Donald Trump's proposed tax plan could add $11 trillion to federal debt over the next ten years with a revenue reduction that would be the largest in history.
Though policymakers are often consumed with discussing the top tax rate, only one percent of couples are in the 39.6 percent tax bracket. The majority of American incomes are taxed at 15 percent or less.
Nearly half of Americans pay no federal individual income taxes, according to the Tax Policy Center.
It is worth considering the Congressional Budget Office’s fiscal forecast, out today, as you think about the campaign promises of Hillary Clinton and Donald Trump. In that context, Clinton’s agenda is merely irresponsible. Trump’s is fiscal madness.
Organizations such as churches are often faced with the choice between tax-exempt status and use of their political voice.
PROMESA, legislation regarding Puerto Rico's debt crisis, will lend Puerto Rico money for legal and financial consultants and create a Financial Oversight and Management Board. The task at hand now is growing the Puerto Rican economy.
Washington's metro system is in dire need of repair, but without dedicated funding, where the money for repairs will come from is up in the air.
Though the government benefits programs in the United States lack efficiency, a universal basic income isn't the solution.
In 2018, the federal government could be paying more than $900 billion in interest—nearly twice what it pays today. By 2026, it could be paying more than $1.8 trillion in debt service, 50 percent more than under current fiscal policy.
Sanders has introduced many ideas for tax reform, and these ideas might just outlive his candidacy for president.
Even though withdrawals from IRAs are taxed, IRAs are considered tax-free. Here is how economists' math works out.
The proposed PHIT Act could result in a tax break on sporting equipment. Will a tax incentive encourage getting fit or act as a tax break for the wealthy?
In November, voters will consider ballot initiatives to raise the minimum wage in eight states, following the decision by the California legislature to phase in its own version. We used the Urban Institute’s Net Income Change Calculator (NICC) to get a sense of how these wage changes would affect the bottom line for a sample family.
When one looks at growing inequality in earnings and wealth, it’s wrong to think this is only an issue of the “top 1 percent.” The way government tax subsidies are allocated also play a role.
Value-added taxes (VATs) have been attracting growing attention in the United States. There are many benefits to such a tax, and new research shows that it should not be a burden for small businesses, either.
Bernie Sanders has argued that that 'sin taxes' like levies on soda consumption unfairly burden low-income families. Is he right?
At least when it comes to taxes, GOP rivals Ted Cruz and Donald Trump have far more ideas than Kasich. In the contest over specifics, the Ohio governor and former House Budget Committee chairman, is a distant third.
Like millions of other Americans, President and Mrs. Obama filed their 2015 tax return shortly before the deadline. Unlike most of us, they also posted their return on the White House website for everyone to see.
Policymakers should consider how to use the civic obligation of tax filing as an opportunity for civic education about the true structure of the income tax.
Congress could close the nation’s tax loopholes without waiting for comprehensive tax reform. And, if Congress does its job right, the US Department of the Treasury could stop patching the corporate tax quilt on its own.