July 18, 2024 July 18, 2024 State lawmakers across the country navigated budget challenges and slowing revenue growth in 2024. This challenge was made worse by the winding down of temporary federal pandemic aid, coinciding with deep, permanent tax cuts. The impact of those tax cuts becomes clearer as they weigh on the ability of … Read more
If you’ve been on social media or tuned into the news lately, you may have heard about Project 2025, a controversial policy blueprint developed by the Heritage Foundation. A 900-page mandate from the conservative think tank is getting attention for its eyebrow-raising proposals. The legal organization, Democracy Forward has described Project 2025 as “among the most … Read more
The president plans to raise taxes on billionaires and giant corporations to help fund more affordable housing and childcare, while keeping taxes the same for those earning under $400,000 per year. With the 2024 presidential election less than five months away, President Joe Biden and former president Donald Trump have been busy highlighting their tax … Read more
Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more
A new academic study found that companies increase their tax risk profile—thus more tax aggression and a higher likelihood of tax fraud—when they believe IRS scrutiny will be lower due to budget cuts. For the study, which appears in the American Accounting Association’s Journal of Forensic Accounting Research, researchers looked at data from 10,992 companies … Read more
– An objective assessment of the plans is not yet available.
– The coalition wants to increase public spending in the short term, especially in 2025.
– Over a longer time horizon, spending will decrease somewhat.
– The targeted government deficit of 2.8% of GDP increases the likelihood of not remaining within the European 3% deficit norms.
– Budget cuts such as scrapping civil servants and reducing EU contributions seem unrealistic.
– Ad-hoc cuts to budgets may be made on a pro-rata basis if necessary.
– This could lead to political tensions and policy uncertainty.
The text discusses the potential impact of a Biden or Trump presidency on the US economy. The analysis covers eight major economic categories, including domestic manufacturing, higher education, healthcare, housing, labor, taxes, tariffs, and trade. Biden and Trump have different plans and approaches to these economic categories based on their past records as president and their campaign promises. Biden focuses on issues like lowering prescription drug costs, investing in the future, supporting workers and small businesses, and ensuring fair taxation. Trump, on the other hand, has proposed plans such as protecting American car manufacturers, imposing tariffs on foreign-made cars, and focusing on fossil fuels. The text also highlights the differences in their views on student loan debt, healthcare, housing costs, labor unions, taxes, tariffs, and trade policies.
Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.
Fact: Oakland is facing a 7 million deficit, leading to potential budget cuts and layoffs for public employees.
NJ Transit’s board approved a fare increase of 15% on July 1 and 3% every year after that.