Budget Battles
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How Medicare for All Is Tearing Democrats Apart
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Mike Bloomberg's Plan to Boost Social Security
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Court Strikes Down Trump Admin’s Medicaid Work Rules
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Pete Buttigieg’s Deficit Talk Scares the Left
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Deficit Soars 25% Over First Four Months of Fiscal 2020
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The $844 Billion Mystery in Trump’s Budget
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Trump’s $4.8 Trillion Fiscal Fantasy
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Elizabeth Warren to Billionaire Sheldon Adelson: Here’s Your Wealth Tax Bill
By Michael RaineySen. Elizabeth Warren came out swinging against Michael Bloomberg in the Democratic debate Wednesday night, and then took aim at a different billionaire the next day. The Warren campaign ran a full-...
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Trump Economists Say GDP Growth Will Fall Short of 3%
By Michael RaineyPresident Trump and Republican lawmakers promised an economic boom in the wake of their tax cut package in 2017, but growth rates have remained below 3% annually – well below the 5% touted by the...
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In Search of the ‘Disappearing Corporate Income Tax’
By Michael RaineyLawmakers clashed on Tuesday over the performance of the 2017 Tax Cuts and Jobs Act in a House Ways and Means Committee hearing titled “The Disappearing Corporate Income Tax,” with Democrats arguing...
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Trump’s $4.8 Trillion Fiscal Fantasy
By Yuval Rosenberg and Michael RaineyThe Trump White House on Monday released a $4.8 trillion budget for 2021 that calls for steep reductions in spending on safety net programs including Medicaid while proposing greater outlays for the...
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What to Look For in Trump’s 2021 Budget: CBPP
By Michael RaineyPresident Trump’s agenda for a possible second term is still on the drawing board, according to The Wall Street Journal’s Andrew Restucci, and aides are reportedly in the early stages of drafting...
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5 Whoppers From Trump’s State of the Union Address
By Michael RaineyPresident Trump delivered a polarizing, reality-show tinged State of the Union address Tuesday in which he claimed credit for three years of solid economic growth while making more than 30 “dubious...
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Fiscal Policy Still Boosting the Economy, but Not For Long
By Michael RaineyTax and spending policies at the local, state and federal level boosted economic growth in the fourth quarter of 2019, according to the newly updated Hutchins Center Fiscal Impact Measure from the...
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The American Dream Alive and Well in ... Finland?
By Michael RaineyBernie Sanders’s opponents routinely accuse him of being a “socialist” bent on importing nefarious foreign values to the U.S., and President Trump took that approach one step further this past...
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Bloomberg Proposes $5 Trillion in Taxes on the Rich, Corporations
By Michael RaineyMichael Bloomberg released a tax plan Saturday that aims to raise $5 trillion from high-income households and corporations over 10 years to pay for new spending on education, infrastructure and...
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US Economy Misses Trump's 3% Growth Target
The U.S. economy grew at a 2.1% annual rate over the final three months of 2019, the Commerce Department estimated Tuesday. For the full year, gross domestic product grew by 2.3%, down from 2.9% in...
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Trump’s ‘Four Pinocchio’ Tax Claim
President Trump routinely lies or makes exaggerated, unsupported and misleading claims. The Washington Post’s most recent tally of such statements topped more than 15,400 over Trump’s first 1,055...
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How the GOP Will Attack Bernie Sanders' Wealth Tax
By Michael RaineyWe highlighted yesterday a defense of wealth taxes from Gabriel Zucman, a liberal economist who has advised both Elizabeth Warren and Bernie Sanders on their tax proposals. On Friday, a pair of...
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Is a Wealth Tax a ‘Very American Idea’?
By Michael RaineyThe wealth tax proposed by Democratic presidential candidates Elizabeth Warren and Bernie Sanders has broad support among the American public. A Hill-HarrisX survey last year found that 74% of...
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Why the IRS Is Struggling to Do Its Job
By Michael RaineyThe IRS doesn’t have enough funding or personnel to do its job properly, according to the 2019 annual report from the Taxpayer Advocate Service, an independent organization within the Internal...
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Good News for Tax Cheats: IRS Audit Rate Drops to Lowest in More Than 40 Years
By Michael RaineyThe annual IRS report we told you about yesterday revealed that the agency audited just 0.45% of individual tax returns in 2019. That marks the eighth year in a row the audit rate has dropped, says...