Britain would have to raise taxes and cut spending to deal with the economic challenge posed after Britons voted to leave the European Union, finance minister George Osborne said. "We are absolutely going to have to provide fiscal security...Show More Summary
WASHINGTON (AP) — A new Washington study says Donald Trump's tax and budget plans would make the national debt skyrocket by $10 trillion or more over the coming decade, mostly because of his ambitious and expensive tax cuts. By contrast,...Show More Summary
Last week, House Republicans released a plan for a gigantic, regressive tax cut. Since gigantic tax cuts increase the budget deficit, you would think an organization devoted to the singular mission of reducing the deficit would oppose it. But no. The anti-deficit lobby Fix the Debt released a statement of ... More »
A new study says Donald Trump's tax and budget plans would make the national debt skyrocket by $10 trillion or more over the coming decade, mostly because of expensive tax cuts. The Committee for a Responsible Federal Budget also says...Show More Summary
House Republicans Propose Big Tax Cuts for Business and Investors, Move Towards a Cash Flow Tax House Speaker Paul Ryan (R-WI) unveiled his long-promised rewrite...
This week, House Republicans unveiled the centerpiece of their domestic agenda, which is, unsurprisingly, an enormous regressive tax cut. If enacted into law, this proposal would significantly increase the budget deficit. You would think the anti-deficit lobby would therefore oppose it. But no. Maya MacGuineas, head of the Campaign to ... More »
House Republicans rolled out a roadmap for tax reform Friday that drastically cuts corporate taxes and benefits high-income taxpayers—but not nearly as much as the plan proffered by the party's presumptive presidential nominee, Donald...Show More Summary
Mo' money, mo' problems. As City staff gear up for the 2017 budget process, the mayor has declared that an above-inflation property tax revenue increase is off the table. Council has also successfully pushed off introducing any new revenue tools until next year. Show More Summary
House Speaker Paul Ryan (R-WI) unveiled his long-promised rewrite of the tax code today. The plan, which he says represents the consensus view of his Republican caucus, contemplates a substantial tax cut for businesses and many individuals, especially investors and high-income households. It would take a big step towards a [...]
Congressional Republicans have just released their "new" corporate tax proposal. As usual for the GOP, the proposal again calls for steep cuts in the corporate tax rate. Lloyd Doggett, the Texas Democrat and member of the House Ways and Means...
Having exhausted its cash reserves and knowing that a tax increase is a political non-starter, Illinois’ Aurora Public Library (APL) will eliminate 21 jobs in August, the first phase in a cost-cutting effort designed to close a looming $1.5 million budget gap.
Republican presumptive presidential nominee Donald Trump has proposed lowering the corporate income tax rate from 35 percent – one of the highest rates in the world – to 15 percent. This proposal, much like any other tax cut, has been criticized heavily for reducing federal revenue. Show More Summary
At its core, a carbon tax is a tax on the carbon content of fossil fuels. It would raise revenue and result in reductions of CO2. Some supporters have pushed for a revenue neutral carbon tax, which would be paired with tax cuts in other...Show More Summary
Are you a democratic socialist who wants to cut taxes on the one percent, abolish the EPA, and kick all of these Mexican rapists and Muslim murderers out of our once-great nation? If so, you'll find much to like in the anti-Clinton jeremiad Donald Trump delivered Wednesday morning."The insiders wrote ... More »
Heretofore, I’ve approached in a piecemeal manner the assessment of the impact of massive tax cuts for the wealthy, building a really, really great wall, a final solution for the presence of undocumented immigrants, and the imposition a 45% tariff on Chinese imports. Moody’s Mark Zandi et al. have now done the hard work of […]
Serious is in the eye of the beholder, but Trump's proposal to sharply cut the corporate tax rate from 35 percent to 15 percent is intended to encourage more businesses to remain in the U.S. rather than move overseas. [...] Trump and...Show More Summary
California raised taxes and Kansas cut them. Conservatives' predictions about the results couldn't have been more incorrect.
Defenders of the Kansas and Wisconsin misadventures in supply side economics keep on pointing to North Carolina as the counter-example that proves tax cuts do prompt faster growth (e.g.,  ). A quick look at the data provides the following observations: (1) North Carolina GDP growth has merely matched nationwide growth since 2013Q1, (2) NC […]
George Voinovich, both a two-term senator and governor of Ohio, died June 12. Voinovich was an extremely popular governor known primarily for his fiscal discipline. Many of the remembrances of the Ohio politician have praised him for standing against his Republican allies and opposing the 2003 tax cuts proposed by George W. Show More Summary
In 2012, Kansas Gov. Sam Brownback launched a "real live experiment" in conservative governance. He slashed income taxes for top earners and eliminated them for more than 330,000 small businesses, promising the cuts would be "a shot of adrenaline into the heart of the Kansas economy." Instead, the result has been disastrous. Show More Summary