The $2.3 Trillion Gap Between Trump’s and Harris’s Plans to Cut Taxes
Former President Donald Trump has proposed roughly $6.5 trillion in tax cuts, while Vice President Kamala Harris has proposed $4.2 trillion in cuts. WSJ’s Richard Rubin breaks down the very different tax plans from the two candidates.
Top 5% of taxpayers would get nearly half the benefit if Trump tax cuts are extended | CNN Politics
The highest-income households would receive more than 45% of the benefits if the expiring provisions of the 2017 Tax Cuts and Jobs Act are extended, according to an analysis released Monday by the Urban-Brookings Tax Policy Center.
Day of Reckoning for Social Security Draws Closer | Craig Eyermann
In ten years, Americans counting on Social Security benefits for income will be in for a shock. The shock will come because the trust fund that provides about one-fifth of the cash Social Security benefits receive will run out of money in 2033. Starting in 2034, under current law, Social Security will only have enough money to pay 79% of its pro
Thailand is set to roll out a controversial $13.8 billion handout plan in digital money to citizens
Thailand’s prime minister has said that eligible businesses and individuals can register from August for digital cash handouts, a controversial program that will cost billions of dollars and is meant to boost the lagging economy.
Georgia lawmakers vowed to restrain tax breaks. But the governor's veto saved a data-center break | Georgia Public Broadcasting
Georgia lawmakers vowed they were going to rein in tax breaks for businesses this year, but their efforts came to nothing. Gov. Brian Kemp on Tuesday vetoed a bill to pause for two years a sales tax exemption the state gives for building and equipping computer data centers.
Policy Basics: Where Do Our Federal Tax Dollars Go? | Center on Budget and Policy Priorities
In fiscal year 2023, the federal government is estimated to spend $6.3 trillion, amounting to 24.2 percent of the nation’s gross domestic product (GDP). Of that $6.3 trillion, over $4.8 trillion is...
Recent and Near-Term Fiscal Policy: Headwind or Tailwind?
The federal government routinely uses government spending and taxes to help offset the highs and lows of the U.S. business cycle. While government spending typically increases during a recession, the magnitude of the fiscal expansion during the pandemic recession was outsized compared with the average historical pattern. This likely contributed to real economic growth and possibly inflation during the recovery. Over the next few years, U.S. fiscal policy is expected to be roughly neutral, providing neither a tailwind nor headwind to the overall economy.