Weekly Tax
2 months ago

Weekly Tax

Politico  

Lots of tax cuts, not a lot of growth? This probably should be no surprise — “no tax on tips” was the first of Trump’s various targeted tax cut ideas from the campaign, the one that got the most attention and also happens to poll pretty well. It’s also not an idea that Republicans can necessarily count on for lots of growth, even as they also grapple with big-picture questions like the trade-off between how progressive a cut “no tax on tips” should be and how much it should cost. Around the World Bloomberg: “Brazil Government Will Cut Some Import Taxes to Lower Food Costs.” CNN: “Edinburgh to tax tourists for overnight stays.” BBC: “Farmers rally against inheritance tax changes.” A message from Intuit — powering prosperity and financial health worldwide with TurboTax, Credit Karma, QuickBooks, and Mailchimp: Around the Nation Missouri Independent: “Gov. Mike Kehoe holds to tax cut pledge as he forecasts a tighter Missouri budget.” Chicago Tribune: “Municipalities worried about impact of Indiana Senate property tax bill.” Honolulu Civil Beat: “Green Wants To Extend Excise Tax Surcharge On Neighbor Islands.” Also Worth Your Time Tax Notes: “Republicans Are Trashing the CBO Before They Have a Tax Bill.” Bloomberg: “Supreme Court to Weigh Tax-Supported Religious School Case.” Bloomberg Tax: “Trump Freeze to Chill Regulations on 'Double-Dipping,' Book Tax.” Did you know?

Growth Taxes Trump Democrats Gop Republicans Bloomberg Lot Irs Cuts Tips No Tax Tax Cut Gop Lawmakers Weekly Tax  growth  trump  weekly  tax  cut  taxes  cuts  season  tips  lot  republicans

History of this topic

Kentucky governor signs GOP-backed personal income tax cut
1 month, 3 weeks ago

Kentucky governor signs GOP-backed personal income tax cut

Associated Press  

Andy Beshear signed a bill into law Thursday that will reduce Kentucky’s individual income tax, expressing confidence that economic growth will offset the loss in revenue. The movement for more tax cuts comes after most states already have slashed income, sales or property taxes in recent years, and it’s pressing ahead even though state revenue growth has been slowing or …

Missouri GOP begins tax cuts with plans for $300M slash to capital gains
2 months, 1 week ago

Missouri GOP begins tax cuts with plans for $300M slash to capital gains

Raw Story  

Missouri Republicans took their first legislative steps toward a promised tax cut on Tuesday, with a Senate committee debating a $300 million exemption for profits from the sale of a farm, business or assets like cryptocurrency. The proposal to exempt long-term capital gains from Missouri income tax would help bring investment and jobs to the state, said state Sen. Curtis …

Trump wants to cut taxes. So do governors and lawmakers in some states
2 months, 2 weeks ago

Trump wants to cut taxes. So do governors and lawmakers in some states

Associated Press  

— President-elect Donald Trump has proposed trillions of dollars of tax cuts for individuals and businesses. The movement for more tax cuts comes after most states already have slashed income, sales or property taxes in recent years, and it’s pressing ahead even though state revenue growth has been slowing or stagnating. In 18 states and the District of Columbia, federal …

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.
3 months, 3 weeks ago

Republicans Say Letting These Tax Cuts Expire Would Crash The Economy. Congress' Own Experts Say Otherwise.

Huff Post  

LOADING ERROR LOADING There may be a tough fight coming soon over whether to allow the expiration of a set of income tax cuts for individuals put in place in 2017 ― something that Republicans claim would be disastrous for the U.S. economy. The CBO’s finding stands in stark contrast to the gloom and doom that Republicans have been saying …

Trump again pushes no taxes - for anyone - in latest pitch to woo economic support
5 months, 1 week ago

Trump again pushes no taxes - for anyone - in latest pitch to woo economic support

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. They’re paying tax, and they don’t have the …

Trump says he won’t tax your tips, OT or Social Security. Why critics see ‘gimmicks’ and a ‘sham’
6 months, 2 weeks ago

