Trump was poised to inherit a strong economy. Then things got rocky and he added to the uncertainty
3 days, 6 hours ago

Trump was poised to inherit a strong economy. Then things got rocky and he added to the uncertainty

Associated Press  

▶ Follow live updates on federal funding negotiations as a government shutdown looms. Trump vowed on social media Wednesday to “fight ’till the end” unless Democrats agreed to lift the debt ceiling as a condition for the short-term funding to keep the federal government open. By Thursday, Trump was claiming on social media that a new deal reached among Republicans was a “SUCCESS” because it would push the debt ceiling out until January 30, 2027. They’re risks that the Fed didn’t get it right, risks that come with the clock — we’ve got to do the debt ceiling, we’ve got to fund the government.” In a speech this month at the Brookings Institution, Biden took stock of the roughly 3% economic growth and the inflation rate easing since its 2022 spike, saying Trump would come into office with a solid economy. On Thursday, the president-elect said on social media that the federal government “will cut Hundreds of Billions of Dollars in spending next year” in an effort to fund his tax cuts and limit deficits.

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History of this topic

Trump’s tax cuts expire soon − study shows devastating effect they had on many
5 days, 22 hours ago

Trump’s tax cuts expire soon − study shows devastating effect they had on many

Raw Story  

By Beverly Moran, Professor Emerita of Law, Vanderbilt University The Tax Cuts and Jobs Act, a set of tax cuts Donald Trump signed into law during his first term as president, will expire on Dec. 31, 2024. Just like prior “trickle down” plans, Trump’s corporate tax cuts did not produce higher wages or increased household income. Stock market inequality Trump’s …

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?
1 week, 2 days ago

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue?

NPR  

President-elect Trump promised to extend tax cuts, but how will the government make up a $4 trillion loss of revenue? SIMON: President-elect Trump promised to extend tax cuts he passed during his first term in office during this last campaign. JOSEPH ROSENBERG: They're really going to have to figure out if that's a price tag they're willing to swallow or …

Trump has a problem: America's economy is growing but so is its inflation
3 weeks, 4 days ago

Trump has a problem: America's economy is growing but so is its inflation

Firstpost  

Even as the US economy grew by 2.8% in the third quarter, the inflation also grew by 1.9%, complicating the economic outlook that President-elect Donald Trump will inherit in January US President-elect Donald Trump has vowed to fix the United States. Inflation rises by 1.9% — complicating picture for Trump Even as the US economy grew 2.8 per cent year-on-year …

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation
4 weeks, 1 day ago

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation

Associated Press  

WASHINGTON — Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. In his statement …

"All bets are off": How Trump's economy could affect your money
1 month ago

"All bets are off": How Trump's economy could affect your money

Salon  

Presidents don't have the ultimate say in how the economy performs. It is rarely the case that political rhetoric lines up with economic realities.” Most experts agree that if enacted, Trump’s changes could have a chaotic impact on the global economy and spark a rise in inflation and consumer prices, particularly if tariffs rise to the higher range he has …

7 ways a Trump administration could affect your finances
1 month, 1 week ago

7 ways a Trump administration could affect your finances

CNN  

CNN — President-elect Donald Trump promised Americans he’d bring down consumer prices, make health care more affordable and protect Social Security. “He will deliver.” Taxes The Trump administration is expected to focus on extending tax cuts introduced by the Tax Cuts and Jobs Act that are set to expire in 2025. Extending Trump’s 2017 tax cuts would lower taxes by …

The new Trump Trade looks scarier than the old one
1 month, 1 week ago

The new Trump Trade looks scarier than the old one

Live Mint  

Stocks notched their biggest week of the year after Donald Trump’s victory. Treasury yields, which rise when bond prices fall, climbed after Tuesday’s election, lifted by bets that a second round of Trump tax cuts will boost growth, inflation and budget deficits. Stocks and Treasury yields similarly surged eight years ago when Trump claimed his first electoral win—a major part …

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 …

Frustrated Americans await the economic changes they voted for with Trump
1 month, 2 weeks ago

Frustrated Americans await the economic changes they voted for with Trump

Associated Press  

WASHINGTON — Fed up with high prices and unimpressed with an economy that by just about any measure is a healthy one, Americans demanded change when they voted for president. Trump policies could boost inflation The Peterson Institute for International Economics, a leading think tank, has estimated that Trump’s policies would slash the U.S. gross domestic product — the total …

'Wrong direction': CNN analyst says Trump win is already hitting Americans in the pocket
1 month, 2 weeks ago

'Wrong direction': CNN analyst says Trump win is already hitting Americans in the pocket

Raw Story  

President-elect Donald Trump's imminent ascent to the White House is already making it more difficult for Americans to buy homes, an economic analyst says. Home loan interest rates have seen an steep uptick to a 6.8 percent average for 30-year fixed mortgages as the bonds market prepares for Trump's economic policies, CNN business reporter Matt Egan said Thursday. Those plans …

A 'Trump economy' robs from the American people to enrich the elite
1 month, 4 weeks ago

