FISCAL BLOG

The step-up in basis is a provision in tax law that relates to how assets — such as stocks, bonds, or real estate — are valued and taxed after their owner passes away.

President Biden’s request for discretionary funding for next year (fiscal year 2022) would substantially increase funding for nondefense programs, particularly in the Departments of Education, Health and Human Services, Housing and Urban Development, and Veterans Affairs.

The outbreak of COVID-19 has been both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.

The capital gains tax is a highly debated topic, as most presidential candidates have weighed in on how to revise it. Simply put, the capital gains tax is a levy on the profit received from the sale of a capital asset.

The United States currently faces a range of complex challenges including deteriorating infrastructure, a changing climate, and an inadequate system of education.

When most Americans think about businesses in this country, the word “corporation” may come to mind — but the truth is that the vast majority of businesses in the United States are not structured as traditional corporations, but as pass-through entities.

The COVID-19 pandemic has led to a considerable increase in spending — but our long-term debt was already on an unsustainable path.

The President’s budget for fiscal year 2022 calls for a large increase in nondefense discretionary spending next year as well as substantial spending for infrastructure and social programs over the upcoming decade.

The unprecedented size of the economic disruption, however, put the safety net to the test, revealing weaknesses that often prevented support from reaching some of the neediest families in a timely manner.

Climate change and its effects already impose a cost on the American economy and the federal budget — and looking ahead, the impact could be even more significant.