Republicans weigh 'magical thinking' to fund Trump's tax cuts: report
2 months, 1 week ago

Republicans weigh 'magical thinking' to fund Trump's tax cuts: report

Raw Story  

Republicans were reportedly resorting to "magical thinking" to push through an extension of President-elect Donald Trump's 2017 tax cuts, set to expire this year. The Tax Cuts and Jobs Act, signed into law by Trump in December 2017, was the largest tax code overhaul in decades, making sweeping changes to individual and corporate income taxes. "Congress will face a roughly $4 trillion challenge in figuring out how to offset the cost of extending the expiring provisions of the 2017 tax law and even more if policymakers want to enact several other business tax cuts related to the law such as restoring bonus depreciation," a report from the Center for American Progress said, according to the House Ways and Means Committee. Then extending the tax cuts will cost … zero," Axios wrote, noting that Republicans are "seizing" on a "current policy" approach.

Tax Trump Cuts Tax Cuts Current Policy Report Republicans  trumps  report  republicans  magical  policy  income  law  weigh  thinking  fund  cost  cuts  2017  ways  tax

History of this topic

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
3 weeks, 6 days 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 …

What’s next for Trump agenda after House GOP approves tax breaks and slashed spending in budget
Trending News
1 month ago

What’s next for Trump agenda after House GOP approves tax breaks and slashed spending in budget

Associated Press  

WASHINGTON — Now that House Republicans have passed an ambitious budget blueprint for President Donald Trump’s agenda, its time for the hard work of turning ideas for $4.5 trillion in tax cuts and $2 trillion of slashed spending into a bill that lawmakers warn could bring intense changes to Americans back home. “How can anyone show their face in their …

Trump’s agenda passed its first hurdle. Now comes the hard part
1 month ago

Trump’s agenda passed its first hurdle. Now comes the hard part

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. House Speaker Mike Johnson had called for a vote on a budget resolution to …

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, 1 week 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 …

Republicans Say Debt Is Destroying America, But Their Budget Plan Could Balloon It
1 month, 1 week ago

Republicans Say Debt Is Destroying America, But Their Budget Plan Could Balloon It

Huff Post  

LOADING ERROR LOADING WASHINGTON — The national debt has become a rallying cry for Republicans as they seek to dismantle the federal government, justifying the possibly illegal elimination of life-saving foreign aid, consumer protections and cancer research at the hands of President Donald Trump’s administration and Elon Musk’s so-called Department of Government Efficiency. But the cost-cutting pursued by Musk and …

'Not true': Conservative warns GOP's 'top priority' could destroy Trump's appeal to voters
1 month, 2 weeks ago

'Not true': Conservative warns GOP's 'top priority' could destroy Trump's appeal to voters

Raw Story  

A faction of Republicans demanding a "budget-busting tax cut" could threaten the Trump administration's entire agenda, argued the chief economist for a conservative economic think tank in a new article. Oren Cass wrote in Thursday's New York Times that one group in particular — a free-enterprise advocacy group called The Club for Growth — was pushing the administration to prioritize …

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 …

Trump has a plan to lower inflation. It’s just delayed
1 month, 2 weeks ago

Trump has a plan to lower inflation. It’s just delayed

CNN  

CNN — President Donald Trump made a campaign promise to lower prices on Day One. But the bad inflation report also depicts a difficult political reality for the new president: Prices aren’t falling now that Trump is in office; they’re actually rising faster. The Committee for a Responsible Federal Budget last week estimated Trump’s tax cuts would cost between $5 …

USAID Costs $40 Billion A Year. GOP Tax Cuts Could Total $11 Trillion Over A Decade.
1 month, 2 weeks ago

USAID Costs $40 Billion A Year. GOP Tax Cuts Could Total $11 Trillion Over A Decade.