Trump says he won’t tax your tips, OT or Social Security. Why critics see ‘gimmicks’ and a ‘sham’

LA Times  

Donald Trump announced that he would end taxes on overtime during a rally Thursday in Tucson. “And for too long, no one in Washington has been looking out for them.” He said his proposal meant “police officers, nurses, factory workers, construction workers, truck drivers and machine operators” would finally “catch a break.” Tax and policy analysts from across the ideological …

Experts warn Trump and Harris "no tax on tips" proposals would invite serious "gaming" of the system
7 months, 2 weeks ago

Experts warn Trump and Harris "no tax on tips" proposals would invite serious "gaming" of the system

Salon  

Vice President Kamala Harris and former President Donald Trump have both proposed axing taxes on tips as they ramp up their presidential bids. Harris joined Trump in boosting the policy at a campaign rally in Nevada last weekend, touting a tax elimination on tips "for service and hospitality workers" alongside a promise to raise the federal minimum wage. Not long …

Why Trump’s and Harris’ proposals to end federal taxes on tips would be difficult to enact
7 months, 2 weeks ago

Why Trump’s and Harris’ proposals to end federal taxes on tips would be difficult to enact

Associated Press  

Former President Donald Trump and Vice President Kamala Harris agree on one thing, at least: Both say they want to eliminate federal taxes on workers’ tips. Neither candidate’s team has said whether it would exempt tips only from income taxes, only from payroll taxes or both. Harris’ campaign has said she would work with Congress to draft a proposal that …

Trump's new 'no taxes on tips' gambit gets MAGA support... but are voters buying it?
9 months, 1 week ago

Trump's new 'no taxes on tips' gambit gets MAGA support... but are voters buying it?

Daily Mail  

Extending an arm to the working class, Republicans are now lining up behind a Trump-led effort to eliminate taxes on tipped wages. Extending an arm to the working class, Republicans are now lining up behind a Trump-led effort to eliminate taxes on tipped wages The Committee for a Responsible Federal Budget estimated the plan would cost between $150 billion and …

Kansas will see major tax cuts but the relief for home owners isn’t seen as enough
9 months, 1 week ago

Kansas will see major tax cuts but the relief for home owners isn’t seen as enough

Associated Press  

TOPEKA, Kan. — Kansas legislators have approved major tax cuts and ended a political stalemate with Gov. Republican leaders wanted tax cuts worth at least $230 million more over three years, but Kelly argued that those larger cuts would lead to budget shortfalls in five years. “Although this package is not perfect and emphasizes income tax reductions instead of property …

Trump's Plan To End Taxes On Tips Faces Long Odds
9 months, 2 weeks ago

Trump's Plan To End Taxes On Tips Faces Long Odds

Huff Post  

LOADING ERROR LOADING Donald Trump has been making a big promise to the nation’s service workers at his recent campaign rallies: If they send him back to the White House for another term, he’ll see to it that restaurant servers and other tipped workers no longer pay taxes on their gratuities. “I think that has more to do with the …

Kansas governor and GOP leaders say they have a deal on tax cuts to end 2 years of stalemate
9 months, 2 weeks ago

Kansas governor and GOP leaders say they have a deal on tax cuts to end 2 years of stalemate

Associated Press  

TOPEKA, Kan. — Kansas’ Democratic governor and top Republican lawmakers say they have an agreement on a package of broad tax cuts, potentially ending a two-year political standoff that has prevented their state from following others in making big reductions. Laura Kelly and GOP leaders would save taxpayers a total of about $1.2 billion over the next three years and …

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say
10 months, 1 week ago

Use Expiring Trump Tax Cuts To Overhaul The Entire Tax System, Groups Say

Huff Post  

LOADING ERROR LOADING The $4.6 trillion in tax cuts that expire next year offer a chance to completely revamp the U.S. tax system that should not be missed, more than 100 progressive and economic groups said Tuesday. “Congress should pursue reforms — including corporate tax reforms — that stem the decades-long tide of tax cuts for the rich and corporations …

Kansas governor vetoes a third plan for cutting taxes. One GOP leader calls it ‘spiteful’
10 months, 2 weeks ago

