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Keyword: taxreform

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  • Outrageous wealth (Letter to the Editor)

    12/10/2017 8:43:34 AM PST · by rey · 24 replies
    Press Democrat ^ | 9 Dec 2017
    EDITOR: George Will’s Thursday column (“GOP tax wager is worth the gamble”) proves that a smart guy can’t justify the tax reform bill even if he discounts persuasive evidence and cites the promises of Donald Trump. Money is hard to understand, and being ridiculously rich obviously doesn’t improve understanding. If someone makes $100 million in one year and the government takes 90 percent in taxes, they still have enough to live well for at least one lifetime — and probably enough for many successive generations. But they are frightened about losing the other $90 million even though some of their...
  • Minnesota Orchestra trumpeter storms off stage in protest of performer's anti-GOP comments

    12/08/2017 9:38:37 AM PST · by Sopater · 38 replies
    Star Tribune ^ | December 5, 2017 | Chris Riemenschneider
    Performing in a classier place than usual with a fleet of musicians behind him working on union time, Rufus Wainwright didn’t shoot his mouth off nearly as much as he usually does during his elegant and dramatic two-set performance Saturday night with the Minnesota Orchestra at Orchestra Hall. In the one instance when he did go on a brief political tangent, though, the 44-year-old piano-pop tunesmith was met with protest by one of the orchestra’s veteran members, principal trumpeter Manny Laureano, who stormed off stage. The awkward moment came midway through the second set, as Wainwright sat at the grand...
  • Fact-Checkers: Democrats Just Keep Lying Hysterically About Tax Reform

    12/07/2017 8:36:28 AM PST · by Oshkalaboomboom · 8 replies ^ | Dec 07, 2017 | Guy Benson
    This reality, and the resulting assignment of an avalanche of 'Pinocchios,' comes as no surprise to our readers -- who've been kept abreast of Democrats' never-ending onslaught of falsehoods, misinformation, fear-mongering and distortions about the GOP's tax reform bill. Fact-checkers have been working overtime to correct the record in an exhausting game of anti-lie whack-a-mole, with the Washington Post's team dishing out 11 Pinocchios to three top Democrats on the ridiculous ""private jet tax break" fairly tale alone. This nonsense is still floating around, promoted by the DNC chairman: Tom Perez @TomPerez #GOPTaxScam philosophy: Let's end tax benefits for colleges...
  • Americans Spent $409 Billion Filing Taxes In 2016—That’s 2.2 Percent Of GDP

    12/06/2017 12:22:37 PM PST · by Thalean · 25 replies
    National Economics Editorial ^ | Dec 6, 2017 | Editorial Staff
    According to a report from the Tax Foundation, Americans spent $409 billion (2.2 percent of GDP) on tax compliance in 2016. This works out to 8.9 billion man-hours wasted preparing tax returns, which is the equivalent of roughly 4 million full time jobs. The Tax Foundation’s figure includes time spent by individuals preparing and filing their taxes, and money spent by individuals and corporations on tax services provided by accountants and lawyers. Essentially, it is wasted money. The billion dollar question: why does America waste so much money doing taxes? Because of complexity. The US Tax Code is so inordinately...
  • FACT CHECK: New Yorkers Will Get Tax Cuts Even Without the State and Local Tax Deduction

    12/06/2017 2:19:53 AM PST · by JayGalt · 50 replies
    Breitbart ^ | 5 Dec 2017 | John Carney
    The Republican tax overhaul will not be the punishment expected by many residents of high-tax, Democrat-voting areas. Many of those who have the most to lose from the elimination of state and local tax deductions will actually come out ahead under either the House or Senate versions of the bills. Many residents of places like New York City, which couple high taxes with high costs, fear the provisions of both bills that would eliminate or reduce the deductions they receive for the income and property taxes they pay locally. The Senate bill would preserve a property tax deduction up to...
  • Fiscal Responsibility or Lower Taxes?

    12/06/2017 6:16:56 AM PST · by Kaslin · 21 replies ^ | December 6, 2017 | Ben Shapiro
    This week, Republicans in the Senate finally passed their long-awaited tax reform plan. It lowers individual income tax rates across the board, although it does claw back some government revenue in the form of elimination of state and local tax deductions. It drops corporate tax rates as well. It is, in other words, a significant but not atypical Republican tax cut designed to boost economic growth by allowing Americans to keep more of their own money. The tax cut will almost certainly increase the deficit, however. Even with dynamic scoring -- the assumption that the economy will grow at...
  • New Jersey Congressman Endorses Federal Fuel Tax Increase