Huff Post  

LOADING ERROR LOADING WASHINGTON — The Trump administration is demolishing the U.S. Agency for International Development as part of a broader quest to slash federal spending, but the $40 billion saved by cutting foreign aid is a drop in the bucket next to the tax cuts Republicans are planning. House Republicans are getting ready to unveil a package of tax …

House GOP rushing to produce Trump’s big budget bill with tax cuts, program cuts and other promises
1 month, 2 weeks ago

House GOP rushing to produce Trump’s big budget bill with tax cuts, program cuts and other promises

Associated Press  

WASHINGTON — House Republicans are working overtime after a lengthy White House meeting to meet President Donald Trump’s demand for a big budget package that includes some $3 trillion in tax breaks, massive program cuts and a possible extension of the nation’s debt limit. “We’re really grateful to the president for leaning in and doing what he does best, and …

Opinion: Trump wants to extend the 2017 tax cuts. Here’s how that would affect regular Americans
1 month, 3 weeks ago

Opinion: Trump wants to extend the 2017 tax cuts. Here’s how that would affect regular Americans

LA Times  

The tax cuts enacted under the first Trump administration largely expire at the end of 2025. President Trump and his fellow Republicans are eager to extend them, but doing so without concurrent spending cuts would raise deficits by more than $5 trillion through 2035. If an extension of the tax cuts were financed by reducing federal assistance equally across households, …

Opinion: ‘Personnel is policy,’ and Trump’s economic pick is a good sign
1 month, 3 weeks ago

Opinion: ‘Personnel is policy,’ and Trump’s economic pick is a good sign

LA Times  

The fate of President Trump’s ambitious economic policy plans will be determined in part by the people he appoints to critical positions. With a debt of over $36 trillion, inflation not resolved, an entitlement crisis looming and the need to extend the president’s 2017 tax cuts, we’d better hope that the cooler, more experienced heads prevail. It’s a long list …

Trump’s move to put tariff hikes ahead of tax cuts has spooked almost everyone
1 month, 3 weeks ago

Trump’s move to put tariff hikes ahead of tax cuts has spooked almost everyone

Live Mint  

President Trump’s aggressive move to place tariffs on hundreds of billions of dollars in imports, ranging from crude oil and auto parts from Canada to Mexican avocados and raspberries has rattled investors, economists and some lawmakers, who are all wondering: What exactly is the goal? Larry Summers, the former U.S. Treasury secretary under President Bill Clinton, said that Trump’s move …

Will Scott Bessent abolish Donald Trump's tax cuts as treasury secretary?
1 month, 3 weeks ago

Will Scott Bessent abolish Donald Trump's tax cuts as treasury secretary?

India Today  

The US Senate has confirmed billionaire investor Scott Bessent as Treasury Secretary under President Donald Trump. Now, Bessent faces the challenge of balancing tax cuts with deficit control while crafting a tariff strategy that stimulates economic growth without stifling it. Bessent will play a central role in advancing Trump’s key economic policies, including: Reinstating the 2017 tax cuts, which primarily …

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 …

Here’s what stands in the way of Trump’s ‘big, beautiful’ tax and border bill
1 month, 3 weeks ago

Here’s what stands in the way of Trump’s ‘big, beautiful’ tax and border bill

Live Mint  

House Speaker Mike Johnson said he was aiming to have a blueprint for a budget soon. President Trump wants Congress to pass “one big, beautiful bill" that would extend expiring tax cuts and provide money for border enforcement. The actual budget deficit due to extending tax cuts would be the same no matter which way they count, but Crapo’s approach …

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 …

Economist slams Trump’s latest tax cut demand as 'major strategic error'
1 month, 3 weeks ago

Economist slams Trump’s latest tax cut demand as 'major strategic error'

Raw Story  

President Donald Trump on Monday urged the House of Representatives to renew his tax cuts. This comes as the GOP-controlled Congress attempts "to overcome internal differences on how to pay for" the president’s "sweeping tax cuts, with hardline conservatives determined to reduce an annual federal deficit approaching $2 trillion," according to Reuters. Aisha's Hanse, a senior national correspondent for Fox …

