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by
Howard Gleckman
on Thu 31 Jan 2008 05:56 PM EST
While everyone has focused on the individual elements of the stimulus bills working their way through Congress, few have paid much attention to the business provisions. They should, because they could turn out to be an awfully big waste of money. more »
by
KimRueben
on Tue 29 Jan 2008 06:20 PM EST
California's health care reform may be the first victim of the economic downturn.
Governor Arnold Schwarzenegger's ambitious $14.9 billion plan to reform the state's health insurance system has crashed, in part because it was unclear proposed funding sources would raise enough revenue to ensure the program's viability in the face of a deteriorating budget environment. The state is facing a $14.5 billion deficit.
more »
by
Howard Gleckman
on Tue 29 Jan 2008 05:07 PM EST
Not to spoil the stimulus party or anything, but the budget deficit this year could well approach $500 billion.
more »
by
Len Burman
on Tue 29 Jan 2008 02:48 PM EST
Among all the magical tax cuts in supply siders' arsenal, one is believed to have almost magical powers—cutting capital gains taxes. Advocates take it as a matter of faith that cutting tax rates on profits from sales of assets spurs so much more selling that revenues must increase. more »
by
KimRueben
on Fri 25 Jan 2008 03:06 PM EST
Six months ago, states were predicting balanced budgets and surpluses. Virtually all had surpluses at the end of fiscal year 2007 and more than half had ending balances equaling at least 10 percent of their general funds. Governors and legislatures were happily talking about property tax relief and expanding medical coverage to the uninsured. more »
by
Howard Gleckman
on Thu 24 Jan 2008 06:41 PM EST
Well, it could have been worse.
President Bush and House leaders say they have cut a deal on a $150 billion stimulus package—about $100 billion for families and individuals and about $50 billion for businesses. The centerpiece of the plan: a cash payment of at least $300 for most wage earners, along with an additional $300 per child.
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by
Len Burman
on Thu 24 Jan 2008 06:34 PM EST
I wrote a somewhat provocative op ed in yesterday's New York Times that sparked a lot of feedback. My modest proposal was to accelerate the expiration of the Bush tax cuts by two years—to 2009. I said that doing so would generate a burst of economic activity in 2008 while reducing the budget deficit, a rare feature for a stimulus. more »
by
Howard Gleckman
on Tue 22 Jan 2008 04:10 PM EST
With stock markets around the world sucking wind, and the Federal Reserve approving a stunning emergency interest rate cut of 75 basis points to try to forestall a Wall Street plunge, there no doubt that Washington policymakers will jump into the fray with a fiscal stimulus of their own. more »
by
Howard Gleckman
on Fri 18 Jan 2008 05:14 PM EST
When it comes to stimulus, President Bush and congressional Democrats may not quite be on the same page, but at least they are reading from the same book. I just wonder whether it is the right one.
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by
Ben Harris
on Thu 17 Jan 2008 02:42 PM EST
While the Presidential candidates are campaigning on grandiose and often radical reforms to the current tax system, they are missing out on a simple commonsense reform that would make tax filing easier for millions of Americans. more »
by
Howard Gleckman
on Tue 15 Jan 2008 05:41 PM EST
Let's say President Bush and Congress agree that the U.S. needs a fiscal boost to jump-start the sluggish economy. Let's say they even reach a consensus on what to do (fantasy, perhaps, but bear with me). Could tax cuts and direct aid get to individuals, business, and states in time to forestall a recession? more »
by
Howard Gleckman
on Thu 10 Jan 2008 06:16 PM EST
At the Brookings Institution this morning, a standing-room only crowd heard five economic heavyweights debate what may become the central domestic policy issue of 2008. Do we need fiscal stimulus to keep the nation out of recession, and, if we do, what should it look like? more »
by
Howard Gleckman
on Tue 08 Jan 2008 08:07 PM EST
So who does pay the corporate income tax? The question seems simple, but the answer turns out to be exceedingly complicated.
more »
by
Howard Gleckman
on Fri 04 Jan 2008 06:00 AM EST
Barack Obama, with his big victory in the Iowa caucuses, has done a terrific job positioning himself as the Democrats' candidate of change. In his "closing argument" speech a few days before the voting, Obama repeated the word no fewer than 18 times. more »
by
Len Burman
on Wed 02 Jan 2008 10:58 AM EST
As most TaxVox readers know, the political establishment waited until the last possible moment to pass the inevitable extension of the AMT "patch," sparing 20 million taxpayers from the dreaded alternative tax. Now the IRS says that lawmakers' procrastination will delay the start of the tax filing season by about a month—until mid-February—for taxpayers who claim certain tax credits that the AMT would have affected but for the twelfth-hour reprieve.
more »
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