The special tax break for investment income – also known as capital gains and dividends – will let taxpayers off the hook for more than $61 billion in taxes this year. Most of those tax savings go to a particular kind of taxpayer.

Last week I wrote a post called Fiscal Cliff Definition, with a simple explanation of the much-hyped, so-called fiscal cliff. (I also suggested that we call it a "fiscal obstacle course" instead of a cliff, because that's a more appropriate metaphor.) The next important question is: What's going to happen?

Last week, on the heels of the Republican convention, my colleague Chris Hellman wrote here about the Republican Party platform and its implications for the federal budget. With the Democratic convention in Charlotte behind us, let's check out the Democratic platform approved by the party last week.

Federal income tax credits, deductions, and exclusions are a form of government spending that cost more per year than the amount of the U.S. budget deficit.

On our Facebook page, Kevin from Pennsylvania asked about proposals he's heard in recent years in favor of a national sales tax. Given that such proposals generally try to exempt families of certain income levels, would these policies still be considered regressive?

Betty from Hailey, Idaho, wrote to us about subsidies for oil companies. Thanks for writing, Betty – it's an interesting subject. Warning: We may have to get a bit wonky.