A critical look at Trump’s economic plans
1 month, 3 weeks ago

A critical look at Trump’s economic plans

Live Mint  

The second presidency of Donald Trump is off to a wild start. He will get his way because Congress decades ago ceded much of its constitutional authority over tariffs to the president under the International Emergency Economic Powers Act of 1977. And hey, doesn’t economic growth near 3%, unemployment at 4% and inflation under 3% sound like an economic emergency …

Scott Bessent Confirmed As Treasury Secretary, Giving Him A Key Role In Extending Trump's Tax Cuts
1 month, 3 weeks ago

Scott Bessent Confirmed As Treasury Secretary, Giving Him A Key Role In Extending Trump's Tax Cuts

Huff Post  

LOADING ERROR LOADING WASHINGTON — The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump’s treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth. He has said the U.S. faces economic calamity if Congress does not renew key …

Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts
1 month, 3 weeks ago

Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts

Associated Press  

WASHINGTON — The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump’s treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth. He has said the U.S. faces economic calamity if Congress does not renew key provisions of Trump’s …

Trump effectively pulls U.S. out of global corporate tax deal
2 months ago

Trump effectively pulls U.S. out of global corporate tax deal

The Hindu  

President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. But countries that have adopted the 15% global minimum tax may be in a position to collect a "top-up" tax from …

Trump treasury pick's 'magical and paper-thin' economic plan torn to shreds by columnist
2 months, 1 week ago

Trump treasury pick's 'magical and paper-thin' economic plan torn to shreds by columnist

Raw Story  

Washington Post columnist Catherine Rampell has some unkind words for the economic plan being pitched by Scott Bessent, who has been nominated by President-elect Donald Trump to be the next secretary of the treasury. At the start of her column about Bessent, Rampell walks through the long history of budgetary tricks and gimmicks that Republican administrations have used to conceal …

CBO projects US debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts
2 months, 1 week ago

CBO projects US debt to grow $23.9 trillion in 10 years, not including costs of extending tax cuts

Associated Press  

WASHINGTON — The national debt is slated to rise by $23.9 trillion over the next decade, a sum that does not include trillions of dollars in additional tax cuts being championed by President-elect Donald Trump. Still, annual budget deficits are expected to be equal to 6.1% of U.S. gross domestic product in 2035, which the CBO noted is “significantly more …

Trump’s own plans stand in the way of repeating his economic success
2 months, 1 week ago

Trump’s own plans stand in the way of repeating his economic success

Live Mint  

Sometimes the order in which you do things makes all the difference. “Trump’s economic agenda is initially negative for the economy, while ‘growth positive’ factors are back-end loaded to the end of 2025 and beyond," Longview Economics wrote in a note. That could mean an abrupt, negative shock to the economy, perhaps an order of magnitude greater than the total …

'There it is!' Rolled eyes meet Trump billionaire's warning of 'calamity' without tax cuts
2 months, 1 week ago

'There it is!' Rolled eyes meet Trump billionaire's warning of 'calamity' without tax cuts

Raw Story  

President-elect Donald Trump's pick for Treasury chief, billionaire Scott Bessent, received blowback on social media after claiming that Trump's tax cuts for the wealthy would prevent "economic calamity." Trump’s Treasury nominee just said “extending” Trump’s tax handouts for billionaires is their TOP priority: “This is the single most important economic issue of the day.” Another person wrote, Surprising? The self-described …

Voters wary of Trump’s tax cuts and tariff policy, new poll says
2 months, 1 week ago

Voters wary of Trump’s tax cuts and tariff policy, new poll says

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 Americans have mixed feelings about key parts of Donald Trump’s …

U.S. Treasury nominee says Trump can usher in 'economic golden age'
2 months, 1 week ago

U.S. Treasury nominee says Trump can usher in 'economic golden age'

Raw Story  

by Beiyi SEOW Donald Trump's nominee for Treasury chief spoke Thursday of ushering in "a new economic golden age," as he faced grilling by lawmakers about the incoming U.S. administration's economic agenda. Scott Bessent's confirmation hearing comes days before Trump returns to the White House, with the president-elect vowing tax cuts, higher tariffs and a slash to federal spending. On …

