US Politics in Trump era Public date: 02.10.2020 20:59:01

Publisher: Bloomberg

Author:

10 Oct 2019

Trump Weighs Weakening Obama Rules to Curb Corporate Inversions

Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes, according to several people familiar with discussions.
Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving...
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campaign promises, corporations, governance, regulations, tax policy, trump agenda
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Publisher: Washington Post

Author:

21 Aug 2019

Trump confirms he’s considering a payroll tax cut amid mounting economic concerns

President Trump on Tuesday confirmed that he is considering whether to push for a temporary payroll tax cut amid mounting concerns about an economic slowdown. Trump’s comments pulled back the curtain on a freewheeling policy process within the White House. Senior administration officials are both trying to assess the real weaknesses in the economy while also determining whether they should take any steps to intervene before the 2020 elections.
President Trump on Tuesday confirmed that he is considering whether to push for a temporary payroll tax cut amid...
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campaign promises, economy, governance, recession, tax policy
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Publisher: Truthdig

Author:

16 Jul 2019

The Numbers Are In, and Trump’s Tax Cuts Are a Bust

This tax bill was constructed on a foundation of lies. To cite one obvious example, the real U.S. corporate tax rate has never been near the oft-cited 35 percent level. As recently as 2014, the Congressional Research Service estimated that the effective rate (the net rate paid after deductions and credits) was around 27.1 percent, which was well in line with America’s international competitors.
This tax bill was constructed on a foundation of lies. To cite one obvious example, the real U.S. corporate tax rate has...
Tags:
governance, republicans, tax policy, trump agenda
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Publisher: Washington Post

Author:

10 Jul 2019

Treasury could breach debt ceiling in first half of September, much sooner than previously thought

The U.S. government could run out of money to pay all of its bills by early September if Congress doesn’t rush to raise the debt ceiling, a think tank said Monday, a time frame that could force lawmakers to act much sooner than planned. The Bipartisan Policy Center said that the Treasury Department could breach the borrowing limit in two months because the government has brought in far less tax revenue this year than was projected.
The U.S. government could run out of money to pay all of its bills by early September if Congress doesn’t rush to...
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deficits, governance, republicans, tax policy
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Publisher: The Guardian

Author:

1 May 2019

Workers barely benefited from Trump’s sweeping tax cut, investigation shows

Big companies drove Donald Trump’s tax cut law but refused to commit to any specific wage hikes for workers, despite repeated White House promises it would help employees, an investigation shows. The 2017 Tax and Jobs Act – the Trump administration’s one major piece of enacted legislation – did deliver the biggest corporate tax cut in US history, but ultimately workers benefited almost not at all.
Big companies drove Donald Trump’s tax cut law but refused to commit to any specific wage hikes for workers, despite...
Tags:
campaign promises, economy, governance, one percent, tax policy, trump agenda
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Publisher: Bloomberg

Author:

7 Feb 2019

Banks’ $21 Billion Tax Windfall Doesn’t Stop Their Job Cuts

Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget -- as the industry benefited more than many others from the Republican tax overhaul.By year-end, most of the nation’s largest lenders met or exceeded their initial predictions for tax savings.
Major U.S. banks shaved about $21 billion from their tax bills last year -- almost double the IRS’s annual budget --...
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banks, governance, one percent, tax policy, trump agenda
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Publisher: Vox

Author:

7 Feb 2019

Trump tax bill and refunds: why fewer people are getting them

Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but also of how much tax is withheld from your paycheck by your employer on paydays. And the big story here is that as a result of the new tax law, the Treasury Department tweaked things so that on average taxpayers’ withholdings fell by more than their actual taxes owed.
Whether you get a refund or owe extra to the IRS at filing time is a function not just of your total taxes owed, but...
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governance, republicans, tax policy
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Publisher: MarketWatch

Author:

2 Feb 2019

It’s official: The Trump tax cuts were a bust

Right before Congress passed the Tax Cuts and Jobs Act in December 2017, President Trump proclaimed: “It’ll be fantastic for the middle-income people and for jobs, most of all ... I think we could go to 4%, 5% or even 6% [GDP growth], ultimately. We are back. We are really going to start to rock.” A year later, it’s very clear that the tax cuts boosted gross domestic product and jobs a bit — and just for one year.
Right before Congress passed the Tax Cuts and Jobs Act in December 2017, President Trump proclaimed: “It’ll be...
Tags:
99 percent, governance, republicans, tax policy, trump agenda
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Publisher: Bloomberg

