Taxes

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...
Tax Day, Take 2: Filers Get More Time After IRS Glitch

By Yuval Rosenberg

Happy Tax Day … again. The IRS e-file system that was down for most of Tuesday is back up, but the outage led the agency to extend its filing deadline by a day, meaning taxpayers have until midnight...
Why All the Warnings About Unsustainable National Debt Could Be Wrong

By Michael Rainey

International economists are warning about rising global debt levels and deficit hawks in Washington are increasingly worried about what they see as unsustainable debt levels in the U.S., but a new...
The US Has an Exceptional Debt Outlook – and Not in a Good Way

By Michael Rainey

The International Money Fund’s latest global fiscal survey warns that in five years, the U.S. debt-to-GDP ratio will be higher than Italy’s, a nation not generally known for its exemplary fiscal...
Why the Media War Over Trump's Tax Cuts Is Just Getting Started

By Yuval Rosenberg

Tax Day is, of course, the perfect time for Republicans and Democrats to resume their messaging battle over the GOP tax law that passed late last year. Republicans took to TV and social media to hail...

The Biggest Winners from the GOP Tax Cuts (Hint: It Isn't Workers)

By Yuval Rosenberg

This won’t help the GOP’s tax cut message: U.S. companies are using the benefits of their tax cuts to reward shareholders and management far more than they are on hiring and pay raises, according to...
Computer Problems Plague the IRS on Tax Day … and Bigger Troubles May Lie Ahead

By Yuval Rosenberg

It wasn’t a very happy Tax Day for the IRS, which announced it was “experiencing technical difficulties” with some computer systems and temporarily couldn’t accept returns from tax preparers,...
What Americans Really Think About Taxes

By Yuval Rosenberg

Happy Tax Day! Ok, so maybe you’re not actively celebrating the IRS deadline, but Americans are now less likely than at any time since 2012 to say that the federal income taxes they pay are too high...
With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit

By Yuval Rosenberg

Spending hikes and tax cuts passed since 2015 under the Trump and Obama administrations account for $540 billion of next year’s projected $981 billion budget deficit, or 55 percent, according to...
Trump Touts Tax Cuts, but Can They Save the GOP from a Midterm Meltdown?

By Yuval Rosenberg

As the headlines about James Comey’s scathing criticisms of President Trump multiplied on Monday — and as presidential attorney Michael Cohen headed to a New York court for a hearing on documents of...

HBO’s John Oliver Says GOP 'Absolutely Blew It' on Corporate Tax Reform

By Yuval Rosenberg

With tax day just around the corner, HBO’s John Oliver on Sunday night took aim once again at the recent GOP tax overhaul and, in particular, what he called the "long and infuriatingly proud history...
Extending the Individual Tax Cuts Would Reduce Economic Growth: Penn Wharton Budget Model

By Michael Rainey

Most of the individual tax cuts in the GOP tax overhaul that became law in December are scheduled to expire after 2025, but Republican lawmakers are expected to try to make them permanent well before...
State Pension Funds Fall Deeper in the Hole

By Michael Rainey

State pension plans are facing a massive $1.4 trillion funding gap, according to a new analysis from the Pew Charitable Trust. Pension liabilities in all 50 states increased by $295 billion to...
Do You Know What Your Tax Rate Is?

By Yuval Rosenberg

Complaining about taxes is a favorite American pastime, and the grumbling might reach its annual peak right about now, as tax day approaches. But new research from Michigan State University...
How Tax Cuts Are Influencing Teacher Strikes

By Michael Rainey

Thousands of public school teachers in Oklahoma entered the 10 th day of their strike on Wednesday, part of a wave of labor protests by educators around the country. West Virginia teachers went on...