November 23, 2024
Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase. Read more.
November 22, 2024
Trump has, after all, already made full-throated declarations that his administration will conduct the largest deportation of undocumented residents in U.S. history. That should resonate in a place like California, with its estimated 1.8 million undocumented immigrants — and it certainly would shake up a state agriculture industry in which nearly half of all workers are undocumented.
November 21, 2024
President-elect Donald Trump and Republicans in Congress have promised to pass a new tax bill, and a new report breaks down the expected winners and losers. Joe Hughes, senior policy analyst with the nonpartisan Institute on Taxation and Economic Policy, says based on Trump's campaign proposals, the top one percent - those making more than $900,000 a year - will see their tax bill go down by more than $36,000, on average.
November 20, 2024
With President-elect Donald Trump poised to declare a national emergency to clear the way for the mass deportation of undocumented migrants, Florida may face wholesale disruption in the coming year. Immigration experts say about 5% of Florida’s population – 1.1 million residents – are living here without legal permission. How far Trump goes will be critical in gauging deportation’s impact on communities, families, workplaces and the Florida economy.
November 20, 2024
The proposals under discussion would likely increase inequality and hardship in America at a time when nearly 4 in 10 households are struggling to pay their bills. In this case, the cuts to America’s meager safety net would be used to finance an unusually direct transfer of wealth upward. A review of Trump’s 2024 campaign tax promises by the Institute on Taxation and Economic Policy found his proposals, taken together, “would, on average, lead to a tax cut for the richest 5 percent of Americans and a tax increase for all other income groups.”
November 19, 2024
President-elect Donald Trump and his advisers are eyeing major cuts to federal safety net programs like Medicaid and food stamps to balance the cost of their massive tax agenda, The Washington Post reported Monday.
November 15, 2024
Louisiana lawmakers on Thursday postponed a vote on a key bill in Gov. Jeff Landry’s sweeping and complex tax reform package.
November 14, 2024
“Most of the changes in the 2017 tax law were things that benefit the rich,” said Steve Wamhoff with the Institute on Tax and Economic Policy. “The cap on SALT deductions was one of the few things that limited tax breaks for the rich. That’s not to say that everyone affected by the SALT cap is rich, but the vast majority of impact is going to be with the richest 1%.”
November 14, 2024
Why didn’t the speeches register? Why did people persist in thinking that Harris was short on policy; that Trump’s programs would boost the American economy, despite a widely broadcast consensus from sixteen Nobel Prize-winning economists to the contrary; or that he would lower taxes for working people, though the Institute on Taxation and Economic Policy calculated that he would increase them? Even many of Trump’s critics think his first term marked a high point for border patrol, though more unauthorized migrants have been forced to leave under Biden. (Why was Biden’s Presidency widely dismissed as desultory, when, in fact, as my colleague Nicholas Lemann recently put it,…
November 14, 2024
With the confirmation that Republicans have won a majority in the House of Representatives, Donald Trump and his party will now have a governing trifecta in Washington come January, giving the new president a powerful perch to enact his rightwing agenda.
November 12, 2024
Social Security is a critical part of millions of Americans’ lives, providing a financial safety net for retirees, disabled individuals and survivors of deceased workers. For many retirees, Social Security benefits are a primary source of income, helping them cover essential living expenses such as housing, food and healthcare. Read more.
November 10, 2024
Donald Trump won a second term as president this week, promising an end to the “inflation nightmare” through some potentially inflationary policies. Here’s what the economy could look like under Trump 2.0. Read more.
November 8, 2024
Trump’s militarized removals could cost billions while upending the economy and ripping families and communities apart. Read more.
November 7, 2024
On October 31, Donald Trump landed in Albuquerque at a private aviation hangar, a location he chose for a rally in part because he owes the city half a million dollars from a 2019 event at the Santa Ana Star Center, and he wasn’t welcome at the downtown convention center. He stepped off the plane, […]
November 7, 2024
An initiative to repeal Washington’s capital gains tax, which levies a 7% tax on the sale or exchange of long-term assets like stocks, bonds and business interests, was defeated Tuesday. Read more.
November 7, 2024
Early this morning, the Associated Press declared Republican nominee Donald Trump the winner of the 2024 presidential election. And though nothing is certain, we do have a few clues as to how a second Trump presidency could affect Americans’ wallets in the short term. Read more.
November 5, 2024
It’s election week, and Vice President Kamala Harris and former President Donald Trump are making their last-ditch efforts to recruit voters. At the top of many Americans’ minds, of course, is the economy.
November 5, 2024
The wealthiest man on the planet is pumping tens of millions of dollars into Donald Trump’s campaign. He owns an influential social media company where he embraces right-wing influencers and conspiracy theories now dominating the platform. He has business interests with China and Russia’s Vladimir Putin’s regime while his companies receive billions of dollars in US government contracts.
November 4, 2024
Former President Donald J. Trump, in the closing days of the 2024 election, continues to be a font of exaggerations, misleading claims and outright lies.
November 2, 2024
Both Kamala Harris and Donald Trump have made a point of talking about taxes in the final days leading up to the presidential election. This is no accident: With more than 144 million taxpayers filing individual income tax returns this year, it’s a topic a huge swath of voters are likely paying attention to. Read […]
October 31, 2024
In the fourth installment of BI's five-part series in the final stretch before the election, Business Insider is looking at the ways each candidate's policies could affect how much you pay in taxes. (Read part one about investments, part two about costs, and part three about housing.)
October 24, 2024
Former President Donald J. Trump has spent much of the presidential campaign brainstorming new, and sometimes untested, ways to cut taxes. In the election’s final stretch, he raised the possibility of going even further: eliminating income taxes entirely.
October 23, 2024
The Marshall Project used text analysis to identify 13 major claims about immigration in over 350,000 of Trump’s public statements from Factba.se, some of which Trump has made 500 times or more. All of them are untrue or deeply misleading. Read more.
October 19, 2024
Former President Donald Trump vows he’ll kick millions of undocumented immigrants out of the US if he’s reelected. Read more.
October 18, 2024
As a result, tariffs would raise the cost of living more for middle- and lower-income families than the average. An estimate by the Institute on Taxation and Economic Policy, which assumes a 20 percent tariff, finds that it would reduce the real income of families in the bottom fifth of earners by 5.7 percent, of middle-income families by 4.6 percent, but of the top 1 percent by only 1.4 percent. An analysis by the Peterson Institute for International Economics arrives at similar numbers. In other words, Trump’s 2.0 tariffs would in effect be a strongly regressive tax increase, imposing a…
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