America Inc is hoping for a tax bonanza. It may be disappointed
2 months, 1 week ago

America Inc is hoping for a tax bonanza. It may be disappointed

Live Mint  

Corporate America has at least one big thing to celebrate about the presidential election: it has erased the possibility of a rise in the country’s corporate-tax rate, as had been proposed by Democrats. The crowning legislative achievement of Mr Trump’s first term was the Tax Cuts and Jobs Act of 2017, which lowered America’s federal corporate-tax rate from 35% to …

Treasury nominee plans to say at confirmation hearing that Trump will unleash ‘economic golden age’
2 months, 1 week ago

Treasury nominee plans to say at confirmation hearing that Trump will unleash ‘economic golden age’

Associated Press  

WASHINGTON — U.S. Treasury nominee Scott Bessent plans to say Thursday during his confirmation hearing that President-elect Donald Trump has an opportunity to unleash “a new economic golden age.” According to prepared testimony given to The Associated Press, Bessent will say the U.S. must secure vulnerable supply chains, levy sanctions to address national security concerns “and critically, we must ensure …

Trump allies launch $20M effort to convince working class to back tax plan
2 months, 2 weeks ago

Trump allies launch $20M effort to convince working class to back tax plan

Raw Story  

A right-wing advocacy group founded by the billionaire Koch brothers announced Monday the launch of a $20 million campaign to promote an extension of the 2017 Trump-GOP tax cuts, which disproportionately benefited the rich and large corporations. The group said its new 50-state campaign represents "the largest effort by a conservative organization" to support President-elect Donald Trump's legislative agenda as …

Here’s why the cost of extending Trump’s tax cuts just surged by nearly $1 trillion
2 months, 2 weeks ago

Here’s why the cost of extending Trump’s tax cuts just surged by nearly $1 trillion

Raw Story  

If Congress doesn't act quickly to end the provisions in President-elect Donald Trump's 2017 Tax Cuts and Jobs Act, it could blow an even bigger hole in the federal budget. Nearly 40 provisions in the 2017 law are set to expire this year, and because Senate Majority Leader John Thune has already signaled that the Republican majority's first legislative priority …

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 …

'Break even more arms': GOP lobbyist not hopeful Trump can ram through tax cut extension
2 months, 3 weeks 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 …

Food stamps, environmental safeguards and denying Ozempic: The ways Republicans could pay for Trump’s tax cuts
2 months, 3 weeks ago

Food stamps, environmental safeguards and denying Ozempic: The ways Republicans could pay for Trump’s tax cuts

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 Donald Trump’ and his Congressional allies could add requirements to …

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 …

Trump was poised to inherit a strong economy. Then things got rocky and he added to the uncertainty
3 months, 1 week 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 …

Johnson’s spending nightmare points to grueling GOP problems next year
3 months, 1 week ago

Johnson’s spending nightmare points to grueling GOP problems next year

Politico  

In theory, most Republicans support the latter idea, but looking for trillions of dollars in savings could drastically slow down an agenda that the GOP hoped to accomplish in the first 100 days of Trump’s administration. Other Republicans, including some who previously said they would support him, now won’t commit to backing him, despite Trump endorsing Johnson just over a …

Trump’s tax cuts expire soon − study shows devastating effect they had on many
3 months, 1 week 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?
3 months, 1 week 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 …

Canada Pressured to Respond to Trump’s Tax Cut Regime
3 months, 2 weeks ago

Canada Pressured to Respond to Trump’s Tax Cut Regime

Live Mint  

Donald Trump’s planned tax cuts would wipe out Canada’s slim corporate tax advantage, likely driving more capital from the northern nation and deepening its productivity crisis. Canada’s Finance Minister Chrystia Freeland estimated earlier this year that the tax rate on new business investment would rise to 16.8% by 2028, more than eight points lower than a projected 24.9% in the …

'What a racket': CBO finds extending Trump tax cuts would shrink U.S. economy
3 months, 2 weeks 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 …

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 …

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, 3 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 …

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

Discover Related