Update 455 — Welcome to Tax Day 2020:The Cost of Fighting COVID via the Code The Trump administration’s reflexive economic policy response to COVID — and just about everything else — has been tax cuts, breaks, deferrals, deductions, and delays. The COVID tax relief measures have gone under the radar but represent a kind of …
The world will little note nor long remember the year-end fiscal package that Congress is poised to pass tonight. But it will get almost twice as many votes as impeachment and may be a more unambiguous win for Speaker Pelosi and congressional Democrats. Once this $1.4 trillion tax and spending package is passed and signed, …
Update 402 — Amazon To Apple After All; A Bird in Manhattan Worth Two in da Bronx? This February, we wrote up Amazon’s decision to renege on plans to build a new second headquarters in Long Island City, after a furor over the $3 billion in public money at stake. Fast forward to this past weekend …
Update 394 • Warren’s $20.5 Tr. M4A Pay-For:Revenue Neutral; No New Middle Class Taxes Last week, Sen. Elizabeth Warren released a plan to pay for her Medicare for All (M4A) proposal. Sen. Warren’s plan is to raise $20.5 trillion in revenue over ten years, raising no taxes on the middle class. The scope and size …
Update 393 — Tax Priorities and Possibilities:Congress’ 2019 Tax Dash; Warren’s 2020 Plan Today, Sen. Elizabeth Warren released a $20.5 trillion proposal consisting of revenue raisers to pay for her Medicare for All plan. The comprehensive proposal would make substantial changes to an array of tax titles, ruling out a direct tax increase on the …
Update 368 — Midsummer’s Budget Stunner;Niche of Living Dead/Tax Extenders Near You A deal to fund the government and raise the debt ceiling is in sight. The Pelosi/Mnuchin agreement will raise fiscal year 2020 spending caps for defense and non defense discretionary, about $320 billion total. From here, appropriators have until September 30 to draft, …
Update 361 — 2020 Pres. Candidates Propose Bevy of Tax Credits, But Are They Progressive? The 2020 Democratic presidential candidates are advancing a smorgasbord of tax credit proposals, mainly focused on augmenting existing tax credit programs, such as the earned income tax credit (EITC) and the child tax credit (CTC). Tomorrow, House Ways & Means …
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Update 348 — O-Zone Protections Paltry;Road for Investors, Public Still Perilous The Trump Administration’s putatively anti-poverty program known as the Opportunity Zone initiative seeks to promote economic investment in 8,700 distressed areas throughout the country. It was passed into law as part of the Trump tax cut. Taxpayer money is put to use here as …
Update 347 — Congressional Taxonomy: Which Tax Bills Can Pass SFC and HW&M? Roughly 100 million Americans, people and corporations, both prepared or just signed and filed federal tax returns due this past Monday. And now the government wants to go and change the tax code again? When doesn’t it? So we thought this would …
Update 340: Middle Class Cash & Credit CrunchCase Studies, Problems and Policy Solutions The long-awaited, much discussed, often feared inversion of the yield curve — where long-term yields fall below short-term ones — occurred at about 1 pm ET this afternoon. As we have discussed, this is a widely recognized harbinger of recession, news that …
