Taxes

Tax Break for Poor Neighborhoods Is Helping Build a Superyacht Marina

By Michael Rainey

The 2017 Tax Cuts and Jobs Act created special “opportunity zones” that give investors generous tax breaks in exchange for investing in low-income neighborhoods. The purpose of the tax law is “to...
Elizabeth Warren Escalates Her Battle With Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax has ruffled quite a few feathers among America’s billionaire class, and her rhetorical battle with the superrich entered a new phase Wednesday when investor...
Trump Eyes New Middle-Class Tax Cut – and a Massive Break for the Rich

By Yuval Rosenberg

President Trump’s economic advisers are considering whether he should make the promise of a middle-class tax cut a central element of his reelection campaign, according to various reports. The...
Elizabeth Warren Says Americans Will Spend $11 Trillion on Health Care. Is That True?

By Michael Rainey

Elizabeth Warren says that Americans will spend “about $11 trillion on insurance premiums, copays, deductibles and uncovered medical expenses” over the next 10 years if the current health care system...
Mark Sanford Ends 2020 Presidential Bid Challenging Trump

By Yuval Rosenberg

Former South Carolina Rep. Mark Sanford suspended his longshot presidential bid on Tuesday, 65 days after he announced he would challenge President Trump for the 2020 Republican nomination. A fiscal...

What Warren’s Wealth Tax Would Do to Billionaires

By Michael Rainey

Elizabeth Warren says her wealth tax – 2% on household wealth over $50 million, rising to 6% on household wealth over $1 billion – would raise trillions of dollars to pay for new social programs,...
What Bill Gates Gets Wrong About Wealth Taxes

By Yuval Rosenberg

Elizabeth Warren wasn’t the only one pushing back on Bill Gates’s comments about her wealth tax proposal. The New York Times Editorial Board notes that tax rates were considerably higher when Gates...
Buttigieg’s $1 Trillion Plan for Free Tuition, Child Care and Housing

By Michael Rainey

Democratic presidential contender Pete Buttigieg released on Friday more than $1 trillion worth of proposals that focus on education, housing and child care. The plans include: $700 billion for pre-K...
Warren Offers a Wealth Tax Calculator for Worried Billionaires

By Michael Rainey

Elizabeth Warren’s proposed wealth tax seems to have unsettled some of the country’s wealthiest citizens, inspiring criticism from the likes of Bill Gates and Leon Cooperman — and maybe playing a...
Hillary Clinton: Warren’s Medicare for All Plan Won’t Ever Get Enacted

By Yuval Rosenberg

Hillary Clinton said Wednesday that she doesn’t believe Elizabeth Warren’s Medicare-for-All plan would ever become law and that there are better ways to raise revenues than Warren’s proposed wealth...

Trump Pushes for More Tax Cuts Ahead of 2020 Election: Report

By Michael Rainey

With one eye on the upcoming election and the other on a decelerating economy, President Trump is pushing administration officials and Republican lawmakers to come up with a new package of tax cuts,...
Economy Cools as Trade War Bites, Tax Cuts Fizzle

By Michael Rainey

The economy grew at a 1.9% annual pace in the third quarter, according to preliminary data released by the Commerce Department Wednesday. Although the topline number was better than expected, the...
Mnuchin Pressed on ‘Alleged Rampant Corruption’ at Treasury Department

By Michael Rainey

Rep. Bill Pascrell, Jr. (D-NJ) on Tuesday asked Treasury Secretary Steve Mnuchin for more information related to a report in The New York Times alleging that Mnuchin personally intervened to provide...
Two Takes on Republican Debt Hypocrisy

By Yuval Rosenberg

The federal deficit for fiscal 2019 was nearly $1 trillion, and the national debt is going to hit $23 trillion within a matter of days. President Trump once said he would eliminate the national debt...
The Eye-Popping Tax Hikes Needed to Pay for Medicare for All

By Yuval Rosenberg

The Committee for a Responsible Federal Budget is the latest group to take a stab at answering the big question looming over the Medicare-for-All debate — and Elizabeth Warren’s presidential campaign...