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

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: 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...
Tags:
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: 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...
Tags:
governance, one percent, republicans, tax policy, trump agenda
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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...
Tags:
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...
Tags:
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...
Tags:
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...
Tags:
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...
Tags:
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...
Tags:
governance, republicans, tax policy
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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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