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Keyword: trumptaxcuts

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  • Cuomo calls Trump tax law 'un-American' as state joins lawsuit

    07/17/2018 10:04:12 AM PDT · by yesthatjallen · 37 replies
    Buffalo News ^ | July 17, 2018 | Tom Precious
    ALBANY — Seven months after making the legal threat, Gov. Andrew M. Cuomo said Tuesday that New York has joined three other states to sue the federal government over new tax limits on state and local deductions on next year’s federal tax forms. The lawsuit will be filed today in federal court in Manhattan and will feature an expedited hearing request by New York State, Connecticut, New Jersey and Maryland. Cuomo, in a phone call with reporters in which he cited words by Alexander Hamilton, James Madison and Abraham Lincoln, called the new federal tax law “un-American” and one that...
  • Trump wants second round of tax cuts this year

    06/29/2018 6:38:34 PM PDT · by Libloather · 81 replies
    WASHINGTON – President Donald Trump on Friday said he wanted to further lower the corporate tax rate, from 21 percent to 20 percent, as part of a second round of tax cuts later this year. Trump, in an interview with Fox News to mark the six-month anniversary of the $1.5 trillion tax cut law Republicans passed last year, said other parts of the new tax plan would be tailored to the middle class. “One of the things we’re thinking about is bringing the 21 percent down to 20 and for the most part, the rest of it will go right...
  • Thanks To Tax Cuts, Companies' Overseas Profits Now Flooding Back To U.S.

    06/27/2018 9:28:55 AM PDT · by SeekAndFind · 18 replies
    IBD ^ | 06/27/2018
    They said it wouldn't happen, but it did: The money companies stashed overseas to protect them from high U.S. corporate tax rates is flooding back in, boosting growth, jobs and confidence in the economy. Thank the Trump tax cuts. All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts. That's a $1.2 trillion annual rate, and far more than the $35 billion one year before. The BEA's analysts explain why this happened: "The large magnitudes (of inward capital flows) ... reflect the repatriation of accumulated earnings by foreign affiliates of U.S....
  • Trump heads to Las Vegas to rally Republicans and talk tax cuts — live updates

    06/23/2018 9:11:20 AM PDT · by E. Pluribus Unum · 25 replies
    SeeBS "News" ^ | June 23, 2018, 11:02 AM | KATHRYN WATSON
    President Trump is heading to Las Vegas, where his schedule includes a meeting with supporters, an address to the Nevada Republican Party Convention and a roundtable discussion on tax cuts. The president is making the trip on Saturday as the midterm election season heats up in the Silver State, where Republican Sen. Dean Heller is vulnerable as he faces re-election. Mr. Trump says he needs more Republicans in the Senate to be able to pass everything from an infrastructure package to comprehensive immigration reform. While in Las Vegas, Mr. Trump could speak about illegal immigration and the need for a...
  • Trump tax cuts spark 'more reductions' in 13 states...

    06/01/2018 6:04:23 AM PDT · by caww · 9 replies
    washingtonexamine ^ | 5/31/2018 | Paul Bedard
    According to the annual “State of the States Report” from the American Legislative Exchange Council,... 13 governors proposed tax cuts, a sizable shift from past years. Two others proposed cuts and some increases. “In a majority of the 2018 State of the State addresses, governors focused heavily on tax policy, with many pointing to the pro-growth effects their states have experienced as a result of tax relief,” said ALEC’s report. “As a result of the first federal tax reform in more than 30 years, many states are looking forward to higher tax revenues or surpluses. A number of governors outlined...
  • It Was 100 Percent The Tax Reform Impact That Enabled Us To Bring Back $67 Billion

    05/28/2018 12:01:57 PM PDT · by Enlightened1 · 24 replies
    Chairman & CEO Chuck Robbins on repatriation: "It was 100 percent the tax reform impact that enabled us to bring back $67 billion, which we've completed."
  • The impact of Trump’s tax cut according to Value Line

    05/27/2018 2:15:01 PM PDT · by Gen.Blather · 8 replies
    05/27/18 | Gen.Blather
    I have just finished reviewing the family’s investment portfolio and comparing thirty Value Line write-ups. In all but two cases the Value Line write-up made a comment about the positive impact of the tax cuts. Large multinational companies were bringing back to the states billions of dollars as the new tax structure made it profitable to do so, as they can now reinvest in the US as opposed to abroad. In most cases the write-up said the companies were adding billions of dollars to their bottom lines which was being, variously and in different proportions, returned to investors and invested...
  • Capital spending soars as business leverages GOP tax reform.....

