a sweeping tax overhaul, but key elements of the bill all but guarantee that lawmakers will have to rewrite the tax code again in a few short years -- and find ways to raise revenue.
Most households would get a tax cut in 2018 under the new tax bill, but the highest income households would do best.
Congress is about to approve the Tax Cuts and Jobs Act, but it falls far short of President Trump's promises.
The Senate version of the Tax Cuts and Jobs Act would cut taxes much more for business owners than for workers making the same income.
The Senate version of the Tax Cuts and Jobs Act provides minimal-and temporary-assistance to low- and moderate-income families with children. Since almost all of the individual provisions of the TCJA expire after 2025, many families with children would owe more under the TCJA than under current law.
The Senate version of the Tax Cuts and Jobs Act is full of delayed effective dates, early repeals and phase-outs. It won't make the tax code any simpler.
The Senate's tax bill is big and complicated. To understand it, just focus on seven key elements.
The Senate made lots of changes before it passed its version of the Tax Cuts and Jobs Act. But the bill looks the same as it did when it got the the floor: It is mostly a tax cut for businesses and high-income households, attached to a much smaller cut for low- and middle-income households
An analysis by the Tax Policy Center shows the Senate Finance Committee tax bill would generate little economic growth, nor would it come close to paying for itself.