'What a racket': CBO finds extending Trump tax cuts would shrink U.S. economy
2 weeks, 1 day ago

'What a racket': CBO finds extending Trump tax cuts would shrink U.S. economy

Raw Story  

The nonpartisan Congressional Budget Office projected Wednesday that extending provisions of the 2017 Trump-GOP tax law that are set to expire at the end of next year would shrink the U.S. economy over the long run, a finding that came as Republicans planned to move ahead with another round of regressive tax cuts within the first 100 days of the new Congress. "Far from unleashing record-breaking growth, the next Trump tax scam will make hardworking families worse off, shrink our economy, and blow a $4.6 trillion hole in the deficit," said Whitehouse. "What a racket, to push for trillions in tax cuts so billionaires keep paying lower rates than nurses and plumbers, and then cite deficit concerns to rob families needing things like home heating or childcare." "Moving forward," Kass added, "the incoming administration and congressional Republicans must answer why they plan to make hardworking Americans worse off, shrink our economy, and increase the deficit by $4.6 trillion."

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History of this topic

'Landmines loom over' GOP agenda with warning Congress not 'on the same page' with Trump
2 weeks, 1 day ago

'Landmines loom over' GOP agenda with warning Congress not 'on the same page' with Trump

Raw Story  

Republicans in Congress and the incoming Donald Trump administration are facing an internal battle over the president-elect’s “first 100-day agenda” as senators prepare to push border security and energy production over House GOP calls for a tax bill, CNN reports. The strife represents “a preview of the landmines looming over the GOP’s ambitious agenda despite controlling all of Washington,” according …

'Headed for a brawl': Trump's plan reportedly 'dividing GOP lawmakers'
3 weeks, 3 days ago

'Headed for a brawl': Trump's plan reportedly 'dividing GOP lawmakers'

Raw Story  

On Friday, Politico wrote that Republicans are gearing up for a fight over Trump's new $4.6 trillion tax cut. Politico reported in 2018 that their analysis put Trump's tax cuts at a $2.3 trillion addition to the deficit. The Center of Budget and Policy Priorities revealed in June that the 2017 tax cut passed by Trump and the GOP "skewed …

Tariffs, tax cuts and deportations: What Trump’s policies could mean for America’s economy
1 month, 2 weeks ago

Tariffs, tax cuts and deportations: What Trump’s policies could mean for America’s economy

Firstpost  

Trump campaigned on promises to impose large tariffs on foreign goods, cut taxes for individuals and businesses, and deport millions of undocumented immigrants working in the United States. President-elect Trump has promised to dismantle many of the Biden administration’s policies, pledging substantial tariffs on imports, tax cuts for individuals and businesses, and a crackdown on undocumented immigrants working in the …

Ex-Labor Secretary sounds off: Trump's 'Tax Scam 2.0' is in the works
1 month, 2 weeks ago

Ex-Labor Secretary sounds off: Trump's 'Tax Scam 2.0' is in the works

Raw Story  

Former Clinton administration Labor Secretary Robert Reich fired off a warning on X Thursday about former President Donald Trump's new plans for tax changes, which will reportedly move forward if Republicans secure a majority in the House. These plans, he warned, will be a redux of the first Trump administration's massive tax cuts for billionaires and corporations, the vast majority …

Trump claims he’ll fight for working-class Americans. His first presidency suggests he won’t
1 month, 2 weeks ago

Trump claims he’ll fight for working-class Americans. His first presidency suggests he won’t

Salon  

ProPublica is a Pulitzer Prize-winning investigative newsroom. ProPublica reviewed Trump’s proposed budgets from 2018 to 2021, as well as regulations that he attempted to enact or revise via his cabinet agencies, including the departments of Labor, Housing and Urban Development, and Health and Human Services, and also quasi-independent agencies like the National Labor Relations Board and the Social Security Administration. …

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report
2 months ago

Big corporations used Trump tax cuts to pump $839B into buybacks and dividends: report

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends
2 months ago

15 big corporations used Trump tax cuts to pump $839 billion into buybacks, dividends

Raw Story  

The 15 largest corporate beneficiaries of former President Donald Trump's 2017 tax law have dumped a combined $839 billion into executive-enriching stock buybacks and dividends since the measure's passage, according to research released Wednesday by the progressive watchdog group Accountable.US. "There's nothing to be gained for everyday Americans by doubling down on the Trump corporate tax breaks—a historic mistake that …

Trump covertly planning the world’s biggest protection racket
2 months ago

Trump covertly planning the world’s biggest protection racket

Raw Story  

You wouldn’t expect a presidential candidate to make a massive middle class tax hike the centerpiece of his economic platform, but that’s exactly what Donald Trump is doing. Trump’s tariffs would cost the average family nearly $4,000 a year and rising prices would accelerate inflation. Because the Trump tariffs would create the greatest engine of corruption in history, an institutionalized …

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else
2 months, 1 week ago

Study shows Trump plan would slash taxes for richest 5%, hike them for everyone else

