Budget Battles
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How Congress Cheats with Our Money — and How We Can Stop It
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April Is Financial Literacy Month. Someone Tell Congress.
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When the Budget Won’t Balance, Just Get Rid of the Budget Committee?
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With Recent Laws, Congress Has Added $540 Billion to the 2019 Deficit
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Why Trillion-Dollar Deficits Matter
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Paul Ryan's Fiscal Legacy: Lots of Red Ink
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Why Almost No One Is Happy About This Week's Balanced Budget Amendment Vote
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Have the Trump Tax Cuts Flopped?
By Michael RaineySunday marks four months since President Trump signed the Republican tax overhaul into law. So it surprised us just a bit to see economist Andrew Hunter of Capital Economics already asking: “Have the...
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Could Another Round of Tax Cuts Backfire on Republicans?
Republicans face a dilemma in their quest to pass another massive tax cut ahead of November’s midterm elections. Party leaders have pledged to make permanent individual tax cuts in the tax overhaul...
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Why the Trump Tariffs Could Cost More Jobs Than They Save
By Michael RaineyThe tariffs President Trump announced – including a 25 percent levy on steel imports, with some notable exemptions – are meant to protect American jobs, but analysts at the Federal Reserve Bank of...
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Banks Score Big from New Tax Law: $2.5 Billion in One Quarter
By The Fiscal Times StaffThe 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...
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Tax Day, Take 2: Filers Get More Time After IRS Glitch
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...
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Why All the Warnings About Unsustainable National Debt Could Be Wrong
By Michael RaineyInternational 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...
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The US Has an Exceptional Debt Outlook – and Not in a Good Way
By Michael RaineyThe 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...
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Why the Media War Over Trump's Tax Cuts Is Just Getting Started
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...
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The Biggest Winners from the GOP Tax Cuts (Hint: It Isn't Workers)
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...
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Computer Problems Plague the IRS on Tax Day … and Bigger Troubles May Lie Ahead
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,...
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The GOP Tax Law Is So Flawed It Must Be Completely Rewritten, Liberal Think Tank Says
By Michael RaineyA new analysis of the Republican tax overhaul from the liberal-leaning Center on Budget and Policy Priorities reaches a simple conclusion: the legislation is so deeply flawed that it needs to be...
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‘Stealth’ Tax Hikes Coming in Some States
By Michael RaineyThe Republican tax overhaul will increase income taxes in many states, thanks to state-level tax systems that are synched to the federal code. Politico’s Brian Faler explains : “When Congress pares...
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Yellen, Democratic Economists Say Fixing Debt Crisis Isn’t All About Entitlements
Late last month, a quintet of big-name Hoover Institution economists warned in a Washington Post op-ed that a coming “string of perpetually rising trillion-dollar-plus deficits” could soon lead to a...
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The Era of Permanent $1 Trillion Deficits Will Start in 2020, CBO Says
The Republican tax plan and increased government spending will provide a temporary boost to the economy but sharply increase the federal deficit, sending it above $1 trillion a year in 2020, two...
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Congress Was Hoping to Ride the Tax Cuts to the Election, but Trump May Have Other Plans
Now that Congress’ spring break is over, Republican lawmakers back in Washington are facing pressure from the White House to tackle some big items on President Trump’s agenda, even as many of them...
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