Former CBO Director: The Fall Will Be “Very Scary”, Expect A Market Crash

Rudy Penner, the former director of the Congressional Budget Office and the person described by MarketNews international as “one of Washington’s most respected fiscal policy experts”, told MNI Wednesday in an exclusive interview that he expects a “very scary” fall 2017 due to fiscal issues, with market-disrupting battles ahead on both the debt ceiling and fiscal year 2018 spending. Penner directed the CBO under president Reagan, worked at high level posts in the White House budget office, and the Council of Economic Advisers. He is currently a fellow at the Urban Institute and sits on the board of the Committee for a Responsible Federal Budget. Continue reading

77.5 Million Households Are Not Paying Federal Income Taxes

On Tuesday, The Tax Policy Center, a joint effort by the Urban Institute and the Brookings Institution, said the number of households that don’t pay federal income taxes fell to 45.3 percent. But that figure is still roughly 5 percentage points higher than the center’s 2013 estimate of 40.4 percent. Continue reading