    12/06/2017 1:08:56 AM PST · by Tolerance Sucks Rocks · 14 replies
    Transport Topics ^ | December 5, 2017 | Eugene Mulero
    An increase in federal taxes on fuel would significantly help fund repairs for highway infrastructure along Interstate 95 in Newark, N.J., Rep. Donald Payne Jr. (D) said amid Congress’ consideration of tax reform legislation. “Improving I-95 will boost the economy by shortening commutes, making cargo transport more efficient and improving highway safety,” Payne said Nov. 30, adding the I-95 stretch, or the Turnpike as it is known in the state, has been underfunded due to deficits in the Highway Trust Fund over the years. The intricate network of ports, railways, highways and an international airport in the state’s largest city...
  • Tax Reform Bill Altered By Senate - Helps Illegals Claim Child Tax Credit

    12/05/2017 5:10:59 PM PST · by ReformedMedia · 23 replies
    The Washington Standard ^ | 12-05-2017 | Tim Brown
    Following the Senate's passing of the Tax Cuts and Jobs Act, it was revealed on Monday that there were changes made in the Senate's version of the bill that would allow illegal aliens to continue to claim the child tax credit. This has often resulted in numerous reports of illegal aliens claiming lots of children and receiving thousands of dollars back from the Internal Revenue Service (i.e. American taxpayers). Breitbart reports: Preventing the use of this important credit by illegals was a priority for some of the Republican tax reform plan’s most ardent supporters. Under existing law, one does not...

    12/05/2017 8:10:58 AM PST · by DIRTYSECRET · 64 replies
    My friends it's government interference in the market. Why should some millionaire owner get a tax break when he can just buy something cheaper? If the idea is to make housing affordable ONE house is plenty of help. No need for help on a second home. Government grants for college make tuition rates go up. Won't the deduction do the same for housing? The Milton Friedmans out there will say it's bad for housing. I agree. WE start the discussion. The Yahoo article posted earlier was written by yahoos.
  • The GOP is set to eliminate one of the biggest benefits of owning a home

    12/05/2017 7:47:01 AM PST · by SeekAndFind · 108 replies
    Yahoo Finance via Business Insider ^ | 12/05/2017 | Akin Oyedele
    Housing-industry trade organizations immediately condemned House Republicans' tax bill when it passed in mid-November.Senate Republicans' version passed over the weekend. Unlike the House's bill, it doesn't halve the mortgage interest deduction, but it could still remove tax benefits for homeowners.The Senate's bill raises the standard deduction, meaning households would be less likely to exceed that threshold and choose to itemize their mortgage interest.Both versions could end up weakening home prices. The GOP tax bill should keep homeowners on alert.Early on Saturday, Senate Republicans passed their version of the bill, called the Tax Cuts and Jobs Act, pushing it closer...
  • I'd Vote for It - You Should, Too

    12/04/2017 10:23:26 PM PST · by Oshkalaboomboom · 22 replies ^ | Dec 05, 2017 | Larry Kudlow
    Warts and all, if I were a voting member of Congress, I would certainly cast a yea for the tax-cut plans passed by the Senate and House that are headed for conference (to work out minor differences) in the weeks ahead. These bills are not perfect, especially on the individual side. But the business tax cuts will generate an investment boom in the years ahead. And those cuts will bring economic growth back to its historical norm of three to four percent. Incredibly, the Joint Committee on Taxation, or JTC, scored growth for the Senate plan at less than one...
  • Busted: Dick Durbin Exposed As Hypocrite For Railing Against Handwritten Changes to Legislation

    12/04/2017 12:24:10 PM PST · by Oshkalaboomboom · 7 replies ^ | Dec 04, 2017 | Guy Benson
    There are a few topics that usually elicit startling hypocrisy from both major political parties, depending on whether or not they hold power. One is judges and filibusters (although the GOP's application of the Reid Rule seems to have ended that debate), another is deficit spending (after applauding President Obama for nearly doubling the national debt over eight years, Democrats have rediscovered this problem, wielding it to oppose a plan to let Americans keep more of their own money), and yet another is good governance 'process.' The party in control tends to prize victory over pristine process, whereas the 'out'...
  • Pelosi Calls Tax Bill 'Armageddon'

    12/04/2017 6:35:07 PM PST · by Kaslin · 32 replies ^ | December 4, 2017 | Cortney O'Brien
    House Minority Leader Nancy Pelosi likes to describe the GOP tax reform legislation as the #GOPTaxScam. The #GOPTaxScam is one of the worst bills to be brought to the floor in the history of the United States. We will fight with everything we have to stop this bill from becoming the law of the land.— Nancy Pelosi (@NancyPelosi) December 4, 2017 Yet, she took it several steps further Monday, calling the Republican plan “the end of the world," according to Fox News reporter Chad Pergram. "This is Armageddon,” she added.She quickly walked it back. Pelosi tries to clean up her apocalyptic...
  • Elizabeth Warren Attacks ‘GOP Tax Scam Bill’ — Then Admits She Hasn’t Even Read It

