• Will Ancient IRS Technology Eat Your Tax Refund?

    By Michael Rainey

    An essential piece of software involved in processing millions of tax returns for the IRS is “old enough to be a grandparent,” reports Nextgov , and officials are worried about what would happen if...

  • Chart of the Day: US Household Income

    By Michael Rainey

    The Congressional Budget Office released a new report Monday on the distribution of income in the U.S. Ignoring means-tested transfers and federal taxes, the average household income in 2014 was $19,...

  • Democrats’ New Weapon in the Tax Wars: Interactive Maps

    By Michael Rainey

    The political battle over the effects of the Republican tax cuts is heating up, with Democratic lawmakers on the Joint Economic Committee releasing a set of interactive maps Monday designed to show...

  • Minor League baseball players stretch in Maryland before game

    Tax Bill Throws Wicked Curve at Pro Sports Teams

    By Michael Rainey

    Thanks to a 1967 ruling from the IRS, professional sports franchises have made trades without worrying about taxes. Under the rule, player contacts were swapped as “like-kind property,” a tax-free...

  • A Withering Take on the New Pass-Through Tax Rules

    By The Fiscal Times Staff

    Daniel Shaviro , a tax law professor at New York University, published an analysis of the new U.S. rules for pass-throughs, and the abstract for the paper is just scorching: "The pass-through rules...

  • FILE PHOTO:  Fannie Mae headquarters is seen in Washington, DC, U.S. on February 21, 2014.  REUTERS/Kevin Lamarque/File Photo

    Fannie Mae Whacked by New Tax Rules

    By Michael Rainey

    The Republican tax overhaul took a big bite out of Fannie Mae, the mortgage giant that has been managed by the federal government since the 2008 financial crisis. The new tax rules forced Fannie Mae...

  • U.S. President Trump sits at his desk before signing bills at the White House in Washington

    Trump Clearly Has No Problem with Debt and Deficits

    By Michael Rainey and Yuval Rosenberg

    A self-proclaimed “king of debt,” President Trump has produced a budget that promises red ink as far as the eye can see. With last year's $1.5 trillion tax cut reducing revenues, the White House gave...

  • FILE PHOTO: A CSX freight train crosses the Potomac River in Harpers Ferry West Virginia

    Why Trump’s $1.5 Trillion Infrastructure Plan Will Never Get on Track

    By Michael Rainey

    The Trump administration’s infrastructure plan , released Monday, is designed to “stimulate” $1.5 trillion in spending over 10 years, but the federal government’s contribution to that effort is just...

  • Another Blue State Wants a Tax Workaround

    By Michael Rainey

    New Jersey is the latest high-tax state looking for ways to limit the potentially negative effects of the Republican tax overhaul, which imposed a $10,000 limit on state and local tax deductions. On...

  • A red traffic light stands in front of the U.S. Capitol building in Washington

    3 New Rules that Will Define Government Spending

    By Michael Rainey

    Critics across the political spectrum agree that the massive spending deal President Trump signed Friday marks a huge shift in the fiscal environment in Washington. Heather Long and Jeffrey Stein of...

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