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Home / Tag Archives: Federal Taxes (US)

Tag Archives: Federal Taxes (US)

Trump’s Corporate Tax Cut Was a Flop

This article is a wonky edition of Paul Krugman’s free newsletter. You can sign up here to receive it.Hello readers! Until 2017 I had a blog at The Times that was distinct from my column; it was, for the most part, where I put my wonkier, less readable work, often the homework that underlay the regular column. It was, you might say, where I talked to other dismal scientists, although anyone could listen in.When The Times folded the blog into the regular online paper, I retained the ability...

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Biden, Yellen and the War on Leprechauns

In the summer of 2016, Ireland’s Central Statistical Office reported something astonishing: The small nation’s gross domestic product had risen 26 percent in the previous year (a number that would later be revised upward). It would have been an amazing achievement if the growth had actually happened.But it hadn’t, as government officials acknowledged from the beginning. It was, instead, an illusion created by corporate tax games. At the time, I dubbed it “leprechaun economics,” a coinage...

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The Plot to Help America’s Children

SectionsSkip to contentSkip to site indexDemocrats seem ready to enact major economic relief legislation. The package will be big, with a price tag probably close to the Biden administration’s proposed $1.9 trillion. But the bulk of this spending will clearly be temporary. Americans won’t be getting $1,400 checks every year, unemployment benefits won’t always be this generous, we won’t constantly be mobilizing for emergency vaccination programs (or at least we hope not).There is, however, one...

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Four Rules That Should Guide Bidenomics

Here we go again. For the second time in 12 years a newly elected Democratic president is inheriting an economy in deep distress. And while it’s hard to focus on such things after last week’s Trumpist putsch, a lot depends on whether Joe Biden’s plan to deal with our economic woes is effective.The narrow Democratic margin in Congress means that the most ambitious progressive goals will have to be put on hold. But the rescue package Biden unveiled Thursday already indicates he won’t exhibit...

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La Trahison des Clercs, Economics Edition

Yesterday a former government official at a meeting I was attending asked a very good question: have any prominent Republican economists taken a strong stand against the terrible, no good, very bad tax legislation their party just rammed through the Senate? I couldn’t think of any. And this says something not good about the state of at least that side of my profession. We can divide Republican economists into three groups here. First are those enthusiastically endorsing the...

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Leprechaun Economics and Neo-Lafferism

At one level, trying to have a serious discussion of the economic impacts of the Cut Cut Cut Act – sorry, the Tax Cuts and Jobs Act – is arguably a waste of time. Republicans who believe, or pretend to believe, that tax cuts will produce an economic miracle, who didn’t change their minds after the Clinton boom, the Bush debacle, the Kansas disaster, and the strength of the economy after 2013 aren’t going to be persuaded by further analytical discussion. But some of us have...

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Paul Ryan Is Choking On His Own Mystery Meat

House Republicans were supposed to unveil their tax proposal today, but it has been put off — and not, as you might imagine, because they’re a bit worried that their grand opening might be overshadowed by the indictment of Trump’s campaign manager and sworn testimony of collusion between campaign officials and Russia. No, they’re delaying because on the verge of trying to pass a huge change in the U.S. tax system, they still haven’t settled on key parts of the proposal —...

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