Raw Story  

A detailed new analysis of the tax proposals Republican nominee Donald Trump has floated during the 2024 presidential campaign show they would result in annual tax increases for the bottom 95% of the U.S. income distribution—and a substantial giveaway to the richest 5%. The Institute on Taxation and Economic Policy described its study, published Monday, as the "most comprehensive analysis …

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%
2 months, 2 weeks ago

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%

Salon  

Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis. We need your help to stay independent Subscribe today to support Salon's progressive journalism The income tax exemptions, green-energy credit repeals and 2017 tax law …

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds
2 months, 2 weeks ago

Donald Trump Tax Plans Would Increase Taxes On 95% Of Americans, Analysis Finds

Huff Post  

LOADING ERROR LOADING Former President Donald Trump’s domestic policy agenda would amount to a tax increase on the vast majority of American households, according to a new analysis by a Washington, D.C., think tank, thanks largely to his proposed tariffs on imported goods. “We’re doing tariffs on other countries.” The conservative Tax Foundation has said Trump’s tariffs would essentially be …

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says
2 months, 2 weeks ago

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says

NPR  

Trump's plan would add $4 trillion more to U.S. debt compared to Harris', analysis says toggle caption Saul Loeb/AFP via Getty Images With less than a month left until Election Day, both the Harris and Trump campaigns have presented their economic visions to the American people — including proposed tax cuts, border security spending and affordable housing policies. Trump's estimated …

Trump’s economic plans include proposed tariffs, tax cuts and no taxes on tips. Details are scarce
5 months, 1 week ago

Trump’s economic plans include proposed tariffs, tax cuts and no taxes on tips. Details are scarce

Associated Press  

WASHINGTON — The first night of the Republican National Convention kept its official focus on the economy Monday even after Saturday’s shooting at a rally in Pennsylvania in which former President Donald Trump was injured. The platform would address illegal immigration in part with the “largest deportation program in American history.” And Trump would also scrap President Joe Biden’s policies …

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis
6 months, 1 week ago

Trump’s newest policy proposal would be 'huge tax increase' for the middle class: analysis

Raw Story  

Presumptive 2024 GOP presidential nominee Donald Trump has promised to impose new tariffs if he defeats President Joe Biden in November and returns to the White House next year. CNBC's Emily Wilkins, tweeted, "Trump brought up the idea of an 'all tariff policy' that would lead to getting rid of the income tax, per sources in the room…. Also discussed …

Trump tries to woo billionaire CEOs with promise of another round of tax cuts: report
6 months, 1 week ago

Trump tries to woo billionaire CEOs with promise of another round of tax cuts: report

Raw Story  

Former President Donald Trump is trying to push the billionaire businessman class back into his camp with a promise of another round of corporate tax cuts, this time reducing the rate from 21 percent to 20 percent. According to The New York Times, "Mr. Trump made the remarks from a comfortable gray armchair during a conversation with his former economic …

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

Tax the rich and end Republican welfare for the wealthy
9 months ago

Tax the rich and end Republican welfare for the wealthy

Raw Story  

Over the past 50 years, before the GOP went all in on fascism and isolationism, the most dramatic difference between Democrats and Republicans lurked in the driest of places: tax policies. As National Economic Council Director Lael Brainard told the Economic Club of New York last year, although tax cuts for the wealthy added trillions to the national debt, the …

Sherrod Brown: ‘Of course’ we should roll back Trump’s tax cuts, even if CEOs whine
3 years, 9 months ago

Sherrod Brown: ‘Of course’ we should roll back Trump’s tax cuts, even if CEOs whine

CNN  

New York CNN Business — Democratic Senator Sherrod Brown is strongly in favor of rolling back the Trump tax cuts for corporations — despite warnings from the business community that it could disrupt the economic recovery. “It’s clear that corporations got an even bigger tax break from their billionaire president than they even asked for.” Business groups are vowing to …

Trump’s biggest campaign promises: Did he deliver?
4 years, 1 month ago

Trump’s biggest campaign promises: Did he deliver?

Al Jazeera  

Building ‘the wall’, cutting taxes and a Muslim ban are among the promises Trump made during his 2016 campaign. Here, we break down Trump’s five biggest promises from his 2016 campaign to measure the progress he has made as president: Border wall Throughout his 2016 presidential campaign, Trump promised: “We will build a great wall along the southern border – …

'Pushed Strategies to Breaking Point': Donald Trump Went Even Further than Uber-rich to Shrink Taxes
4 years, 2 months ago

'Pushed Strategies to Breaking Point': Donald Trump Went Even Further than Uber-rich to Shrink Taxes

News 18  

Washington: The tax-avoidance strategies that President Donald Trump capitalized on to shrink his tax bill to essentially zero are surprisingly common among major real estate developers and other uber-wealthy Americans. The things that Trump did are typical of wealthy businesspeople and particularly wealthy real estate developers, said Steve Wamhoff, director of federal tax policy at the Institute on Taxation and …

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