For years, liberal Democrats have agitated for the United States to tax wealth, not just income, as a way to ensure that rich Americans who derive wealth from real estate, stocks, bonds and other assets were paying more in taxes. On Thursday, that dream survived a Supreme Court scare, but just barely. Thanks to a […]
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The Supreme Court on Thursday upheld a tax on foreign income that helped finance the tax cuts President Donald J. Trump imposed in 2017 in a case that many experts had cautioned could undercut the nation’s tax system. The vote was 7 to 2, with Justice Brett M. Kavanaugh writing the majority opinion. He was […]
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The United States is on pace to add trillions of dollars to its national debt over the next decade, borrowing money more quickly than previously expected, at a time when big legislative fights loom over taxes and spending. The Congressional Budget Office said on Tuesday that the U.S. national debt is poised to top $56 […]
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Former President Donald J. Trump told a group of America’s most powerful chief executives on Thursday that he intended to cut the corporate tax rate to 20 percent from 21 percent, according to three people who attended the meeting and who spoke on the condition of anonymity because the ground rules stipulated the meeting was […]
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After Donald Trump was convicted on 34 felony counts, the Heritage Foundation — a right-wing think tank that has, among other things, produced the Project 2025 agenda, a blueprint for policy if Trump wins — flew an upside-down American flag, which has become an emblem for support of MAGA in general and election denial in […]
Read MoreThe United States government is more than $34 trillion in debt. Did you know that our government owes $34 trillion? That’s $34 trillion! Whenever I write about economic policy, I get a lot of mail and a lot of comments basically asking why I’m not talking more about the national debt. So I thought it […]
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To many Americans, the 2024 election is an unwelcome contest between the felonious and the frail. Voters hear democracy is at risk, which is true but is also another potential reason for disillusionment. Yet the stakes of their choice for the basic public policies that shape their lives are huge, if less discussed. Nowhere is […]
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President Biden’s top economic adviser said on Friday that lawmakers should take advantage of a looming tax debate next year to try to reduce budget deficits by sharply raising taxes on corporations and the rich. Under that plan, Mr. Biden would more than offset the cost of maintaining tax cuts for people earning $400,000 a […]
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The battle lines of the next big tax fight were laid out on Tuesday as Treasury Secretary Janet L. Yellen sparred with Republicans over the Biden administration’s plans to raise taxes on businesses and wealthy Americans. In recent weeks, Republicans have been amplifying their attacks on President Biden’s tax proposals, which have become central to […]
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More than 30 years ago, the economists Rudiger Dornbusch (one of my mentors) and Sebastian Edwards wrote a classic paper on what they called “macroeconomic populism.” Their motivating examples were inflationary outbreaks under left-wing regimes in Latin America, but it seemed clear that the key issue wasn’t left-wing governance per se; it was, instead, what […]
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President Biden will kick off a three-day tour of Pennsylvania, a crucial battleground state, with a speech on Tuesday that focuses on taxes and aims to contrast his policies with those of former President Donald J. Trump. In Scranton, his hometown, Mr. Biden is expected to talk about the tax code in the frame of […]
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The markets assume that former President Donald J. Trump has an even chance of winning the November election. So far, it appears they don’t care either way. The political prediction markets — which allow traders to place bets on the outcome of the November election — show that the presidential race is tight. After trailing […]
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