    05/19/2018 1:30:43 PM PDT · by caww · 14 replies
    washingtonexaminer ^ | 5/19/2018 | by Joe Williams
    “Manufacturing in America is now rising to new heights, thanks to tax reform, and as a result, manufacturers of all sizes are already investing more, growing more, hiring more and paying more," association board member David Farr, the chief executive officer of Emerson Electric Co., said in a statement. "They are already improving lives and livelihoods.” In manufacturing, 86 percent of companies are investing in new equipment and facilities, according to a National Association of Manufacturers survey published last week. Beginning this year, the law allowed companies to deduct from their reported income the full cost of large equipment and...
  • Thanks to Republican Tax Cuts, Obamacare is No Longer Constitutional

    In one of its most controversial decisions, the Supreme Court in 2012 upheld the constitutionality of a provision in the Affordable Care Act (ACA) mandating individuals purchase qualifying health insurance or else pay a fine, with Chief Justice John Roberts casting the deciding vote in favor of the law. However, nearly six years later, a provision included in the Tax Cuts and Jobs Act, passed mostly along party lines in December 2017, may soon force Roberts to reevaluate his decision, potentially ending the health care law without a single vote being cast in Congress.In Roberts’ majority opinion, which saved the...
  • Blue State blues -- Trump's tax cut is supercharging job growth in low tax states

    05/10/2018 9:22:19 AM PDT · by SeekAndFind · 20 replies
    Fox News ^ | 05/10/2018 | Chuck Devore
    On December 22, 2017, President Trump signed a massive tax cut and reform bill crafted by Republicans without the help of one Democrat vote. One of the bill’s more controversial measures was the limitation of the state and local tax (SALT) deduction to $10,000 through 2026. According to the CPA Journal, taxpayers in California, New York, New Jersey, Illinois, Massachusetts, Connecticut, and the District of Columbia lose the most by the limitation of the SALT deduction. That said, most taxpayers will see their federal taxes reduced, even in high-tax states. Tax laws, as with the regulatory compliance burden and lawsuit...
  • Brooks on Tax Bill: Seems Like ‘What the Trump People Told Us Would Happen Is Happening’

    05/06/2018 7:22:59 AM PDT · by mandaladon · 46 replies
    Breitbart ^ | 6 May 2018 | IAN HANCHETT
    On Friday’s “PBS NewsHour,” New York Times columnist David Brooks said that the GOP tax bill is working better than he thought it would and the evidence “seems to be that what the Trump people told us would happen is happening, that companies are reinvesting the money.” Brooks stated, “I was against the Trump tax cuts. But the early evidence is that they’re working better than I thought. And so, in the first quarter, among S&P companies, capital expenditures are up 39 percent. That’s a seven-year high. That’s far higher than a lot of us thought. Stock buybacks, which is...
  • My clients are fleeing NJ like it is on fire

    05/04/2018 11:01:48 AM PDT · by Brilliant · 66 replies
    WSJ ^ | 5/2/18 | James Freeman
    That headline arrives via email from a money manager in northern New Jersey. The Garden State already has the third largest overall tax burden and the country’s highest property tax collections per capita. Now that federal reform has limited the deduction for state and local taxes, the price of government is surging again among high-income earners in New Jersey and other blue states. Taxpayers are searching for the exits. In the financial industry of course it’s not just the clients who are looking for greener pastures. One hedge fund manager moving his office to a southern state reports that his...
  • Marco’s Makeover Shows The Senator Doesn’t Understand Tax Policy

    05/01/2018 5:17:38 AM PDT · by reaganaut1 · 26 replies
    National Review ^ | April 30, 2018 | VERONIQUE DE RUGY
    In a recent interview with The Economist, entitled “Marco’s makeover” in the U.S. print edition, senator Marco Rubio demonstrated that he doesn’t understand how tax cuts work. Here is one example from the interview: There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers. . . . In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker. Sorry, what? You expect this type of...
  • Turns Out, The Rich Will Pay An Even Bigger Share Of Income Taxes Under GOP Tax Cuts

