Yes, the government's open, but the budget battle isn't over yet. Congressional negotiators have until mid-December to craft a budget plan. Even if they strike a deal on time, it won't be enough, Marron says. The budget process is broken and it's time to fix it.
Once again, the US Treasury is facing the possibility of going past the debt limit, which could prompt major policy changes or minor tweaks to the Federal budget. This feels like a modern phenomenon, but debt limit showdowns are nothing new.
The US House of Representatives will vote Wednesday on a debt limit bill that will suspend the debt limit through May 18. If they fail to pass a budget by April 15, Marron writes, the debt limit bill will withhold their pay.
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US President Barack Obama and his daughters, Sasha (c.), and Malia (r.), participate in the annual turkey pardoning ceremony marking the 67th presentation of the National Thanksgiving Turkey while in the White House in Washington.
To offset the costs of cutting corporate tax rates, policymakers will need to roll back tax preferences, each of which has powerful defenders, Marron writes. To illustrate the challenge, Marron highlights a tax reform calculator from the Committee for a Responsible Federal Budget.
Marron highlights a previous blog post where he explains why almost half of Americans pay no federal income tax. The repost comes in light of a leaked video of Republican presidential nominee Mitt Romney commenting on the 47 percent.
Investors in the US are flying blind, according to a new report. Many fail to grasp compound interest, don’t understand fees and other investment costs, and aren’t aware about the risks of investment fraud.
High-frequency quoting that has skyrocketed recently, leading some in the US to think it might be time for a financial non-transaction tax similar to the one in France. The French will also impose a tax on traders who submit too many unfilled quotes.