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 […]

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 […]

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 […]

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 […]

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 […]

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

While the drama over at the Consumer Financial Protection Bureau is ongoing, the big story in Washington right now is still taxes. Members of Congress are back from their holiday break, and Republicans are doing their best to tweak and prod the tax plan to garner enough votes to get it through the Senate. That […]