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The Taxing and Spending Clause (which contains provisions known as the General Welfare Clause) and the Uniformity Clause, Article I, Section 8, Clause 1 of the United States Constitution, grants the federal government of the United States its power of taxation.While authorizing Congress to levy taxes, this clause permits the levying of taxes for two purposes only: to pay the debts of the ...
The constitutional issue about the taxing power had deep roots running all the way back to the founders and to a dispute between Alexander Hamilton and James Madison.
I don’t consider myself an MMTer, but there is a basic Keynesian concept which has been associated with MMT, which is both true and important. For the federal government, taxes are not about raising revenue, taxes are about reducing consumption to prevent inflation. The point is that the federal ...
Dean Baker is the senior economist at the Center for Economic and Policy Research in Washington, DC.
The right way to attack the budget deficit is to cut spending, not to raise taxes.
A large shadow economy undermines tax collections. Good governance, e-payment systems and technology are important to shrink the shadow economy and improve taxation for better development outcomes.
Singapore’s giant reserves: a taxing question for its next prime minister, Heng Swee Keat
7 tax changes investors should watch for as they file. Americans will face a slew of new rules during the first tax-filing season with the Tax Cuts and Jobs Act of 2017 in effect.
Overview . New York State’s budget process uses an executive budget model. Under this system, the Executive is responsible for developing and preparing a comprehensive, balanced budget proposal, which the Legislature modifies and enacts into law.
The person with dementia may be considered your dependent for tax purposes. If so, you may be allowed to itemize his or her medical costs. Generally, you can deduct only the amount of your medical and dental expenses that is more than 10 percent of your adjusted gross income.