Update 289: Trump Floats Tax Cuts By Decree Called “Illegal, Flat-Out Bonkers;” Is it News? The GOP impulse to overreach when it comes to tax cuts is gaining almost frantic momentum right before the the August recess, as the GOP’s hopes of keeping its majorities in Congress looks ever more remote. Last week it …
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Update 269: In the Tax Cuts’ Wake: Pensioners, Workers to Pay the Piper Whether the GOP will campaign on last year’s tax cut is a central question of the midterm season. American taxpayers aren’t as enamored by this as much as similar cuts in the past. The sense has taken root, stoked by Paul Ryan …
Update 266 – Dereg Now, Dereg Whenever: Capital Rules Debate Pits Quarles vs. Quarrels If rapidly increasing economic growth, historic highs in financial industry profits, and capital markets in record territory of late all call for deregulation, there’s no bad time for it. And if proponents of financial deregulation control the House, Senate, and White …
Update 265 — 1st Qtr Bank Profits Break Records But Markets Skeptical: Is an Encore in Store? With the last of the financial sector’s quarterly earnings reports for 1Q18 trickling in, we take a look at the condition of the large and diverse financial sector in the United States. What we find is a sector …
Update 264 — GOP Double-Down Hair-Doo: Liked the Tax Cut? How about a Perm? While today marks the last day Americans will file their taxes under the old tax code, a number of Americans have already seen their paychecks influenced by lower tax withholdings. Republicans wasted little time celebrating the Tax Cuts and Jobs Act …
Update 262 — Peering over the Fiscal Cliff: Trillion-Dollar Deficits Far as the Eye Can See Earlier this week, the Congressional Budget Office (CBO) projected that the federal government’s annual budget deficit will reach $1 trillion next fiscal year. Under current CBO expectations, the national debt will exceed $33 trillion by fiscal 2028, up from …
Update 261 – K Street Prowess on Full Display In the Drafting and Influencing of the TJLA Experts and veteran observers were horrified at how quickly the Republicans pushed the massive Tax Cuts and Jobs Act (TCJA) through Congress. Tax legislation is notoriously complicated and witnesses to the sausage making braced themselves for unconsidered but …
Update 260 — Unpacking the 2017 Tax Cut: A Potpourri of Unintended Consequences For millions of Americans, April is the cruelest month because it requires time spent with the federal income tax code. This year (or tax year 2017) may top them all for annoyance, confusion, and surprises. And for billable hours for accountants and …
Update 258 — Omnibus Situation: Last Stop Before Two-Week Recess As of this writing on Thursday afternoon, one more piece of Congressional business remains before members and staff can start a long and long-awaited recess. Once again, Congress confronts a deadline of midnight tomorrow to keep the federal government funded. But no one wants to …
Update 250– Carried Interest … now Codified? In a Series of Tax Cut Act Surprises and Ironies After everyone from Bernie Sanders to Jeb Bush to Hillary Clinton to Donald Trump campaigned to inter the carried interest loophole at long last, a funny thing happened to this decades-old but anomalous tax practice in the 2017 …