    12/04/2017 8:59:06 AM PST · by bitt · 28 replies
    conservative fighters ^ | 12/1/2017 | conservative fighters
    We can always count on Congressional Democrats to use the same old method to attack Republican tax plans. “Tax cuts for the rich, tax hikes for the middle class.” Friday night when the Senate was preparing to vote on the tax reform bill, Sen. Elizabeth Warren posted a video on Twitter, attacking the bill saying is a “GOP tax scam”
  • Wall Street set for a positive open with Dow futures up triple digits, as tax plan lifts sentiment

    12/04/2017 1:27:42 AM PST · by abb · 11 replies ^ | December 4, 2017 | Alexandra Gibbs
    U.S. stock index futures pointed to a strong positive open on Monday, as sentiment was boosted by news that the U.S. Senate narrowly passed a major tax bill over the weekend. Consequently, the news put a smile on investors faces ahead of Monday's open, with the Dow Jones industrial average pointing to higher open, by more than 200 points, at 4:00 a.m. ET. U.S. stocks finished in the red Friday after a report emerged stating that former national security advisor Michael Flynn was directed by Trump to talk to Russians. Shifting to Monday, investors will be poring over news that...
  • How McConnell kept Republicans in line to win Senate tax bill

    12/02/2017 10:06:24 AM PST · by GonzoII · 21 replies
    Yahoo ^ | December 2, 2017 | Susan Cornwell and David Morgan
    WASHINGTON (Reuters) - When Republicans tried to repeal and replace Obamacare over the summer, they acted like “a bunch of free range chickens", said Republican Senator John Kennedy. "Everybody was upset, tired, mad, people drawing lines in the dirt." Not this time. Republican leader Mitch McConnell and the rest of his party's Senate leadership brought party members into line this week and finally won passage of a sweeping tax overhaul early on Saturday. Late arm-twisting and deal-sweeteners for wavering lawmakers allowed them to push through legislation that aims to slash corporate taxes and cut personal taxes.
  • Oil drilling in ANWR moves ahead as part of Senate tax bill

    12/02/2017 9:31:39 AM PST · by GonzoII · 12 replies
    Washington Times ^ | Saturday, December 2, 2017 | Ben Wolfgang
    Republicans took a major step forward early Saturday in their decades-long fight to open a piece of the Arctic National Wildlife Refuge to oil drilling. Included as part of the sweeping tax reform bill passed by the Senate in a 51-to-49 vote is a highly controversial provision to allow energy exploration in a 1.5 million-acre swath of ANWR known as the “1002 area,” which lies along the coast. In total, ANWR spans more than 19 million acres. The drilling provision was seen as key to getting Sen. Lisa Murkowski, Alaska Republican, on board with the tax bill.
  • Warts and All, I'd Vote For the GOP Tax Plan

    12/02/2017 6:59:22 AM PST · by SeekAndFind · 18 replies
    RCM ^ | 12/02/2017 | Larry Kudlow
    Warts and all, if I were a voting member of Congress, I would certainly cast a “yea” vote for the tax-cut plan passed by the Senate and House and headed for conference (to work out minor differences) in the weeks ahead. These bills are not perfect, especially on the individual side. But the business tax cuts will generate an investment boom in the years ahead. And those cuts will bring economic growth back to its historical norm of 3 to 4 percent. Incredibly, the Joint Tax Committee (JTC) scored growth for the Senate plan at less than 1 percent. So...
  • BREAKING: US Senate Passes Historic Tax Reform Package, 51-49

    12/02/2017 1:37:52 AM PST · by Kaslin · 425 replies ^ | December 2, 2017 | Guy Benson
    FINAL UPDATE - The votes are in, and the ayes have it.  After a marathon evening of debating and considering amendments, the US Senate has approved the GOP's tax reform bill, which would simplify the tax code and cut taxes for the vast majority of American households, small businesses and corporations.  Every Republican voted yes, except for Tennessee's Bob Corker.  Democrats uniformly voted no.  This is a big legislative victory for the GOP, which overcame a great deal of ferocious opposition -- much of it rooted in misinformation -- to pass the legislation.  Up next, a conference committee with the...
  • Senate Should Repeal Regressive Tax on the Uninsured

    12/01/2017 9:45:13 AM PST · by Tolerance Sucks Rocks · 9 replies
    The Daily Signal ^ | November 30, 2017 | Doug Badger
    Senate Democrats who fret over the distributional effects of tax cuts should thank their GOP colleagues for giving them the chance this week to vote on repealing one of the most regressive taxes: the Obamacare tax on the uninsured. This tax disproportionately falls on those with incomes less than $50,000, while exempting many households earning six-figure salaries. Many who qualify for subsidies will have to choose between paying the tax and buying policies that offer shabby coverage with onerous deductibles that could stick them with big medical bills. This wasn’t the way the so-called individual mandate was supposed to work....