Author:

28 Jan 2019

U.S. Deficit 2019: Treasury to Borrow $1 Trillion for 2nd Year

The U.S. Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening budget deficit, with new issuance projected to top $1 trillion for a second-straight year. A heightened supply of Treasury securities follows tax cuts and government spending increases implemented under the current administration. That’s darkening a fiscal outlook already made worrisome by rising entitlement-program expenses and higher costs to service America’s nearly $16 trillion in debt.
The U.S. Treasury Department is set to maintain elevated sales of long-term debt to finance the government’s widening...
Tags:
campaign promises, deficits, governance, republicans, tax policy
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Publisher: Common Dreams

Author:

29 Dec 2018

‘Pouring Salt Into the Wound’ Amid Shutdown, Trump Signs Executive Order Freezing Pay of Nearly 2 Million Federal Workers

With hundreds of thousands of federal employees currently furloughed or working without pay due to the ongoing government shutdown, President Donald Trump delivered another blow to struggling workers on Friday by signing an executive order that will freeze the pay of around two million public employees in 2019.
With hundreds of thousands of federal employees currently furloughed or working without pay due to the ongoing...
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executive orders, extreme measures, governance, shutdown, tax policy, trump agenda
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Publisher: NYTimes

Author:

13 Nov 2018

Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.

The $1.5 trillion tax overhaul that President Trump signed into law late last year has already given the American economy a jolt, at least temporarily. It has fattened the paychecks of most American workers, padded the profits of large corporations and sped economic growth.
The $1.5 trillion tax overhaul that President Trump signed into law late last year has already given the American...
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corporations, economy, governance, one percent, tax policy
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Publisher: NYTimes

Author:

17 Oct 2018

No, Trump’s Tax Cut Isn’t Paying for Itself (at Least Not Yet)

The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018 fiscal year, to $779 billion. That’s an unusual jump for a year in which unemployment hit a five-decade low and the economy experienced a significant economic expansion. But the increase demonstrates that the tax cuts President Trump signed into law late last year have reduced federal revenues considerably, even against the backdrop of a booming economy.
The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018...
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deficits, governance, tax policy, trump agenda
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Publisher: ThinkProgress

Author:

4 Oct 2018

These representatives voted to keep Trump’s sketchy tax practices hidden from the public

The New York Times published a lengthy investigative report on Tuesday accusing President Donald Trump of participating in “dubious tax schemes during the 1990s, including instances of outright fraud.” Despite his many 2016 campaign promises to eventually release his tax returns, he refuses to do so, and the public is still in the dark about his personal finances. Now, thanks to a vote last month by the 21 Republican members of the House Ways and Means Committee, those tax returns are unlikely to come to light in the foreseeable future. Those Republicans voted to keep the president’s tax returns hidden.
The New York Times published a lengthy investigative report on Tuesday accusing President Donald Trump of participating...
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governance, republicans, tax policy
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Publisher: Fortune

Author:

29 Sep 2018

House Passes $3.8 Trillion in Tax Cuts

With attention fixed on the Brett Kavanaugh confirmation hearings, the U.S. House of Representatives passed a new $3.1 trillion tax cut on Friday. The vote was 220 to 191, including three Democrats. The down-to-the-wire 2017 tax act passed in late December contained a mix of permanent and temporary changes that had to result in a net increased cost that fell within a structural limit of $1.5 trillion that allowed the Senate to approve the bill with a simple majority.
With attention fixed on the Brett Kavanaugh confirmation hearings, the U.S. House of Representatives passed a new $3.1...
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governance, one percent, republicans, tax policy, trump agenda
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Publisher: NYTimes

Author:

26 Sep 2018

As Debt Rises, the Government Will Soon Spend More on Interest Than on the Military

