Not everyone may be on board with the GOP's tax plan, but small businesses love it

Dec 12, 2017
The president of the National Federation of Independent Business says the last time the mood was this upbeat was right before the Reagan expansion.
U.S. Senate Majority Leader Mitch McConnell speaks about tax reform on Capitol Hill in Washington, D.C.
SAUL LOEB/AFP/Getty Images

Here’s why a one-year phase-in of the corporate tax cut could be a big deal

Dec 5, 2017
One of the key parts of the GOP tax reform plan is a cut in the corporate tax rate from the current 35 percent to 20 percent. In the bill passed by the House, that cut would begin next year. The Senate bill delays the cut until 2019. One year may not seem like a […]

The GOP tax plan and the federal debt … why does it matter?

Dec 4, 2017
The tax cuts the Senate approved in the wee hours of Saturday morning are expected to add at least $1 trillion to the federal deficit over the next decade. That’s according to the Senate’s own Joint Committee on Taxation. And that’s after taking into account a boost to economic growth generated by tax cuts. So […]

How many tax brackets do we need?

Dec 4, 2017
The GOP has promised its tax plan would ultimately create a simpler tax system for individuals. Key to that is a reduction in the number of tax brackets from the current seven. The House bill does that, taking them to four and lowering the rates. The Senate, though, sticks with seven, albeit at slightly lower […]

Don’t forget ... a federal government shutdown looms

Dec 1, 2017
Some groups use their leverage on the Hill to avert a closure.
Mark Wilson/Getty Images

Is this the right time for a tax cut?

by
Dec 1, 2017
The GOP tax cuts may add about 0.8 percent to GDP growth during the next 10 years, according to several budget models. But that’s economic growth for an economy that’s already heating up. And you know who you call when the economy gets too hot? The Federal Reserve. It’s the Fed’s job to come in […]

How will corporations spend their tax cuts?

Dec 1, 2017
History points to companies spending tax cuts on paying dividends to shareholders.
 Legislation and regulation books related to the GOP's planned tax overhaul are stacked and ready in the House Ways and Means Committee hearing room in Washington, D.C.
Chip Somodevilla/Getty Images

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Congressional tax proposals wouldn't do much to help low-income families with children, study says

Nov 30, 2017
Low-income families with young children wouldn’t see a lot of benefit from the House or Senate tax overhauls, according to a new study from the left-leaning Tax Policy Center. It found the tax cut proposals tilt heavily toward middle- and upper-income families. That’s even if the final version of the tax overhaul increases the child […]

Senate wrestles with consequences of Paygo Act on the tax reform bill

Nov 29, 2017
It looks like the Senate is going to vote on its ever-in-flux tax plan this week. Even though this bill could add up to $1.5 trillion to the deficit, there are consequences beyond just adding to the national debt. The Senate has something called pay-as-you-go rules, which basically say it has to offset revenue losses […]

GOP tax bill clears a Senate hurdle with the help of a trigger mechanism

Nov 28, 2017
Late minute behind the scenes jockeying proved favorable to deficit hawks seeking a safety net.