Nov 30, 2017 | Analysis
The United States is slowly but surely headed toward a federal debt crisis certain to inflict serious economic hardship on future generations. Today, the amount of federal debt held by the public stands at $14.8 trillion (all figures in this paper are in US dollars). While the US economy is expected to grow 76 percent in the next 30 years, that debt burden will, in inflation-adjusted terms, increase by over 240 percent during that time. Returning to a sustainable fiscal outlook will require hard choices and a clear understanding of both what led us to this point and the economic consequences of inaction.
Nov 29, 2017 | Analysis
Federal fiscal reform in the United States is increasingly necessary but over the last two decades has remained elusive. Part of the reason for the inaction reflects different political preferences and priorities. Part of it reflects differing views about the possible economic and social effects of controlling public spending and fiscal deficits. The result is that the US federal debt continues to grow unabated, which poses an increasing threat to future generations of citizens.
Oct 16, 2017 | Analysis
“As the result of this infuriating tactic, patients, insurance companies and the federal government pay an additional $5.4 billion annually on drugs, according to a study by Matrix Global Advisors for the Generic Pharmaceutical Association.”
Sep 13, 2017 | Analysis
Under current law, a taxpayer can claim a Child Tax Credit (CTC) of up to $1,000 for each qualified child under 17 years of age. The credit amount is dependent on the taxpayer’s modified adjusted gross income. If the CTC is greater than the amount of taxes owed, taxpayers may be eligible for the partially refundable Additional Child Tax Credit.
Sep 13, 2017 | Analysis
Under current law, a taxpayer can claim a personal exemption for themself, his or her spouse, and each qualified dependent. The personal exemption amount for 2017 will be $4,050. The actual benefit depends on the taxpayer’s marginal tax rate and gross income. Taxpayers can also claim a standard deduction as an alternative to itemizing deductions. In 2017, the standard deduction will be $6,350 for single filers, $9,350 for head-of-household filers, and $12,700 for married couples filing jointly.
Sep 13, 2017 | Analysis
Under current law, taxpayers can claim the standard deduction as an alternative to itemizing deductions. In 2017, the standard deduction is $6,350 for single filers, $9,350 for head of household filers, and $12,700 for married couples filing jointly.