Kansas governor vetoes a third plan for cutting taxes. One GOP leader calls it ‘spiteful’

Associated Press  

TOPEKA, Kan. — Democratic Gov. Laura Kelly on Thursday vetoed a proposal for broad tax cuts, setting up a high-stakes election-year tussle with the Republican-controlled Kansas Legislature that one GOP leader called “spiteful.” It was the third time this year Kelly has vetoed a plan for cutting income, sales and property taxes by a total of $1.45 billion or more …

GOP leaders still can’t overcome the Kansas governor’s veto to enact big tax cuts
11 months ago

GOP leaders still can’t overcome the Kansas governor’s veto to enact big tax cuts

Associated Press  

TOPEKA, Kan. — Republican legislators narrowly failed again Monday to enact a broad package of tax cuts over Democratic Gov. The state Senate voted 26-14 to override Kelly’s veto of a package of income, sales and property tax cuts worth about $1.5 billion over the next three years, but that was one vote short of the necessary two-thirds majority. Three …

Kansas’ governor vetoed tax cuts again over their costs. Some fellow Democrats backed it
11 months, 1 week ago

Kansas’ governor vetoed tax cuts again over their costs. Some fellow Democrats backed it

Associated Press  

TOPEKA, Kan. — Kansas’ Democratic governor on Wednesday vetoed a broad package of tax cuts for the second time in three months, describing it as “too expensive” despite the bipartisan support it enjoyed in the Republican-controlled Legislature. The governor also told fellow Democrats that she believes Kansas’ current three personal income tax rates ensure that the wealthy pay their fair …

Kansas governor vetoes tax cuts she says would favor ‘super wealthy’
1 year, 2 months ago

Kansas governor vetoes tax cuts she says would favor ‘super wealthy’

Associated Press  

TOPEKA, Kan. — Democratic Gov. Laura Kelly on Friday fulfilled her pledge to veto a broad package of tax cuts approved by the Republican-led Legislature, saying the income tax changes would overwhelmingly favor the wealthy. “This flat tax experiment would overwhelmingly benefit the super wealthy, and I’m not going to put our public schools, roads, and stable economy at risk …

GOP lawmakers approve a ‘flat’ income tax for Kansas, but a governor’s veto looms
1 year, 2 months ago

GOP lawmakers approve a ‘flat’ income tax for Kansas, but a governor’s veto looms

Associated Press  

TOPEKA, Kan. — Republican lawmakers in Kansas on Thursday passed a broad package of tax cuts promoted as widespread relief that the Democratic governor is likely to veto because she says it favors the wealthy and threatens the state’s budget in the future. Kelly’s office wasn’t commenting Thursday, but she’s been public about her strong opposition to the “flat” tax …

State tax cutting trend faces headwinds from declining revenues and tighter budgets
1 year, 2 months ago

State tax cutting trend faces headwinds from declining revenues and tighter budgets

Associated Press  

— Income, sales, property and gas taxes: Almost every U.S. state cut at least one such broad-based tax as budget surpluses soared over the past three years. But in general, as tax collections slow, “we’re seeing the impacts of widespread tax cuts being implemented across states,” said Justin Theal, a state fiscal policy officer for the nonprofit Pew Charitable Trusts. …

South Dakota governor’s grocery tax repeal hits GOP pushback
2 years, 2 months ago

South Dakota governor’s grocery tax repeal hits GOP pushback

Associated Press  

— South Dakota lawmakers are considering a number of tax cuts this year, including Gov. House Speaker Hugh Bartels said that when he has discussed the grocery tax repeal with the governor’s staff, his message has been that constituents are not calling for it. “I’m waiting until the budgeting process is done,” he said, adding “You’ve got to weigh the …

Vos wants ‘significantly’ more than $3 billion in tax cuts
2 years, 3 months ago

Vos wants ‘significantly’ more than $3 billion in tax cuts

Associated Press  

MADISON, Wis. — Wisconsin Assembly Speaker Robin Vos said Friday he wants to cut taxes by “significantly” more than $3.4 billion in the next state budget, while remaining coy about how he wants to address major issues such as funding for schools and local governments. One possibility they’ve discussed is using 1% of the state sales tax to replace shared …

