“Breathe easy, billionaires: the carried interest loophole isn’t going anywhere.” More …
Taxes
Tax Cuts Quiet Once-Deafening GOP Call for Fiscal Discipline
“Republicans spooked world markets in their ardor to cut spending when Democrat Barack Obama occupied the White House. Now, with a GOP president pressing for politically popular tax cuts and billions more for the military, few in the GOP are complaining about the nation’s soaring debt.” More …
Why American Workers Pay Twice as Much in Taxes as Wealthy Investors
“Let’s say you and I are neighbors. You’re an emergency room doctor, and I don’t work, thanks to a pile of money my grandparents left me. Let’s also say we both report $300,000 in income to the Internal Revenue Service this year. Who pays more in taxes? You do, by a lot.” More …
University of Wisconsin and the Aftermath of Destroying Professor Tenure
“This past June, American academia went into an uproar over Gov. Scott Walker’s new budget in Wisconsin, which not only cut $250 million from higher education, but also severly weakened shared faculty governance and effectively destroyed professor tenure at state universities: Specifically, any professor in the system—tenured or not—could be dismissed or laid off by the 18-member Board of Regents using maddeningly vague criteria: ‘when such an action is deemed necessary due to a budget or program decision requiring program discontinuance, curtailment, modification or redirection.'” More …
Trump’s UNPAID-FOR-TAX-CUTS May Total $5 Trillion Dollars in New Tax Plan
“Trump’s tax cuts could total $6.7 to $8.3 trillion, $3 to $5 trillion of which may not be paid for by closing other tax loopholes and/or by limiting tax deductions. The resulting jump in the deficit threatens funding of Social Security, Medicare, Medicaid, public education and other vital services.” More …
Wisconsin won’t break even on Foxconn plant incentives for 25 years: analysis
“Wisconsin is not projected to break even on a $3 billion incentive package for a proposed LCD screen plant by Taiwan’s Foxconn for at least 25 years, a legislative analysis showed on Tuesday.” More …
Gary Cohn Thinks You’d Have to Be a “Moron” to Pay the Estate Tax
“Trump’s economic adviser accidentally admits an obvious truth: America has two tax systems. One for winners, and one for everyone else.” More …
Who Benefits From Donald Trump’s Tax Plan?
“Over the long term, this is most likely what Trump’s tax plan will look like. The poor, the middle class, and even the upper middle class see their incomes go down, while the top 10 percent see an increase and the top 1 percent see a huge increase. Welcome to Trumpland.” More …
Look Past the “Small Business” Rhetoric to See Trump’s Actual Policies
“No matter how much the President and congressional Republicans invoke small businesses and typical workers in their sales pitch for their tax plans, their actual tax and budget policies would do little to help such businesses and workers — and could even hurt them.” More …
Kansas, Sam Brownback, and the Trickle-Down Implosion
“The Kansas governor’s attempt to create supply-side nirvana in Middle America not only failed to grow the economy—it created a crippling crisis of government that led to a statewide rejection of his politics.” More …