Tag: Federal Taxes (US)

Could Tax Increases Speed Up the Economy? Democrats Say Yes

WASHINGTON — Elizabeth Warren is leading a liberal rebellion against a long-held economic view that large tax increases slow economic growth, trying to upend Democratic policymaking in the way supply-side conservatives changed Republican orthodoxy four decades ago. Generations of economists, across much of the ideological spectrum, have long held that higher taxes reduce investment, slowing […]

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Biden Proposes Smaller Tax Increases Than Rivals Do

WASHINGTON — The Democratic presidential candidate Joseph R. Biden Jr. would raise taxes on high earners and corporations by at least $3.4 trillion over the course of a decade if elected, his campaign said Wednesday, releasing a set of plans that are far less aggressive than his more liberal rivals’. Mr. Biden would raise a […]

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Jeffrey Epstein’s Charity: An Image Boost Built on Deception

Jeffrey Epstein’s foundation looked for all the world like a charitable powerhouse: On its websites and in its press releases, the foundation was described as a patron of hospitals, universities and film festivals, run by a global philanthropist. The organization — known by various names, but usually called the J. Epstein Virgin Islands Foundation — […]

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Dear Debate Moderators …

This article is part of David Leonhardt’s newsletter. You can sign up here to receive it each weekday. Dear Rachel Maddow, Andrea Mitchell, Ashley Parker and Kristen Welker: Please don’t start with Medicare. The four of you will be moderating tonight’s Democratic debate in Atlanta. And I’m hoping you can avoid the Medicare obsession that […]

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The Danger of Elizabeth Warren

Under pressure, Elizabeth Warren has retreated from the idea of immediate implementation of Medicare for All, but she remains committed to the progressive core of her candidacy. As she put it in a speech to Iowa Democrats on Nov. 1: If we’re going to meet the challenges of our time, we need big ideas. Big […]

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How Democrats Would Tax High-Income Professionals (Not Just the Mega-Rich)

Much of the Democratic primary race has focused on taxes aimed at the billionaire class — policies devised to reduce inequality and fund progressive goals on health care and education. But there’s also a less discussed tax increase in leading Democratic policy proposals that would affect not just a tiny sliver of the ultra-wealthy, but […]

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A Broken Promise on Taxes

Listen and subscribe to our podcast from your mobile device: Via Apple Podcasts | Via RadioPublic | Via Stitcher As they lobbied the Trump administration for a $1.5 trillion tax cut, corporations vowed to invest the savings back into the U.S. economy. Today, we investigate whether they made good on that promise. On today’s episode: […]

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I.R.S. Whistle-Blower Met With Senate Staff Members

WASHINGTON — Senate Finance Committee staff members met this month with an Internal Revenue Service whistle-blower who has alleged that senior Treasury Department officials tried to exert influence over the mandatory audit of President Trump’s tax returns, a congressional aide said on Monday. The whistle-blower contacted the staff of the House Ways and Means Committee […]

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How FedEx Cut Its Tax Bill to $0

WASHINGTON — In the 2017 fiscal year, FedEx owed more than $1.5 billion in taxes. The next year, it owed nothing. What changed was the Trump administration’s tax cut — for which the company had lobbied hard. The public face of its lobbying effort, which included a tax proposal of its own, was FedEx’s founder […]

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Warren Wealth Tax Could Slow Economy, Early Analysis Finds

WASHINGTON — Senator Elizabeth Warren’s proposed wealth tax would slow the United States economy, reducing growth by nearly 0.2 percentage points a year over the course of a decade, an outside analysis of the plan estimates. The preliminary projection from the Penn Wharton Budget Model, which will be unveiled on Thursday in Philadelphia, is the […]

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Are Billionaires Bad for Democracy?