EXPLAINER: Tax cut trend reaches two-thirds of states
2 years, 5 months ago

EXPLAINER: Tax cut trend reaches two-thirds of states

Associated Press  

— States brimming with cash are cutting taxes at a rapid pace. With the enactment Wednesday of an income tax cut in Missouri, about two-thirds of U.S. states have adopted some sort of tax relief in 2022. Mike Parson said the estimated $760 million reduction, when fully phased in, will be “the largest tax cut in the state’s history.” Under …

Missouri lawmakers pass bill to cut income taxes
2 years, 6 months ago

Missouri lawmakers pass bill to cut income taxes

Associated Press  

— Missouri lawmakers on Thursday gave final approval to an income tax cut that Gov. The Republican-led Missouri House voted 98-32 in favor of the bill, which would cut income taxes from 5.3% to 4.95% beginning next year and phase in additional cuts until the rate hits 4.5%. The roughly $1 billion measure also eliminates the lowest tax bracket, meaning …

Missouri Senate passes individual income tax cuts
2 years, 6 months ago

Missouri Senate passes individual income tax cuts

Associated Press  

— Missourians could get a break on state income taxes under a proposal approved by the Republican-led state Senate on Wednesday. On Wednesday, both Republican and Democratic senators described the compromise as “reasonable.” “A special session is probably not the best time to engage in a dramatic rewrite of the tax code,” Republican Senate Majority Leader Caleb Rowden said, adding …

Gov. Parson calls for special session to pass income tax cut
2 years, 7 months ago

Gov. Parson calls for special session to pass income tax cut

Associated Press  

Mike Parson on Monday called on lawmakers to return to work Sept. 6 for a special legislative session to cut income taxes. Parson specified that, based on the limits in his special session call, lawmakers cannot cut income taxes so deeply that the state loses more than $700 million per year in revenue. House Democratic Minority Leader Crystal Quade called …

Missouri Gov. Parson calls for income tax cut
2 years, 9 months ago

Missouri Gov. Parson calls for income tax cut

Associated Press  

— Missouri’s Republican Gov. Mike Parson on Friday vetoed a one-time, limited tax refund and instead called on state lawmakers to pass a widespread income tax cut. Parson proposed a special legislative session focused on cutting Missouri’s individual income tax rate, which is 5.4% for most taxpayers, to around 4.7%. Parson proposed cutting income taxes as an alternative to lawmakers’ …

Lamont lauds tax cuts; GOP seeks special session to cut more
2 years, 9 months ago

Lamont lauds tax cuts; GOP seeks special session to cut more

Associated Press  

HARTFORD, Conn. — On the same day Democratic Gov. Ned Lamont launched a campaign ad touting recent tax-cutting measures, Connecticut Republicans on Tuesday demanded a special session to cut even more, calling the 25-cent-per-gallon gas tax holiday “embarrassing” now that prices are near $5 a gallon in the state and inflation continues to affect the price of goods and services. …

Indiana governor endorses big cuts in income, business taxes
3 years ago

Indiana governor endorses big cuts in income, business taxes

Associated Press  

INDIANAPOLIS — Indiana Gov. The governor’s proposal, however, would slow walk a cut in the state’s current individual income tax rate of 3.23% to 2.9% over much of the decade. Holcomb said he expects that trend of revenue growth will continue and “that the time is now to act on a tax plan that gives back to our growing business …

Prospects for Indiana tax cuts boosted by governor’s support
3 years, 1 month ago

Prospects for Indiana tax cuts boosted by governor’s support

Associated Press  

INDIANAPOLIS — Indiana legislators pushing for significant tax cuts are now getting some support from Gov. The governor has sided for months with state Senate Republican leaders reluctant to embrace major tax cuts, citing uncertainty about the economy despite recent big growth in state tax collections that led House Republicans to push a plan for broad business and individual tax …