    04/25/2018 8:10:49 AM PDT · by SeekAndFind · 3 replies
    IBD ^ | 04/25/2018
    Tax Fairness: The most frequently repeated complaint about the Republican tax cuts is that they are a massive "giveaway" to the rich. New evidence shows that this claim, like almost every other attack on the tax bill, is false. In the run-up to the passage of the tax reform plan, which President Trump signed into law on Dec. 22, critics attacked it on several fronts. They said there was no way the tax cuts would spur extra economic or job growth. But after the tax cuts went into effect, several economists sharply increased their growth forecasts for 2018. They said...
  • CBO Projects: GDP Headed To 15-Year High

    04/24/2018 8:46:48 AM PDT · by Olog-hai · 6 replies
    Cybercast News Service ^ | April 24, 2018 | 7:50 AM EDT | Terence P. Jeffrey
    The Congressional Budget Office’s budget and economic outlook released this month projects that real Gross Domestic Product will grow by 3.3 percent from the fourth quarter of 2017 to the fourth quarter of 2018. That would mark a 15-year high. “In CBO’s projections, real GDP expands by 3.3 percent this year and by 2.4 percent in 2019,” says the CBO report. “It grew by 2.6 percent last year.” The last time real GDP grew by more than 3.3 percent from the fourth quarter of one year to the fourth quarter of the next was in 2003, when it grew by...
  • Good News About Trump's Tax Cuts Keeps Rolling In, So Why Is Public Support Flagging?

    04/19/2018 8:23:34 AM PDT · by SeekAndFind · 27 replies
    IBD ^ | 04/19/2018
    There's a growing disconnect between the economic benefits spinning off the Republican tax cuts and the poll numbers. Is the public going sour of them? Or is this just more wishful thinking on the part of Democrats and the liberal press? Just the past week saw three more examples of the tax cuts' benefits. Item 1: Kroger announced that it was accelerating wage hikes, increasing the company's 401(k) match, enhancing benefits, and expanding employee discounts. All, it said, thanks to the Republican tax reforms. Kroger joins more than 500 other companies who've extended bonuses, wage hikes, or improved benefits to...
  • Poll: Not seeing change in paychecks due to tax cuts

    03/28/2018 10:52:01 AM PDT · by CptnObvious · 40 replies
    Self | 3/28/2018 | Vanity
    A Poll by "The Hill" says most are not seeing change in paychecks due to tax cuts. True if you don't have overtime (12% instead of 15%) True if you don't take advantage of the Greater Standard Deduction and/or increased Child Credits by adjusting your W4. The Democrats are on Thin Ice.
  • Trump Wants A 'Phase Two' Of Tax Cuts

    03/13/2018 7:11:28 AM PDT · by Enlightened1 · 62 replies
    CNBC ^ | 03/12/18 | Jacob Pramuk
    President Trump again brings up a "phase two" of tax cuts. The GOP law passed in December permanently chops taxes for corporations and temporarily reduces the tax rate for most individuals. Trump wants a 'phase two' of tax cuts Trump wants a 'phase two' of tax cuts 18 Hours Ago | 00:44 President Donald Trump said again Monday he wants a "phase two" of tax cuts on top of the law Republicans passed in December. Speaking as the World Series champion Houston Astros visited the White House, Trump asked Rep. Kevin Brady, R-Texas, whether he planned to cut taxes further....
  • Nancy Pelosi runs from the 'crumbs,' and then really steps in it

    03/10/2018 9:28:01 AM PST · by jazusamo · 45 replies
    American Thinker ^ | March 10, 2018 | Monica Showalter
    Nancy Pelosi hasn't exactly been in clover since she disdainfully sniffed that $1,000 worker bonuses were just " crumbs " following the Republican passage of tax cuts. She was so against those that she screeched that " people are going to die !" if the tax cuts dared pass in Congress. After the tax cuts did, just as in Aesop's tale of the fox and the grapes, she called the resulting unexpected bonuses "crumbs." Apparently, the fallout has been so bad on that she's backtracked on her remarks, putting out this tweet, which was noticed by Fox News: Certainly we...
  • United’s plan to replace bonuses with lottery enrages employees

    03/05/2018 2:07:38 PM PST · by sparklite2 · 51 replies
    Market Watch ^ | Mar 5, 2018 10:26 a.m. ET | Barbara Kollmeyer
    Employees complain of ‘jelly of the month club’ profit-sharing. Be extra nice to that United Airlines employee the next time you plan to “Fly the Friendly Skies.” There’s a good chance they’re smiling on the outside, and fuming on the inside after a memo leaked late last week from the airline’s president, Scott Kirby, said the company will be canceling its quarterly bonus program, and replacing it with a drawing for prizes.