Trump-Zelensky meeting: The Oval Office shouting match was a setup.
3 weeks, 6 days ago

Trump-Zelensky meeting: The Oval Office shouting match was a setup.

Slate  

What if we told you that Republicans could make the deficit impact of these tax cuts all disappear, on paper, with one neat accounting trick? This means that since, under current law, the 2017 Trump tax cuts are scheduled to expire at the end of this year, it would add ~$4.5 trillion to the deficit to extend them another decade. This sleight of hand would mean Republicans don’t need to work themselves into a sweat trying to find offsetting spending cuts, could use the extra space to achieve some of Trump’s new tax goals like “no tax on tips,” and could make this next round of tax cuts permanent—a top goal of the administration. Well, it would disguise a new $4.5 trillion deficit impact, and many House conservatives still want to make deep spending cuts.

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History of this topic

Current Policy Baseline: The Budget Trick That Could Make Tax Cuts Look Free
1 week, 4 days ago

Current Policy Baseline: The Budget Trick That Could Make Tax Cuts Look Free

New York Times  

The Budget Trick the G.O.P. Here are some of their examples: “If budget reconciliation is like taking the express lanes on a highway, using a current policy baseline for taxes is like slapping a fake license plate on your car. ” Zach Moller Director of the economic program at Third Way, which describes itself as a “center-left” research group; former …

Trump’s promised laundry list of tax goodies gets a reality check
Trending News
3 weeks, 6 days ago

Trump’s promised laundry list of tax goodies gets a reality check

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. The Senate preferred to pass two bills, with the first focusing on beefing up …

Republicans Plan To Hide Cost Of Tax Cuts With 1 Weird Trick
1 month ago

Republicans Plan To Hide Cost Of Tax Cuts With 1 Weird Trick

Huff Post  

LOADING ERROR LOADING WASHINGTON – Republicans have a math problem with the massive proposed tax cut package at the center of President Donald Trump’s legislative agenda. They want to use the “current policy” baseline, which assumes tax cuts — like the deficit-busting ones Republicans passed in 2017, the last time Trump was president — will simply be extended permanently even …

The House Wants to Pass Trump’s Agenda in One Big Bill. Here’s What’s in It.
1 month, 1 week ago

The House Wants to Pass Trump’s Agenda in One Big Bill. Here’s What’s in It.

New York Times  

The House Wants to Pass Trump’s Agenda in One Big Bill. Spending overseen by the committee $24.6 trillion Medicaid Medicare Other Cuts required $880 billion Spending overseen by the committee $24.6 trillion Medicaid Medicare Other Cuts required $880 billion Each square represents $250 billion in 10-year gross mandatory spending. Spending overseen by the committee Cuts required $1.5 trillion $230 billion …

Opinion: Extend Trump’s 2017 tax cuts to promote growth, but cut spending too
1 month, 1 week ago

Opinion: Extend Trump’s 2017 tax cuts to promote growth, but cut spending too

LA Times  

Sen. Mitch McConnell was majority leader when President Trump’s first-term tax reform passed in 2017. While the upfront cost of the tax cuts back in 2017 was $1.5 trillion, on paper, to make them permanent could cost $4.6 trillion. To the extent that the 2017 cuts spurred growth and higher revenue, that was mostly the product of the permanent reduction …

'Rips healthcare away': Dem blasts $4.5T tax cuts advanced by GOP-led House Budget panel
1 month, 2 weeks ago

'Rips healthcare away': Dem blasts $4.5T tax cuts advanced by GOP-led House Budget panel

Raw Story  

The Republican-led House Budget Committee has advanced a "fiscal framework" that calls for $4.5 trillion in tax cuts, NBC News and Politico reported late Thursday. The budget resolution notably includes flexibility to increase tax cuts if deficit reduction exceeds $2 trillion. Rep. Jodey Arrington, the Budget Committee chair, told NBC News the budget resolution provides the "fiscal framework for what …

House Republicans Eye Big Cuts To Medicaid And Food Assistance
1 month, 2 weeks ago

House Republicans Eye Big Cuts To Medicaid And Food Assistance

Huff Post  

WASHINGTON — House Republicans on Wednesday unveiled a broad outline of their plans for the federal budget, using cuts to social programs to help pay for trillions of dollars in tax cuts. What we’re doing is the right thing by the people.” But the cuts the new budget document envisions would likely require savings well beyond what adding work requirements …

House GOP floats plan to slash benefits for the poor to pay for Trump tax cuts
1 month, 3 weeks ago

House GOP floats plan to slash benefits for the poor to pay for Trump tax cuts

Raw Story  

One of the hallmarks of Donald Trump’s presidential campaign was a promise of sweeping tax cuts, for the rich, for working people and for companies alike. To pay for new tax cuts, the House Republicans’ proposal floats a series of potential overhauls of government programs. His visit to the House Retreat was a sign that he wants to prioritize unity …

Republicans crafting Trump’s big bill hit a familiar roadblock: How to pay for it
1 month, 3 weeks ago

Republicans crafting Trump’s big bill hit a familiar roadblock: How to pay for it

