Taxes

Treasury Department Encourages Workers to Check Their Withholding

By The Fiscal Times Staff

With the new tax law in place, the Treasury Department is urging taxpayers to take another look at their paychecks and make sure the right amount is being withheld. “We urge taxpayers to visit the...
Sparring Over the Tax Bill

By Michael Rainey

The Senate Finance Committee heard from supporters and critics of the new tax law in a hearing on Tuesday afternoon. There was little agreement to be found, with the Republican witnesses largely...
Why the Deficit Outlook Could Be Even Worse Than It Seems

By The Fiscal Times Staff

The Congressional Budget Office warned earlier this month that the U.S. will start running $1 trillion deficits in 2020, and that the national debt will be nearly as large as the economy in a decade...
Chart of the Day: Despite Trump's Tax Cuts, GDP Expectations Sag

By The Fiscal Times Staff

The Commerce Department is scheduled to issue its advance estimate of first-quarter GDP on Friday, and the report is widely expected to show economic growth slowed over the first few months of the...
The Biggest Winners from the ‘Small Business’ Tax Cuts

By Michael Rainey

Republicans insisted that their tax cuts on pass-through entities were meant to reduce the tax burden on small businesses and thus spur job creation. But updated estimates from the Joint Committee on...

Tax Cuts Take a Toll on State and Local Public Servants

By Michael Rainey

Teachers in Arizona have announced they will go on strike this week, joining educators in Oklahoma, West Virginia and Kentucky protesting low wages and insufficient school funding in their states...
Have the Trump Tax Cuts Flopped?

By Michael Rainey

Sunday marks four months since President Trump signed the Republican tax overhaul into law. So it surprised us just a bit to see economist Andrew Hunter of Capital Economics already asking: “Have the...
Could Another Round of Tax Cuts Backfire on Republicans?

By Yuval Rosenberg

Republicans face a dilemma in their quest to pass another massive tax cut ahead of November’s midterm elections. Party leaders have pledged to make permanent individual tax cuts in the tax overhaul...
Why the Trump Tariffs Could Cost More Jobs Than They Save

By Michael Rainey

The tariffs President Trump announced – including a 25 percent levy on steel imports, with some notable exemptions – are meant to protect American jobs, but analysts at the Federal Reserve Bank of...
Banks Score Big from New Tax Law: $2.5 Billion in One Quarter

By The Fiscal Times Staff

The Wall Street Journal’s Michael Rapoport reports : “Overall, the combined earnings of Goldman and the four major national banks — JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and...

The GOP Tax Message May Have Backfired in Pennsylvania

By Michael Rainey

Republicans were banking on their $1.5 trillion tax cut to give them a boost in the 2018 elections, but that isn’t how Tuesday’s special election in Pennsylvania's deep-red 18th congressional...
Global Economy Is Booming, but Beware ‘Excessively Pro-Cyclical’ Policies

By Michael Rainey

The Organization for Economic Cooperation and Development is feeling pretty optimistic these days, saying Tuesday that global growth continues to strengthen this year and next, with investment and...
The Old Will Outnumber the Young in the US by 2035

By The Fiscal Times Staff

By 2030, all Baby Boomers will be older than 65, meaning that one in five U.S. residents will be of retirement age, the Census Bureau reports . And by 2035, seniors will outnumber children for the...
Monthly Deficit Hits a 6-Year High

By Michael Rainey

The federal government’s budget deficit rose to $215 billion in February, the largest monthly deficit since 2012. The shortfall was driven by both higher spending and lower revenues. Government...
Are Wages Increasing in the Wake of the Tax Cuts?

By The Fiscal Times Staff

Are wage gains picking up or just puttering along? According to Ben Casselman of the The New York Times, that’s a hard a hard question to answer, due in large part to poor quality data that that is...