How large are the tax cuts the Trump administration is seeking? As I noted the other day, it has been giving inconsistent answers on this question. And that inconsistency has not yet been resolved. Budget director Mick Mulvaney says that tax reductions will be balanced by scaling back tax breaks. Show More Summary
The Trump administration has until now said its planned tax cuts would pay for themselves by pushing economic growth to 3 percent a year -- a claim already seen as outlandish by every serious analyst, liberal and conservative alike.Show More Summary
Billionaire Paul Singer's Elliott Management says we might be in for a recession if the Trump administration doesn't pass notable reforms in taxes, regulation and health care. Trump took office with a plan to cut taxes, cut back on regulations and boost infrastructure spending — all in a bid to raise economic growth. Show More Summary
House Speaker Paul Ryan can now send Zombie Trumpcare over to the Senate, three weeks after it was passed without a Congressional Budget Office score. Now that the score is in, it meets the requirements for budget reconciliation for the Senate to take it. Show More Summary
The hardest hit will be people 55 and above not yet on Medicare. The American Health Care Act is even worse than Democrats warned from the floor of the House last month when they fell one vote short of blocking Paul Ryan’s bill that was marketed as Obamacare-repeal legislation but was mostly a tax cut for the rich. Show More Summary
The non-partisan Congressional Budget Office has issued their report on the Republican’s tax cut for the rich disguised as a health care plan, and it’s not pretty. House Republicans were so anxious to repeal Obamacare and pass their joke of a replacement that they didn’t wait for the report on their plans impact. As it [...]Show More Summary
The future of publicly funded welfare states is in doubt as costs trend upward, yet there is little agreement about the shape of the necessary reforms. This column uses the case of New Zealand to show how tax cuts can be designed toShow More Summary
School districts in Oregon have been drawing up plans for staff cuts, in case the Oregon legislature fails to come up with the revenue needed to fill a $1.4 billion state revenue hole. And according to several teachers who spoke during...Show More Summary
It appears that the Trump administration is warming up to a tricky procedural move that might let the Senate pass permanent tax cuts without bothering to pay for them. While the White House still doesn't have a formal tax plan yet, it's...Show More Summary
Remember when the financial markets believed that tax cuts, regulatory reform and infrastructure spending would rev up the economic growth engine? The dollar surged. Bonds cratered. And stocks broke out of a 22-month collective funk. Yet expectations that a “business-friendly” Trump...
The main beneficiaries of President Donald Trump's 2018 budget proposal are the people who already have too much, the one percent. Here's how tax cuts go for them, as reported in Yahoo! News: ”According to calculations from the Center for...
Trump's presidency is imperiled. Pence's credibility is in tatters. Ryan's loyalty is to tax cuts. America has become completely rudderless.
The Latest on the Minnesota Legislature's special session to finish its budget (all times local): 8:45 p.m. Lawmakers are finally starting to release pieces of their plans to complete a … Click to Continue »
The White House is projecting faster growth as a consequence of tax cuts. But it does not project the cost of those tax cuts, that is, the loss in tax revenue.
The White House made a basic mathematical error when trying to prove that massive tax cuts would pay for themselves and then some, according to a leading economist who advised former President Barack Obama. In a column in the Washington...Show More Summary
President Trump’s budget hews to a longtime Republican premise, but past efforts to enlarge the pie even while slicing it have fallen short of hopes.
Economists say the document doesn’t account for the costs of tax cuts and its other policy proposals.
President Trump’s budget unveiled today has received a storm of criticism as the administration proposes massive spending reductions while planning tax cuts that would most benefit the wealthy. But a larger question has emerged: Could all of this fiscal pain fail miserably in its goal of ridding the U.S. of a federal budget deficit? One [...]Show More Summary
In a plan entitled "The New Foundation for American Greatness," the Trump administration released their full budget proposal on Tuesday morning, which outlined an extreme schedule of tax cuts for the next 10 years amounting to a total...Show More Summary