US Politics in Trump era
Stung by Trump’s Trade Wars, Wisconsin’s Milk Farmers Face Extinction
Trump Says China Tariffs Will Increase as Trade Deal Hangs in the Balance
Trump Reverses North Korea Sanctions That U.S. Imposed Yesterday
President Trump undercut his own Treasury Department on Friday by announcing that he was rolling back North Korea sanctions that it imposed just a day ago. The move, announced on Twitter, was a remarkable display of dissension within the Trump administration and represented a striking case of a White House intervening to reverse a major national security decision made only hours earlier by the president’s own officials.
Regulators Move to Ease Post-Crisis Oversight of Wall Street
Federal regulators moved on Wednesday to ease oversight of the country’s largest banks and other financial firms, continuing a push by the Trump administration to reverse rules that were put in place following the 2008 financial crisis.The Federal Reserve said it would adjust the structure of its annual “stress tests,” which measure the ability of leading banks to withstand a potential economic or financial storm. The changes are likely to make it easier for banks to get regulatory approval to pay higher dividends or buy back their own shares.
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.
C.B.O. Head, Who Prizes Nonpartisanship, Finds Work Under G.O.P. Attack
The Congressional Budget Office, a provider of cost estimates for legislation, has been under intense pressure from top Trump administration officials. “We’re a nonpartisan place and we’re working in a partisan world and we get treated as if we’re partisan,” Mr. Hall, 60, said in an interview at his fourth-floor office, which sits in the shadow of the Capitol. “That’s unfortunate.” Most recently, the partisan pressure has been coming directly from top Trump administration officials.
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.”
Trump Reversals Hint at Wall Street Wing’s Sway in White House
President Trump made three startling economic policy reversals on Wednesday, stepping away from pledges he made as a candidate and even policies he supported only days ago. The shifts confounded many of Mr. Trump’s supporters and suggested that the moderate financiers he brought from Wall Street are eclipsing the White House populist wing led by Stephen K. Bannon, the political strategist who is increasingly being sidelined by the president.
Did Someone Say ‘Tax Code Rewrite’? Lobbyists Scramble
The homebuilders lobby fears that an ambitious rewrite of the entire tax code will stifle the housing market. Retailers fret that it will make the cost of their imports soar. For charities and their representatives, the worry is that donations will be stunted, plaguing nonprofit groups that serve the neediest Americans.
Federal Debt Projected to Grow by Nearly $10 Trillion Over Next Decade
After seven years of fitful declines, the federal budget deficit is projected to begin swelling again, adding nearly $10 trillion to the federal debt over the next 10 years, according to projections from the nonpartisan Congressional Budget Office that reveal the strain that government debt will have on the economy as President Trump embarks on plans to slash taxes and ramp up spending.