The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or children’s programs. The run-up in borrowing costs is a one-two punch brought on by the need to finance a fast-growing budget deficit, worsened by tax cuts and steadily rising interest rates that will make the debt more expensive.
The federal government could soon pay more in interest on its debt than it spends on the military, Medicaid or...
Tags:
competence, deficits, governance, tax policy
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Publisher: Washington Post

Author:

11 Aug 2018

In America, wage growth is getting wiped out entirely by inflation

Rising prices have erased U.S. workers’ meager wage gains, the latest sign strong economic growth has not translated into greater prosperity for the middle class and working class. Cost of living was up 2.9 percent from July 2017 to July 2018, the Labor Department reported Friday, an inflation rate that outstripped a 2.7 percent increase in wages over the same period.
Rising prices have erased U.S. workers’ meager wage gains, the latest sign strong economic growth has not translated...
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economy, governance, inflation, tax policy
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Publisher: NYTimes

Author:

31 Jul 2018

Trump Administration Mulls a Unilateral Tax Cut for the Rich

The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities.
The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a...
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conservatives, executive orders, extreme measures, governance, one percent, tax policy
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Publisher: NYTimes

Author:

28 Jul 2018

G.D.P. Grew at 4.1% Rate in U.S. in Latest Quarter. Here’s What That Means.

Economic growth surged in the second quarter — but don’t expect the boom to last. The second-quarter acceleration was widely anticipated by economists, a  result of a confluence of events unlikely to recur. Most economists expect growth to slow in the second half of the year. Still, recent data does suggest that the pace of growth has picked up this year.
Economic growth surged in the second quarter — but don’t expect the boom to last....
Tags:
economy, governance, strong economy, tax policy, trade policy
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Publisher: NYTimes

Author:

25 Jul 2018

How the Trump Tax Cut Is Helping to Push the Federal Deficit to $1 Trillion

The amount of corporate taxes collected by the federal government has plunged to historically low levels in the  first six months of the year, pushing up the federal budget deficit much faster than economists had predicted. The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and  allowed companies to immediately deduct many new investments.
The amount of corporate taxes collected by the federal government has plunged to historically low levels...
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competence, deficits, governance, tax policy
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Publisher: Washington Post

Author:

8 May 2018

Trump calls on Congress to pull back $15 billion in spending, including on Children’s Health Insurance Program

“Let’s be honest about what this is: President Trump and Republicans in Congress are looking to tear apart the bipartisan [CHIP], hurting  middle-class families and low-income children, to appease the most conservative special interests and feel better about blowing up the  deficit to give the wealthiest few and biggest corporations huge tax breaks,” Senate Minority Leader Charles E. Schumer (D-N.Y.) said Monday.
“Let’s be honest about what this is: President Trump and Republicans in Congress are looking to tear apart the...
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conservatives, extreme measures, governance, healthcare law, tax policy
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Publisher: Washington Post

Author:

2 May 2018

Trump’s former health secretary: Americans will pay more because GOP weakened Obamacare

President Trump's former top health official on Tuesday said the Republican tax law would raise the cost of health insurance for some Americans because it repealed a core provision of the Affordable Care Act.
President Trump's former top health official on Tuesday said the Republican...
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governance, healthcare law, republicans, tax policy
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Publisher: Forbes

Author:

16 Apr 2018

On The Deficit, GOP Has Been Playing Us All For Suckers

Think about this. The same congressional Republicans who over the previous eight years wanted everyone to believe they were fiscal conservatives hell-bent on balancing the budget and not increasing the national debt, sponsored, passed and then danced around the fire because of legislation that will result in a permanent $1 trillion deficit and a debt that will soar to close to 100 percent of GDP by 2028.
Think about this. The same congressional Republicans who over the previous eight years wanted everyone to believe...
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corruption, deficits, governance, republicans, tax policy
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Publisher: NYmag

Author:

11 Mar 2018

G.O.P. Rushed to Pass Tax Overhaul. Now It May Need to Be Altered.