Associated Press  

DORAL, Fla. — After fours years of criticizing growing government deficits under Joe Biden, Republicans now have a math problem of their own — how to offset the multitrillion-dollar cost of extending and expanding the tax cuts they passed in President Donald Trump’s first term. Seeking to rally support in a speech Monday evening, Trump exhorted Republicans to stick together …

Trump tax cuts, if made permanent, stand to benefit highest income earners, Treasury analysis shows
2 months, 2 weeks ago

Trump tax cuts, if made permanent, stand to benefit highest income earners, Treasury analysis shows

Associated Press  

WASHINGTON — At the very top of Republicans’ 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a majority is the plan to renew some $4 trillion in expiring tax cuts. On Friday, the U.S. Treasury released a new analysis of the various ways that extending the expiring individual and estate tax provisions of Trump’s …

Republicans quietly cut IRS funding by $20 billion in bill to avert government shutdown
3 months ago

Republicans quietly cut IRS funding by $20 billion in bill to avert government shutdown

Salon  

Republicans quietly made massive progress on their goal to defund the IRS in a last-minute package to avoid a government shutdown. Through the continuing resolution passed last week, funding the government through March and cutting $20 billion in supplemental funding for the taxation agency, Congress automatically extended cuts passed by the GOP in 2023 to a massive IRS investment. A …

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
3 months, 3 weeks ago

Donald Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Hindustan Times  

A tax break for millionaires, and almost everyone else. Government job cuts to “drain the swamp.” Having won the election and sweeping to power, Republicans are planning an ambitious 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a congressional majority to accomplish their policy goals. Trump’s first term became defined by those tax cuts, …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
Trending News
3 months, 3 weeks ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

Associated Press  

WASHINGTON — A tax break for millionaires, and almost everyone else. Trump’s first term became defined by those tax cuts, which were approved by Republicans in Congress and signed into law only after their initial campaign promise to “repeal and replace” Democratic President Barack Obama’s health care law sputtered, failing with the famous thumbs-down vote by then-Sen. John McCain, R-Ariz. …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
3 months, 4 weeks ago

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts

LA Times  

Republican leaders in the House, including Speaker Mike Johnson, center, Majority Whip Tom Emmer, left, and Majority Leader Steve Scalise, are planning an ambitious 100-day agenda once President-elect Donald Trump is inaugurated. Atop the list is the plan to renew some $4 trillion in expiring GOP tax cuts — a signature domestic achievement of Trump’s first term and an issue …

Key GOP economic talking point destroyed by new analysis
9 months ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO
10 months, 2 weeks ago

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO

Raw Story  

As former U.S. President Donald Trump and congressional Republicans campaign on extending their 2017 tax cuts if elected in November, a government analysis revealed Wednesday that doing so would add $4.6 trillion to the national deficit. The new CBO report—sought by U.S. Senate Budget Committee Chair Sheldon Whitehouse and Senate Finance Committee Chair Ron Wyden —says continuing the income, business, …

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal
1 year, 4 months ago

Column: The budget lie at the heart of House Speaker Johnson’s Israel aid proposal

LA Times  

Scarcely a week into the tenure of House Speaker Mike Johnson, and his view of American voters and the press as dimwits to be gulled is becoming clearer with every day. — House Speaker Mike Johnson tries to fool all of the people all of the time The reason is that most of the money is earmarked for “enforcement and …

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'
1 year, 5 months ago

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

Raw Story  

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous year. In response to the Treasury figures released Friday, Kogan …

Tax Cuts Are Here to Stay—And So Are Exploding Budget Deficits
1 year, 6 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 …

Republicans Preparing Major Tax Cut Bill For After Debt Ceiling Crisis
1 year, 10 months ago

Republicans Preparing Major Tax Cut Bill For After Debt Ceiling Crisis

Huff Post  

LOADING ERROR LOADING WASHINGTON ― House Republicans are preparing a package of tax cuts they could take up soon after Congress gets finished with its debt ceiling crisis. “But we’re prepared to move forward with an economic package that I think will be reflective of what we’ve talked a lot about.” LaHood said that Republicans would consider how to “continue …

As GOP aims to punish poor, CBO says extending Trump tax cuts for rich would add $3.5 trillion to deficit
1 year, 10 months ago

As GOP aims to punish poor, CBO says extending Trump tax cuts for rich would add $3.5 trillion to deficit

Raw Story  

While congressional Republicans hold the global economy hostage by refusing to raise the U.S. debt ceiling without major spending cuts that would hurt the working class, a federal analysis revealed Tuesday that GOP plans to extend 2017 tax breaks for the wealthy could add nearly $3.5 trillion to the nation's deficit. Wyden said Tuesday that "$3.5 trillion is an eye-popping …

As GOP targets food aid, House Dems remind McCarthy of $1.9 trillion in Trump tax cuts
1 year, 11 months ago

As GOP targets food aid, House Dems remind McCarthy of $1.9 trillion in Trump tax cuts

Raw Story  

Before House Speaker Kevin McCarthy opened debate Wednesday on a bill that would raise the nation's debt ceiling while gutting social programs and imposing more barriers to access them, nearly 200 House Democrats from across the ideological spectrum signed a letter imploring Republican deficit hawks to drop their demands and pass a clean hike. Last week, McCarthy unveiled the so-called …