Kansas plan to lure big project snags on corporate tax cuts
3 years, 1 month ago

Kansas plan to lure big project snags on corporate tax cuts

Associated Press  

TOPEKA, Kan. — Kansas could phase out its corporate income tax under a measure that also would expand its incentives for attracting new businesses, and the provision is a problem as lawmakers rush to help the state attract an undisclosed multibillion-dollar project. The measure would give the Department of Commerce the authority to cut a company’s state income tax burden, …

Kansas governor vetoes Republicans’ proposed income tax cuts
3 years, 11 months ago

Kansas governor vetoes Republicans’ proposed income tax cuts

Associated Press  

TOPEKA, Kan. — Democratic Gov. Laura Kelly on Friday vetoed proposed income tax cuts in Kansas, the third time in two years that she has rejected a Republican plan and accused GOP lawmakers of trying to revive a nationally notorious fiscal experiment. GOP legislators have said they want to provide relief to individuals and businesses whose state income taxes have …

Kansas tax-cut fight revives memories of past GOP experiment
4 years, 1 month ago

Kansas tax-cut fight revives memories of past GOP experiment

Associated Press  

TOPEKA, Kan. — Republican lawmakers in Kansas are struggling to contain their impulses to slash state income taxes, conjuring memories of a past, nationally notorious GOP tax-cutting experiment as they try to enact some reductions over Democratic Gov. Sen. Ethan Corson, a freshman Kansas City-area Democrat, called the Senate’s bill “a budget buster” and added: “This is a bullet train …

Trump using Tax Day visit to Minnesota to tout 2017 tax cuts
5 years, 11 months ago

Trump using Tax Day visit to Minnesota to tout 2017 tax cuts

Associated Press  

ST. PAUL, Minn. — President Donald Trump will use Tax Day on Monday to visit Minnesota, an erstwhile Democratic stronghold he hopes to flip in 2020 after nearly winning it in 2016. “I’m glad he’s coming to Minnesota,” said state Senate Majority Leader Paul Gazelka, the top Republican in state government. “I think he realizes Minnesota’s in play.” Ahead of …

Column: The truth about U.S. taxes is that they aren’t high enough
5 years, 11 months ago

Column: The truth about U.S. taxes is that they aren’t high enough

LA Times  

Monday being tax day, it’s only proper to deliver an important home truth to American taxpayers: You don’t pay enough. U.S. tax revenues as a share of GDP are certain to be even lower in 2018 than the year before thanks to the Republican tax cut of December 2017. Republicans have claimed that the tax cuts are paying for themselves …

Kansas GOP leader compares tax plan to returning a billfold
6 years ago

Kansas GOP leader compares tax plan to returning a billfold

Associated Press  

TOPEKA, Kan. — A top Republican in the Kansas House brushed aside criticism Friday that an income tax relief plan nearing final passage risks repeating a tax-cutting experiment that failed a few years ago, suggesting the new proposal is akin to finding and returning “a billfold filled with money.” The bill the GOP-controlled Kansas House approved 76-43 contains proposals from …

Kansas governor’s race is referendum on notorious tax cuts
6 years, 5 months ago

Kansas governor’s race is referendum on notorious tax cuts

Associated Press  

TOPEKA, Kan. — A contentious Kansas governor’s race has become a referendum on how a Republican experiment in slashing income taxes went awry, what lessons arose from the budget misery that followed and whether the state needs a do-over. Tax cuts appeal to voters in a GOP-leaning state like Kansas, but the fiscal problems that followed Brownback’s tax experiment made …

Week Ahead: The Stakes Are About To Get Really High For Republicans
7 years, 4 months ago

Week Ahead: The Stakes Are About To Get Really High For Republicans

NPR  

Week Ahead: The Stakes Are About To Get Really High For Republicans Enlarge this image toggle caption Alex Wong/Getty Images Alex Wong/Getty Images It's back to work this week for President Trump and Republicans after Thanksgiving — and they have a lot to do. Flynn still haunting Trump Enlarge this image toggle caption Pool/Getty Images Pool/Getty Images Does another shoe …

That 'Historic' Middle-Class Tax Cut Trump Promised? Still Just A Promise.
7 years, 5 months ago

That 'Historic' Middle-Class Tax Cut Trump Promised? Still Just A Promise.