The legislative blitz that rocketed the $1.5 trillion tax cut through Congress in less than two months created a host of errors and ambiguities in the  law that businesses big and small are just now discovering and  scrambling to address. Companies and trade groups are pushing the Treasury Department and Congress to fix the law’s consequences, some intended and some not, including provisions that disadvantage certain farmers, hurt restaurateurs and retailers and could balloon the tax bills of large multinational corporations.
The legislative blitz that rocketed the $1.5 trillion tax cut through Congress in less than two months created a host of...
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governance, republicans, tax policy
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Publisher: ThinkProgress

Author:

19 Dec 2017

‘Corker Kickback’ sends Republicans scrambling in advance of tax vote

Corker, the lone hold out on the Republican Tax policy, changes his vote last minute. Corker made his announcement two hours before the text of the tax bill was made public. In the 503-page text was a new provision that was not in the House or Senate legislation. It would specifically benefit real estate investors who operate “pass-through” businesses. This group includes President Trump — and also Bob Corker, who “has millions of dollars of ownership stakes in real-estate related LLCs that could also benefit” from the new provision.
Corker, the lone hold out on the Republican Tax policy, changes his vote last minute. Corker made his announcement two...
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corruption, governance, republicans, tax policy
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Publisher: The Guardian

Author:

11 Dec 2017

Kansas’s ravaged economy a cautionary tale as Trump plans huge tax cuts for rich

After a failed economic experiment meant to boost economic growth blew a hole in the Kansas budget as big as a prairie sky (a $350m deficit in the current fiscal year and nearly $600m in the next) state jobs and services have been slashed. To make ends meet, money that was earmarked for roads has been diverted to the general fund. A state that used to maintain 1,200 miles of road a year is now repairing 200 miles a year. Even in the capital, Topeka, potholes are everywhere.
After a failed economic experiment meant to boost economic growth blew a hole in the Kansas budget as big as a...
Tags:
extreme measures, governance, republicans, tax policy, trump agenda
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Publisher: NYTimes

Author:

6 Dec 2017

Tax Plan Crowns a Big Winner: Trump’s Industry

House and Senate  Republicans, in their divergent bills, both offered steeply reduced rates to corporate giants, partnerships and family-owned firms across the board. But when it came time to eliminate special breaks or impose tighter standards, real estate was generally excused from the room.
House and Senate  Republicans, in their divergent bills, both offered steeply reduced...
Tags:
conflict of interest, drain the swamp, governance, republicans, tax policy
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Publisher: NYTimes

Author:

5 Dec 2017

Republicans Sought to Undercut an Unfavorable Analysis of the Tax Plan

In 2015, Republicans changed the budget rules in Congress so that official scorekeepers would be required to analyze the potential economic impact of major legislation when determining how it would affect federal revenues. But on Thursday, hours before they were set to vote on the largest tax cut Congress has considered in years, Senate Republicans opened an assault on that scorekeeper, the Joint Committee on Taxation, and its analysis, which showed the Senate plan would not, as lawmakers contended, pay for itself but would add $1 trillion to the federal budget deficit.
In 2015, Republicans changed the budget rules in Congress so that official scorekeepers would be required to...
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corruption, deficits, gop, governance, republicans, tax policy
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Publisher: Vox

Author:

3 Dec 2017

Republican tax bill shows the GOP’s debt panic was a fraud

There is a long-running, almost metaphysical, argument about the GOP’s deficit hawkery. One school of thought holds that it has always been pure cynicism. Republicans passed the Bush tax cuts without offsets and paid for neither Medicare Part D nor the Iraq War. When they began decrying the deficit and debt during President Obama’s administration, under this theory, it was nothing but opportunistic political attacks, and it was obvious they would be abandoned as soon as Republicans regained power.
There is a long-running, almost metaphysical, argument about the GOP’s deficit hawkery. One school of thought holds...
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deficits, extreme measures, governance, republicans, tax policy
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Publisher: NYTimes

Author:

3 Dec 2017

Tax Bill Offers Last-Minute Breaks for Developers, Banks and Oil Industry

Even hours after the Senate vote, tax experts were scratching their heads over precisely what had made it into the final version of the bill and the impact of some significant  provisions. Still, it was clear that many changes expanded tax benefits for the wealthiest taxpayers, while other attempts to close loopholes fell by the wayside. The bill would add $1 trillion to deficits over the coming decade.
Even hours after the Senate vote, tax experts were scratching their heads over precisely what had made it...
Tags:
99 percent, corporations, extreme measures, governance, republicans, tax policy
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Publisher: Washington Post

