'Break even more arms': GOP lobbyist not hopeful Trump can ram through tax cut extension
4 days, 19 hours ago

'Break even more arms': GOP lobbyist not hopeful Trump can ram through tax cut extension

Raw Story  

President-elect Donald Trump has signaled he plans to focus the first months of his administration on passing border security legislation, which means another main goal — extending his 2017 tax cut package — will have to take a back seat. This means that the estimated $4.6 trillion cost of extending the tax cuts could cause potential chaos among House and Senate Republicans in the 119th Congress. Politico's Brian Faler observed that Senate Majority Leader John Thune's three-seat majority and House Speaker Mike Johnson's potential one-seat majority — assuming Reps. Elise Stefanik and Mike Waltz join the Trump administration — give members a lot more "leverage" to insist on "their own pet provisions." The 2017 tax cuts are due to expire at the end of 2025, meaning Republicans may have less time than they would like to get an extension to Trump's desk.

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History of this topic

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

'Chomping at the bit': Analyst claims Republican just showed rush to slash Social Security
1 month ago

'Chomping at the bit': Analyst claims Republican just showed rush to slash Social Security

Raw Story  

Republicans are already revealing their eagerness to cut earned benefits for millions of Americans, if one House Republican is to be believed. In a recent interview with Fox Business host Maria Bartiromo, Rep. Richard McCormick said that he aims to convince his fellow lawmakers that "hard decisions" need to be made about Social Security, Medicare and Medicaid if his party …

Trump and Republicans in Congress eye an ambitious 100-day agenda, starting with tax cuts
Trending News
1 month, 1 week 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
1 month, 1 week 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 …

'Headed for a brawl': Trump's plan reportedly 'dividing GOP lawmakers'
1 month, 1 week 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 …

"No mistake on who they're serving": Republicans eye Medicaid, SNAP cuts to pay for Trump tax plan
Top News
1 month, 3 weeks ago

"No mistake on who they're serving": Republicans eye Medicaid, SNAP cuts to pay for Trump tax plan

Salon  

President-elect Donald Trump and his advisers are eyeing major cuts to federal safety net programs like Medicaid and food stamps to balance the cost of their massive tax agenda, The Washington Post reported Monday. “To pay for tax cuts for their billionaire donors, the GOP wants to make food and health care unaffordable and inaccessible for the most vulnerable people …

Brace for fight as Trump's GOP prepares new corporate giveaway
2 months ago

Brace for fight as Trump's GOP prepares new corporate giveaway

Raw Story  

Economic justice organizations are bracing for a grueling uphill battle as U.S. President-elect Donald Trump and his Republican allies in Congress lay the groundwork to swiftly enact another massive tax cut for the wealthy and large corporations, a move that would worsen inequality and add trillions of dollars to the nation's deficit. David Kass, executive director of the progressive advocacy …

Harris plan would bring tax increases for richest 1% and cuts for the bottom 99%s
2 months, 2 weeks ago

Harris plan would bring tax increases for richest 1% and cuts for the bottom 99%s

Raw Story  

As Republican nominee Donald Trump advances proposals that would further enrich the wealthiest Americans and profitable corporations, an analysis published Wednesday found that Vice President Kamala Harris' tax policy agenda would on average hike taxes on the nation's top 1% while cutting them for every other income group. ITEP found that if Harris' proposals—including an expansion of the Child Tax …

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

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

Mike Pence’s foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts
6 months, 2 weeks 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, 3 weeks 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, 2 weeks 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 …

Extending Trump tax cuts would add $4.6 trillion to deficit: CBO
8 months 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, …

Trump 'open' to slashing taxes that fund Social Security and Medicare: report
8 months, 3 weeks ago

Trump 'open' to slashing taxes that fund Social Security and Medicare: report

Raw Story  

Former President Donald Trump is toying with the idea of promising a large tax cut for the middle class as part of his 2024 re-election campaign — and one way he might do it is to raid the funding for Social Security and Medicare. According to Gram Slattery of Reuters, "Donald Trump has indicated to advisers he is keen on …

Tax the rich and end Republican welfare for the wealthy
9 months, 3 weeks 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 …

Where the Republican presidential candidates stand on the economy
1 year 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 …

Republicans Preparing Major Tax Cut Bill For After Debt Ceiling Crisis
1 year, 7 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 …

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid
1 year, 10 months ago

GOP taking budget advice from Trump official who wants to cut $2 trillion from Medicaid

Salon  

This article originally appeared at Common Dreams. The right-wing official who served as budget director for the Trump administration is reportedly playing a significant advisory role for House Republicans as they seek to leverage a fast-approaching debt ceiling crisis to enact spending cuts that would disproportionately impact low-income households. According toThe Washington Post, former Office of Management and Budget chief …

SC Senate ups ante to $2 billion in income tax cut debate
2 years, 10 months ago

SC Senate ups ante to $2 billion in income tax cut debate

Associated Press  

COLUMBIA, S.C. — The financial leader in the South Carolina Senate proposed nearly $2 billion in income tax cuts and rebates on Thursday, adding an even larger number to the debate on cutting taxes heating up in the General Assembly. “You can’t out tax cut Harvey Peeler, so let’s get down to the negotiation table,” he said. “If a tax …

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan
3 years, 3 months ago

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan

NPR  

Democrats Hope To Undo Many Trump Tax Cuts To Fund Biden's $3.5 Trillion Budget Plan Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images Democrats hope to unwind many of the tax cuts Republicans enacted under former President Donald Trump as a way to pay for the majority of the $3.5 trillion spending bill currently under consideration in …

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 …

How Trump’s tax cuts and tariffs will make coronavirus recession worse
4 years, 7 months ago

How Trump’s tax cuts and tariffs will make coronavirus recession worse

LA Times  

President Trump holds up a document during an event to sign the tax cut legislation in December 2017. President Trump’s pre-pandemic economic blueprint of massive tax cuts and global trade wars not only failed to deliver the promised spike in growth and domestic investment, it now appears to have left the U.S. more vulnerable to the devastating financial impact of …

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