Analysis: Tax cuts, spending to raise deficit to $1T by 2020
6 years, 11 months ago

Analysis: Tax cuts, spending to raise deficit to $1T by 2020

Associated Press  

WASHINGTON — The combined effect of President Donald Trump’s tax cuts and last month’s budget-busting spending bill is sending the federal deficit toward the $1 trillion mark next year, according to a new analysis by the Congressional Budget Office. “The CBO’s latest report exposes the scam behind the rosy rhetoric from Republicans that their tax bill would pay for itself,” …

Trump notches first big legislative win with tax-cut bill — but it’s far from his populist promises
7 years, 3 months ago

Trump notches first big legislative win with tax-cut bill — but it’s far from his populist promises

LA Times  

After 11 months in office, President Trump on Wednesday got to celebrate one of the things he’s coveted most — a major legislative achievement — and on his party’s signature issue, tax cuts. He told staff and GOP lawmakers to use phrases like “tax cuts for Christmas,” “middle-class miracle,” and “rocket fuel for economy.” Trump is banking on his salesmanship …

GOP betting that its fix for US economy will defy warnings
7 years, 3 months ago

GOP betting that its fix for US economy will defy warnings

Associated Press  

WASHINGTON — The tax overhaul of 2017 amounts to a high-stakes gamble by Republicans in Congress: That slashing taxes for corporations and wealthy individuals will accelerate growth and assure greater prosperity for Americans for years to come. It would shrink corporate taxes, prod companies to return trillions in profits they’ve kept overseas, cut taxes on wealthy estates and drop tax …

Cost of Republicans’ tax cuts likely to be greater than they appear on paper
7 years, 3 months ago

Cost of Republicans’ tax cuts likely to be greater than they appear on paper

LA Times  

With a final tax overhaul bill in hand, congressional Republicans say they have enough votes to pass legislation next week and deliver a major victory for themselves and President Trump by Christmas. With the tax benefits skewed to corporations and wealthy Americans, “people are so concerned about the distributional effects of the plan” for lower- and middle-income taxpayers, said Marc …

This is the GOP’s big gamble on tax reform
7 years, 4 months ago

This is the GOP’s big gamble on tax reform

CNN  

Story highlights Tax reform is slated to add more than $1.4 trillion to the deficit over the next decade The bill adds to the deficit and debt, which concerns Republican lawmakers Washington CNN — It’s the GOP’s big gamble on tax reform – and it might just pay off. Only 30% now say they expect to see “significant progress reducing …

CBO: Senate tax plan would increase deficit by $1.4T over 10 years
7 years, 4 months ago

CBO: Senate tax plan would increase deficit by $1.4T over 10 years

CNN  

Story highlights The Trump-backed plan would increase the deficit by $1.4 trillion over 10 years Trump will meet with Senate Republicans on Capitol Hill on Tuesday to discuss the plan Washington CNN — The Senate GOP’s tax plan would increase the deficit by $1.4 trillion over the next 10 years, the Congressional Budget Office estimates. The CBO also estimates that …

How Republicans Can 'Shoehorn' Temporary Tax Cuts In For Good
7 years, 4 months ago

How Republicans Can 'Shoehorn' Temporary Tax Cuts In For Good

NPR  

How Republicans Can 'Shoehorn' Temporary Tax Cuts In For Good Enlarge this image toggle caption J. Scott Applewhite/AP J. Scott Applewhite/AP Senate Republicans hope to vote after Thanksgiving on a sweeping tax overhaul plan that they say will cut taxes for nearly every individual and family in America. The legislation recently approved by the Senate Finance Committee would permanently cut …

GOP test: Expiring tax cuts would mean little bang for buck
7 years, 4 months ago

GOP test: Expiring tax cuts would mean little bang for buck

Associated Press  

WASHINGTON — Senate Republicans have run into a problem with their proposed tax cuts: Under Senate rules, the cuts would expire after 10 years. Problem is, most economists say temporary tax cuts would swell the national debt while doing little for economic growth. He said his preferred way of making the tax cuts permanent would involve scrapping the requirement in …

GOP Tax Cuts Expected To Push Up Nation's Debt
7 years, 4 months ago

GOP Tax Cuts Expected To Push Up Nation's Debt

NPR  

GOP Tax Cuts Expected To Push Up Nation's Debt Enlarge this image toggle caption J. Scott Applewhite/AP J. Scott Applewhite/AP When Republicans began assembling their tax overhaul proposals they were aiming to make them revenue neutral; the tax cuts could not lead to increased deficits. So over the next 10 years, the tax cuts are likely to add about $1.5 …

The plot against America’s 99%
7 years, 4 months ago

The plot against America’s 99%

Live Mint  

After multiple failed attempts to “repeal and replace” the 2010 Affordable Care Act, US President Donald Trump’s administration now hopes to achieve its first legislative victory with a massive tax giveaway that it has wrapped in the language of “tax reform”. It would eliminate or cap the income-tax deduction for state and local taxes—again, squeezing the middle class to cover …

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