You’re reading the Prompt 2024 newsletter. Sign up to get it in your inbox. Vice President Kamala Harris is out with her economic plan “to bring down costs for American families.” There’s already a lot of buzz about her proposals to go after corporate “price gouging,” cut taxes for families with kids and offer $25,000 … Read more
IRS Tax Compliance Costs the US Economy $546B Annually Skip to content taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. code imposes many costs on the US economy. The most direct costs, of … Read more
My spouse and I were lucky as parents. In 2005, I brought our infant daughter to work right after maternity leave, and she was my officemate until she could crawl into the hallway. A colleague did the same with her son the following year. Our employer, a small company with fewer than 25 employees, was … Read more
Abstract This paper offers a comprehensive analysis of Spain’s corporate tax system through the lens of the Laffer curve and Buoyancy index, assessing its efficiency in generating revenue. The study finds that Spain is nearing the Laffer curve’s optimal tax rate, beyond which tax revenue may decrease with rate hikes. The Buoyancy index reveals a … Read more
Minnesota Gov. Tim Walz isn’t generally regarded as a tax policy guy, but tax analysts and lawmakers say Vice President Kamala Harris’s new running mate has supervised the most dramatic shift toward progressive tax policy of any state in the country.While more than two dozen governors slashed individual and corporate taxes during the post-Covid period, … Read more
Unless corporations and the wealthy pay their fair share of taxes, the US will struggle to address numerous pressing challenges, including rising inequity, deteriorating national infrastructure, and the urgent demands of climate change.The 2017 Tax Cuts and Jobs Act slashed the corporate tax rate from 35% to 21%. It also gave corporations other tax breaks, … Read more
Senate Republicans block vote on child tax credit expansion and business tax deductions. As expected, Senate Republicans blocked legislation Thursday that would have cut taxes for working families and extended some corporate tax breaks. The vote was 48-44, falling well short of the 60 votes needed for cloture. The House had overwhelmingly approved the $79 billion bill in … Read more
Photograph Source: NY Senate Photo Next year, we’ll have to make one of the most important decisions about the future of our economy. Will we hand more power and wealth to big corporations and the rich — or invest in a healthy and resilient economy that works for all of us? In 2017, Republican lawmakers … Read more
This blog post was updated on August 2, 2024, to clarify that the Inflation Reduction Act was adopted in 2022. It is too soon to know the details of presumptive Democratic presidential nominee Kamala Harris’s 2024 tax agenda. But her record as a US senator and her short-lived 2020 presidential candidacy shows that she has … Read more
Continuing months of progressive opposition to the bipartisan Tax Relief for American Families and Workers Act, U.S. Sen. Bernie Sanders on Thursday voted against advancing the bill and highlighted how it would give tax breaks to major corporations.The bill passed the House 357-70 in January, shortly after it was negotiated by Senate Finance Committee Chair … Read more