• Does the IRS Need a Bigger Budget?

    By Michael Rainey

    The IRS is receiving an extra $320 million to help cover the costs of implementing the Republican tax overhaul, funds that can be used over the next 18 months to assist taxpayers, revise hundreds of...

  • A general view of the U.S. Internal Revenue Service (IRS) building in Washington

    Spending Bill Includes $320 Million for IRS to Implement Tax Law

    By Michael Rainey

    A frequent target of Republican scorn, the IRS has seen its budget cut significantly in recent years. But the spending deal for 2018 boosts the agency’s budget by $196 million compared to 2017, for a...

  • 22. Construction Superintendent

    Who Benefits from ‘Opportunity Zones’?

    By Michael Rainey

    Governors have until today to nominate “opportunity zones” that are intended to bring investment capital and jobs to low-income communities in their states. The GOP tax bill established rules for the...

  • 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,...

  • The Old Will Outnumber the Young in the US by 2035

    By The Fiscal Times Staff

    By 2030, all Baby Boomers will be older than 65, meaning that one in five U.S. residents will be of retirement age, the Census Bureau reports . And by 2035, seniors will outnumber children for the...

  • Waste, Waste, Glorious Waste

    Monthly Deficit Hits a 6-Year High

    By Michael Rainey

    The federal government’s budget deficit rose to $215 billion in February, the largest monthly deficit since 2012. The shortfall was driven by both higher spending and lower revenues. Government...

  • Are Wages Increasing in the Wake of the Tax Cuts?

    By The Fiscal Times Staff

    Are wage gains picking up or just puttering along? According to Ben Casselman of the The New York Times, that’s a hard a hard question to answer, due in large part to poor quality data that that is...

  • Computer on fire

    What We're Reading: March 12, 2018

    By The Fiscal Times Staff

    Here's what we have our eye on today: NEWS Trump Wants a ‘Phase Two’ of Tax Cuts – CNBC Congress Has Until March 23 to Fund the Government. Three Ways This Could Go – Vox The First Target on Drug...

  • GOP Tax Bill Could Destabilize State Revenues

    By Michael Rainey

    State and local tax revenues grew at a significantly faster pace in the final quarter of 2017, according to preliminary data analyzed by the Rockefeller Institute of Government . The bump may be...

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