Huff Post  

Pool via Getty Images WASHINGTON – If you’re a middle class family with even one child, the Republican tax plan as it currently stands could well raise your taxes. White House officials and GOP proponents have promised that the eventual plan will result in a tax cut for those families – a “historic” tax cut, according to Trump. A White …

Trump calls on Democrats to work with him on tax reform - before attacking them
7 years, 7 months ago

Trump calls on Democrats to work with him on tax reform - before attacking them

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. “She's got to make that commitment,” he said, later adding: “The Dems are looking …

Steve Mnuchin assures rich people their taxes won't be rising at all
7 years, 8 months ago

Steve Mnuchin assures rich people their taxes won't be rising at all

Salon  

The wealthiest Americans can breathe a sigh of relief because White House senior adviser Steve Bannon's plan to raise the top tax rate is not true, according to Treasury Secretary Steve Mnuchin. At the end of April, President Donald Trump's administration revealed their tax reform principles in a one-page summary, but Mnuchin said the administration was "absolutely committed to getting …

Donald Trump lists tax cut proposal not yet passed into law among his greatest achievements as President
7 years, 9 months ago

Donald Trump lists tax cut proposal not yet passed into law among his greatest achievements as President

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Donald Trump has listed his …

Kansas legislators repudiate governor by overriding tax veto
7 years, 9 months ago

Kansas legislators repudiate governor by overriding tax veto

Associated Press  

TOPEKA, Kan. — Kansas legislators Tuesday night repudiated the tax-cutting experiment that brought Gov. Sam Brownback national attention, with even fellow Republicans voting to override his veto of plan reversing many of the income tax reductions he’s championed in recent years as a way to fix the cash-strapped state’s budget. I don’t,” said Senate Majority Leader Jim Denning, a conservative …

Kansas Tax Cut Experiment Comes To An End As Lawmakers Vote To Raise Taxes
7 years, 9 months ago

Kansas Tax Cut Experiment Comes To An End As Lawmakers Vote To Raise Taxes

NPR  

Kansas Tax Cut Experiment Comes To An End As Lawmakers Vote To Raise Taxes Enlarge this image toggle caption John Hanna/AP John Hanna/AP Kansas lawmakers have voted to roll back a series of major tax cuts that became an example for conservative lawmakers around the country but didn't deliver the growth and prosperity promised by Gov. Sponsor Message "It's a …

Donald Trump’s ‘massive’ tax plan: One page, unanswered questions
7 years, 11 months ago

Donald Trump’s ‘massive’ tax plan: One page, unanswered questions

Live Mint  

Washington: The “phenomenal” tax plan that President Donald Trump promised 11 weeks ago appeared at a White House briefing Wednesday: It was a one-page list of bullet-points that amounted to fewer than 250 words. The Committee for a Responsible Federal Budget released a rough analysis saying the plan could cost $3 trillion to $7 trillion over the next decade—potentially “harming …

Trump's administration unveils tax cut principles
7 years, 11 months ago

Trump's administration unveils tax cut principles

China Daily  

US Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, US, April 26, 2017. The plan would reduce the number of personal income tax brackets to three from seven, and it would cut the top individual income tax rate to 35 percent from 39.6 percent, Gary Cohn, director …

Trump unveils tax plan giving corporations giant 20% cut
7 years, 11 months ago

Trump unveils tax plan giving corporations giant 20% cut

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Donald Trump has revealed …

America's worst governor backs down: Sam Brownback's Kansas tax cutting model tarnished after sales tax raised
9 years, 9 months ago

America's worst governor backs down: Sam Brownback's Kansas tax cutting model tarnished after sales tax raised

Salon  

TOPEKA, Kan. — Kansas Gov. Sam Brownback's signature personal income tax cuts emerged mostly intact from a grueling legislative fight to close a budget deficit that arose after revenue failed to match the conservative governor's predictions of an economic boom. The plan approved by Republican legislators contained a modest income tax increase for 281,000 business owners and 53,000 farmers who …

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