Jack Lew’s nomination for Treasury Secretary was already proving to be contentious but now questions are being raised on Lew’s personal financial activities. Lew reportedly made an offshore investment in the Cayman Islands that may have been an attempt to avoid taxes.
|By: DSWright Monday February 11, 2013 6:01 am|
|By: ThirdandState Friday February 1, 2013 4:09 pm|
Working families in Pennsylvania pay a far higher share of their income in state and local taxes than the state’s wealthiest earners, according to a new study by the Institute on Taxation and Economic Policy (ITEP). Pennsylvania’s tax system scored so poorly that it made the list of the “Terrible 10” most regressive tax states in the nation.
|By: Attaturk Thursday January 31, 2013 1:30 am|
The only solution to the problems caused by austerity is more austerity.
|By: masaccio Sunday January 20, 2013 10:40 am|
I need to unlearn the economics I was taught in college, relentlessly reinforced through conventional wisdom and its advertising program, and relearn it from the perspective of close observation of reality.
|By: DSWright Friday January 18, 2013 6:04 am|
As if more evidence was needed that Wall Street has rigged the game in its favor, the IRS is going to allow the banks that engaged in a massive nationwide program of mortgage fraud to write off their settlement.
|By: Peterr Saturday December 29, 2012 9:00 am|
All the handwringing over the fiscal cliff has centered on the “job creators” and the “middle class,” but the last time I checked, there was a non-trivial segment of the US population that falls into neither of these categories: the poor.
And yet, the DC chattering class doesn’t notice the difference between these two, nor address the separate needs of these two goups.
|By: TBogg Friday December 28, 2012 9:08 am|
ere is one of the people John Boehner and the Republicans are protecting from the onerous confiscatory upper end tax increase from 35 percent to 39.6 percent…
|By: David Dayen Friday December 21, 2012 5:51 pm|
Let’s just stipulate something for the record. If the Congressional Budget Office were asked to step in and score John Boehner’s “Plan B,” it would score as an increase to the deficit by about $4.9 trillion over ten yeas. If CBO scored the Obama plan, it would score as an increase to the deficit by about $4.1 trillion over ten years. That’s because current law dictates that America goes over the cliff and stays there. It doesn’t contemplate any changes to the law. And if America went over this cliff, the resulting austerity would be so great that it would swing the economy into recession. It would also virtually wipe out the long-term deficit gap, even while it would probably increase it a bit in the near term, because of increases in automatic stabilizers. But over the long-term, the deficit would essentially be wiped out.
|By: David Dayen Thursday December 20, 2012 6:28 pm|
I just finished laughing from this spectacle on the House floor today. The House leadership tried desperately to pass “Plan B,” the main part of which was an extension of the Bush tax cuts on the first $1 million of income. In truth, all of the other giveaways in it would actually result in lower taxes for many wealthy earners, but tax rates have this weird power, especially within the Republican caucus. And you could just feel today that conservatives weren’t willing to pass the bill, even at that ridiculously high level. John Boehner and the leadership added a sweetener in the form of a package that eliminated the sequester on defense spending and applied it to more discretionary spending cuts, and even that barely passed, tainted by the association to Plan B.
We waited for a vote. And waited. Then the House Republicans held a closed caucus. And then…