US Politics in Trump era
Trump Weighs Weakening Obama Rules to Curb Corporate Inversions
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.
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.
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.
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
Trump’s tax cuts would give the poor $40 each and the ultrarich $940,000
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.”