The billionaire class has begun unloading on Elizabeth Warren. A few days ago, Jamie Dimon of J.P. Morgan Chase — at just $1.6 billion in net worth, a comparative piker — said Senator Warren “vilifies successful people.” Then Bill Gates ($107 billion), in an onstage interview with The Times’s Andrew Ross Sorkin, mused about what […]

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The Billionaires Are Getting Nervous

When Bill Gates founded Microsoft in 1975, the top marginal tax rate on personal income was 70 percent, tax rates on capital gains and corporate income were significantly higher than at present, and the estate tax was a much more formidable levy. None of that dissuaded Mr. Gates from pouring himself into his business, nor […]

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Elizabeth Warren Offers to Explain Her Wealth Tax to Bill Gates

Senator Elizabeth Warren on Wednesday invited the billionaire Bill Gates to meet so she could allay his worries about her plans to raise taxes on the wealthy and explain “exactly how much” he would pay. Speaking with the columnist Andrew Ross Sorkin at The New York Times DealBook Conference on Wednesday, Mr. Gates, the Microsoft […]

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The Big Problem With Wealth Taxes

Senator Elizabeth Warren unveiled a new wealth tax proposal last week that she says will raise — along with her previously announced wealth tax plan — $3.75 trillion over the next decade. Senator Bernie Sanders says his wealth tax will yield $4.35 trillion over the same period. We fear these figures are vast overestimates. The […]

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Don’t Let Trump Make You Numb to What’s Unacceptable

The problem with being a frog in a beaker is that you may not notice the water temperature rising to a boil. Humans, too. In New Delhi, people get used to air that is filthy. In Syria, to checkpoints. In Angola, to corruption. In China, to propaganda. And in America, we risk becoming numbed to […]

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How Is a Wealth Tax Like a Cigarette Tax?

ImageIn the short term, some wealth taxes could encourage the leasing of yachts and other luxury goods.Credit…Laurent Emmanuel/Agence France-Presse — Getty Images Most taxes exist as a necessary evil. The United States government taxes people’s income not because it wants them to earn less income, but because it is a way to raise a lot […]

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Trump Taxes: Appeals Court Rules President Must Turn Over 8 Years of Tax Returns

A federal appeals panel said on Monday that President Trump’s accounting firm must turn over eight years of his personal and corporate tax returns to Manhattan prosecutors, a setback for the president’s attempt to keep his financial records private. The three-judge appeals panel did not take a position on the president’s biggest argument — that […]

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Warren Goes 1 for 2 on Medicare

Health care will cost the average American person about $11,000 this year. We pay some of those costs directly, through premiums, deductibles and out-of-pocket expenses. Other costs are shrouded, paid through taxes and employer contributions. Either way, the combined total is staggering, easily the world’s highest and more than twice as much per person as […]

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Billionaires Only? Warren Errs in Saying Whom Her Health Plan Would Tax

WASHINGTON — When Senator Elizabeth Warren laid out her plan for “Medicare for all” on Friday, she said she would raise taxes on the top 1 percent of households to help pay for it. The middle class, she said, would not pay “one penny” more. On Saturday night, Ms. Warren presented an even narrower description […]

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Can Trump Avoid Taxes by Moving to Florida? It’s Not So Simple.

Like a long line of other wealthy New Yorkers, President Trump has decided to establish his legal residence in Florida, apparently at least in part to save money on taxes. But changing one’s legal home is not so simple. New York State has a platoon of state auditors who zealously examine whether people are trying […]

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Economic Incentives Don’t Always Do What We Want Them To

At least since Adam Smith and his famous B’s (“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest.”), a fundamental premise of economics has been that financial incentives are the primary driver of human behavior. Over the […]

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Symbol of ’80s Greed May Profit From Trump Tax Break for Poor Areas

RENO, Nev. — In the 1980s, Michael Milken embodied Wall Street greed. A swashbuckling financier, he was charged with playing a central role in a vast insider-trading scheme and was sent to prison for violating federal securities and tax laws. He was an inspiration for the Gordon Gekko character in the film “Wall Street.” Mr. […]

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