A 'Trump economy' robs from the American people to enrich the elite

LA Times  

If Donald Trump retakes the White House, he would resume serving billionaires such as Vladimir Putin. Believing Donald Trump will be better for the economy than Vice President Kamala Harris is like thinking you’re a dinner guest when you’re actually the main course. When Trump slashed the corporate tax rate, his Council of Economic Advisers promised American workers would see …

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 promises would spike inflation and wipe out jobs, study finds
2 months, 3 weeks ago

Trump’s promises would spike inflation and wipe out jobs, study finds

CNN  

CNN — Former President Donald Trump has promised to attack the United States affordability crisis by imposing immense tariffs, carrying out unprecedented deportations and even influencing interest rate decisions. A loss of Fed independence would cause “permanently higher inflation” that “leads to ever-increasing prices across the US economy,” the paper said. At an event in Michigan last week, Trump praised …

Trump says he’ll boost the economy by cutting federal spending and corporate taxes
3 months, 2 weeks ago

Trump says he’ll boost the economy by cutting federal spending and corporate taxes

LA Times  

Donald Trump speaks at a campaign event at the Economic Club of New York on Thursday. Former President Trump told a group of executives and industry leaders on Thursday that he wants to lead a “national economic renaissance” by slashing regulations to boost energy production, embracing cryptocurrencies and drastically cutting government spending as well as corporate taxes for companies that …

'Explosive path': Experts say 'expensive' Trump tax plan will add $5.8 trillion to deficit
3 months, 3 weeks ago

'Explosive path': Experts say 'expensive' Trump tax plan will add $5.8 trillion to deficit

Raw Story  

Donald Trump's tax plan for a second potential term as president would be much more expensive than the one proposed by Vice President Kamala Harris, according to experts. "Former President Donald Trump would seek to extend the tax cuts enacted through the Tax Cuts and Jobs Act, his signature 2017 legislation that reduced taxes for most Americans, although research has …

The Trump economy: Slower growth, higher prices and a bigger national debt
5 months, 1 week ago

The Trump economy: Slower growth, higher prices and a bigger national debt

Al Jazeera  

Plans to hike tariffs, tighten immigration and cut taxes are likely to crimp growth and fuel inflation, experts say. “A tariff increase covering nearly all goods imports, as Trump recently proposed, goes far beyond any previous action,” Moody’s Analytics said in its report. “There are three main tenets of Trump’s campaign, and they all point in the same inflationary direction,” …

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 …

Opinion: Trump's claims about the economy in the debate will be lies
5 months, 3 weeks ago

Opinion: Trump's claims about the economy in the debate will be lies

LA Times  

Expect the economy to be debated by President Biden and former President Trump on Thursday. Spoiler alert: “Bottom line, in their totality, Biden’s policies are better for the economy than Trump’s,” Moody’s chief economist Mark M. Zandi told me. Moody’s projects that after Trump’s recession, the economy would return to growth late in his second term, for average annual growth …

Nobel prize economists warn a Trump win will lead to even higher inflation
5 months, 4 weeks ago

Nobel prize economists warn a Trump win will lead to even higher inflation

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. Read our privacy policy A group of Nobel Prize-winning economists issued a stark warning …

'Trump inflation bomb' coming should he win second term: Nobel Prize-winning economists
5 months, 4 weeks ago

'Trump inflation bomb' coming should he win second term: Nobel Prize-winning economists

Raw Story  

16 Nobel Prize-winning economists have warned that former President Donald Trump's second-term agenda could create what Axios is describing as an "inflation bomb" that would rock the global economy. In a letter, the economists argue that a combination of more tax cuts for corporations, a labor shortage caused by the mass deportation of undocumented immigrants, and looser monetary policy in …

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts
6 months ago

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts

Associated Press  

WASHINGTON — Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year as he presses conservatives not to stray from the fight before the November election. Democratic President Joe Biden has proposed keeping the tax cuts for people making under $400,000 a year while …

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 …

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease
7 months ago

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

Associated Press  

WASHINGTON — It was a time of fear and chaos four years ago. DECENT GROWTH Trump assured the public in 2017 that the U.S. economy with his tax cuts would grow at “3%,” but he added, “I think it could go to 4, 5, and maybe even 6%, ultimately.” If the 2020 pandemic is excluded, growth after inflation averaged 2.67% …

Where the Republican presidential candidates stand on the economy
11 months, 2 weeks ago

Where the Republican presidential candidates stand on the economy

NPR  

Where the Republican presidential candidates stand on the economy Enlarge this image toggle caption Jim Watson/AFP via Getty Images; Eduardo Munoz Alvarez-Pool/Getty Images; Jim Vondruska/Getty Images; Mandel Ngan/AFP via Getty Images; Jim Watson/AFP via Getty Images Jim Watson/AFP via Getty Images; Eduardo Munoz Alvarez-Pool/Getty Images; Jim Vondruska/Getty Images; Mandel Ngan/AFP via Getty Images; Jim Watson/AFP via Getty Images The classic …

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits
1 year, 3 months ago

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits

Live Mint  

WASHINGTON—President Biden and Republicans are gearing up for a hyperbolic election-year battle over extending the 2017 law that lowered taxes for individuals and businesses. In his budget, Biden has already proposed extending Trump’s tax cuts for almost all households, and he has promised to avoid raising taxes on anyone making under $400,000. Contrary to claims that the tax cuts would …

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