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...
Tags:
campaign promises, corporations, governance, regulations, tax policy, trump agenda
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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: 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 --...
Tags:
banks, governance, one percent, tax policy, trump agenda
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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: 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...
Tags:
executive orders, extreme measures, governance, shutdown, tax policy, trump agenda
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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: 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: 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: 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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