Author:

28 Nov 2017

Senate GOP tax bill hurts the poor more than originally thought, CBO finds

The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families.Office.
The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year,...
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99 percent, democrats, governance, healthcare law, republicans, tax policy
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Publisher: NYTimes

Author:

27 Nov 2017

In Tax Debate, Gift to Religious Right Could Be Bargaining Chip

For years, a coalition of well-funded groups on the religious right have waged an uphill battle to repeal a 1954 law that bans churches and other nonprofit groups from engaging in political activity. Now, those groups are edging toward a once-improbable victory as Republican lawmakers, with the enthusiastic backing of President Trump, prepare to  rewrite large swaths of the United States tax code as part of the $1.5 trillion tax package moving through Congress.
For years, a coalition of well-funded groups on the religious right have waged an uphill battle to repeal a 1954...
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conservatives, extreme measures, governance, republicans, tax policy, ultra right
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Publisher: Mother Jones

Author:

6 Nov 2017

Republicans Are Laser-Targeting Enemies in Their Tax Bill

Republican tax bill targets their opponents and rewards their supporters. It favors rich investors, who mostly vote Republican. It punishes big, urban states that mostly vote Democratic. It hurts universities, which are also filled with Democrats. And it specifically harms students, who mostly wouldn’t be caught dead ever voting for a Republican. Has a big tax bill ever been this carefully constructed to reward and punish voters who support the right or wrong party?
Republican tax bill targets their opponents and rewards their supporters. It favors rich investors, who mostly vote...
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extreme measures, governance, republicans, tax policy
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Publisher: Washington Post

Author:

21 Oct 2017

Senate approves budget in crucial step forward for Republican tax cuts

The Senate approved the Republican-backed budget Thursday night, a major step forward for the GOP effort to enact tax cuts. The budget’s passage will allow the GOP to use a procedural maneuver to pass tax legislation through the Senate with 50 or more votes, removing the need for support from Democratic senators.
The Senate approved the Republican-backed budget Thursday night, a major step forward for the GOP effort to...
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governance, republicans, tax policy
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Publisher: Mother Jones

Author:

2 Oct 2017

Trump’s Treasury Department Deleted Research That Contradicts Republicans on Tax Reform

In an interview on Fox News  last month, Treasury Secretary Steve Mnuchin made a sales pitch for the  GOP’s tax reform plan—specifically, its plan to cut corporate taxes.  “Most economists believe that over 70 percent of corporate taxes are  paid for by the workers,” he said. His implication, in laymen’s terms: Regular workers would get 70 percent of the benefit of corporate tax cuts. Five years ago, the Obama-era Treasury department found the exact opposite
In an interview on Fox News  last month, Treasury Secretary Steve Mnuchin made a sales pitch for the  GOP’s...
Tags:
campaign promises, drain the swamp, governance, tax policy, trump agenda, trump cabinet
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Publisher: Vox

Author:

13 Jul 2017

Trump’s tax cuts would give the poor $40 each and the ultrarich $940,000

A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration’s outline for tax reform released in April could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners.
A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration’s...
Tags:
campaign promises, governance, republicans, tax policy, trump agenda
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Publisher: NYTimes

Author:

18 Apr 2017

Trump’s Unreleased Taxes Threaten Yet Another Campaign Promise

As a candidate, Mr. Trump declared that he understood America’s complex tax laws “better than anyone who has ever run for president” and that he alone could fix them. But it is becoming increasingly unlikely that there will be a simpler system, or even lower tax rates, this time next year. The Trump administration’s tax plan, promised in February, has yet to materialize; a House Republican plan has bogged down, taking as much fire from conservatives as liberals; and on Monday, Treasury Secretary Steven Mnuchin told The Financial Times that the administration’s goal of getting a tax plan signed by August was “not realistic at this point.”
As a candidate, Mr. Trump declared that he understood America’s complex tax laws “better than anyone...
Tags:
campaign promises, competence, governance, tax policy
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