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Keyword: trumptaxcuts

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  • How Trump's tax cuts hurt the GOP in America's wealthy suburbs

    11/13/2018 1:51:18 PM PST · by Mariner · 80 replies
    Yahoo Finance ^ | November 13th, 2018 | Brian Cheung
    Republicans are losing their hold on upper-middle-class suburbs, and the tax reform bill may be to blame. Although a number of races are still too close to call, Democrats have taken 30 seats so far — more than the 23 GOP districts they needed to seize control of the House of Representatives. In swing districts across the country, new Democratic challengers vowed to defy the Trump administration while Republican incumbents touted the benefits of tax reform and a booming economy. But the GOP’s tax reform bill may have disenfranchised fiscal conservatives in higher-income areas, since the Trump tax cuts capped...
  • House Republicans, White House commit to 10 percent middle-class tax cut next year

    10/31/2018 2:57:45 PM PDT · by E. Pluribus Unum · 15 replies
    Washington Examiner ^ | October 31, 2018 05:11 PM | Colin Wilhelm
    The White House and Republican members of the House committee responsible for tax policy promised Wednesday to work on a 10 percent middle-class tax cut in the next Congress. “We are not done yet,” the Trump administration and the House Ways and Means Committee Republicans said in an unusual joint statement. “We are committed to delivering an additional 10 percent tax cut to middle-class workers across the country. And we intend to take swift action on this legislation at the start of the 116th Congress.” The joint statement follows previous middle-class tax cut promises from President Trump that took his...
  • Trump Announces Major Tax Break for Middle Class

    10/25/2018 4:38:42 AM PDT · by gattaca · 40 replies
    AMAC ^ | October 24, 2018 | AMAC
    President Trump announced Monday that he will introduce a new tax cut for middle-class Americans in November. “We’re giving a middle-income tax reduction of about 10 percent – we’re doing it now for middle-income people,” he told reporters. The president described the proposed tax cuts again Monday night while speaking at a Ted Cruz rally in Texas, saying, “We’re going to be putting in a 10 percent tax cut for middle-income families. It’s going to be put in next year. In addition to the big tax cuts you’ve already gotten.” He added that Congress would vote on the proposal after...
  • Majority say Trump tax plan should be made permanent or left alone

    10/23/2018 10:46:52 AM PDT · by yesthatjallen · 8 replies
    The Hill ^ | 10/23/2018 | Julia Manchester
    A majority of Americans want President Trump's tax plan to be made permanent or left alone and allowed to expire, according to a new American Barometer survey. The poll, a joint project of Hill.TV and the HarrisX polling company found that 27 percent of respondents wanted the plan to remain permanent, while 29 percent said it should be left alone and allowed to expire. Forty-four percent of respondents said the plan should be rolled back. The poll comes one day after Trump said on Monday that he will push for a second round of tax cuts during Congress' lame duck...
  • Donald Trump: 'Major Tax Cut For Middle-Income People' Coming in 10 Days

    10/22/2018 9:32:36 AM PDT · by Steve1999 · 37 replies
    NN ^ | 2018-10-21 21:00 | Riva Mendoza
    President Donald Trump says a 'major tax cut for middle-income people' is coming in 10 days as he plans to implement a large tax reduction for the middle class before November midterms.
  • Kamala Harris wants to repeal Trump's tax cuts // replace them with cash payouts for the poor

    10/20/2018 4:10:32 AM PDT · by a little elbow grease · 94 replies ^ | 10/19/18 | Ylan Mui
    Kamala Harris and other prominent Democrats want to repeal Trump's tax cuts and replace them with cash payouts for the poor and working class With midterm elections 2˝ weeks away and the 2020 presidential race around the corner, prominent Democrats are embracing an ambitious idea: Repeal and replace the $1.5 trillion Republican tax plan. The proposals would get rid of the tax cuts and, in turn, funnel that money into government-guaranteed cash for low- and middle-income households. Sen. Kamala Harris, D-Calif., announced a plan this week that would give working families up to $6,000 each year, with the option of...
  • Trump Administration Ready To Push ‘Tax Reform 2.0’ on Senate Floor

    10/14/2018 3:35:26 AM PDT · by McQ444 · 20 replies
    Western Journal ^ | 2018-10-13 21:00 | Fred Lucas
    President Donald Trump will be pushing for more tax cuts — dubbed “Tax Reform 2.0” — in the Senate, his chief economic adviser said Thursday.
  • A Trillion-Dollar Blunder

    10/02/2018 8:57:46 AM PDT · by Kaslin · 46 replies ^ | October 2, 2018 | Stephen Moore
    I have spent some three decades railing against faulty budgetary scoring of tax bills, but the latest charade from the Congressional Budget Office and Joint Tax Committee takes the cake. The story of fiscal phony math is so indefensible when it comes to the Trump tax cut that you may not believe it could be true. Alas, it is. The story starts with the CBO forecast in 2017 that over the next decade the national debt will double to 150 percent of GDP in about 20 years. Those are debt numbers that don't have a happy ending – just ask...
  • New York Towns Gearing Up to Fight IRS Ruling on Local Taxes

    09/30/2018 12:08:21 PM PDT · by Hojczyk · 48 replies
    The Wall Street Journal ^ | September 30,2018 | By Jimmy Vielkind
    An emerging coalition of New York municipalities is preparing to challenge proposed Internal Revenue Service regulations that clouded the ability of cities and towns to set up funds that allow residents to pay their local taxes as charitable contributions. The group of municipalities—which includes Westchester County—will file public comments with the IRS and is considering a lawsuit, according to Assemblywoman Amy Paulin, a Democrat who lives in Scarsdale. The new federal tax code signed into law by President Trump in December put a $10,000 cap on state and local tax deductions, a change that has hurt some residents in New...
  • Sam Adams Founder Chugs Beer, Tells Trump What ‘Pissed’ Him Off (tr)

    08/09/2018 11:21:21 AM PDT · by dware · 46 replies
    Daily Caller ^ | 08.08.2018 | Benny Johnson
    FULL TITLE: Sam Adams Founder Chugs Beer, Tells Trump What ‘Pissed’ Him Off — Room Roars With Laughter “When I started Sam Adams, American beer was a joke, and it pissed me off. And now, American brewers make the best beer in the world. And the tax reform was a very big deal for all of us, because 85 percent of the beer made in the United States is owned by foreign companies.” Koch then complimented Trump’s tax cuts for making American brewing competitive again, “I’m the largest American-owned brewery at 2-percent market share. We were paying 38-percent taxes and...
  • Trump Administration Mulls a Unilateral Tax Cut for the Rich

    07/31/2018 3:54:38 AM PDT · by DoodleDawg · 102 replies
    New York Times ^ | 7/31/18 | Alan Rappeport and Jim Tankersley
    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. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing...
  • Elizabeth Warren eyes 50% tax rate, says Dems will end Trump tax cuts if they take back Congress

    07/25/2018 7:25:36 PM PDT · by E. Pluribus Unum · 97 replies
    Biz Pac Review ^ | July 25, 2018 | Samantha Chang
    Elections have consequences. Just Senator Elizabeth Warren, who suggested that a 50% to 90% personal income tax rate for Americans is not out of the question. Warren made the shocking admission in an interview with CNBC. Warren also promised that Democrats will end President Trump’s tax cuts if they take control of Congress in November 2018. CNBC’s anti-Trump pundit, John Harwood, asked Warren: “If Democrats take the Congress…would you like to see these corporate tax cuts repealed?” Senator Warren replied: “Yeah, I really want to see them rolled back.” Question: “Back to 35%?” Warren replied: “Well, it’s not about the...
  • 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...