Tag: GOP tax cuts for the rich

President Trump’s claims that tax cuts sparked major U.S. investments

The following article by Salvador Rizzo was posted on the Washington Post website February 15, 2018:

The president has a tendency to claim credit where credit is not due — particularly when it comes to business deals. (Meg Kelly/The Washington Post)

“GM Korea company announced today that it will cease production and close its Gunsan plant in May of 2018, and they’re going to move back to Detroit. You don’t hear these things, except for the fact that Trump became president. … Also, you saw Chrysler moving from Mexico to Michigan.”
—President Trump, in remarks at the White House, Feb. 13, 2018

“Because of our tax cuts, Apple is investing $350 billion in the United States. … And two days ago, ExxonMobil, in addition to many others, just announced that they are investing $50 billion in the United States. So the good news just keeps on rolling in.”
—Trump, in remarks to congressional Republicans, White Sulphur Springs, W.Va., Feb. 1, 2018

Trump has been on a good-news kick lately, claiming that several multinational corporations are bringing jobs, factories or profits back to the United States because of the tax overhaul he signed in December. Continue reading “President Trump’s claims that tax cuts sparked major U.S. investments”

Minnesotans could face significant state tax hike next year in wake of federal changes

NOTE:  Rep. Paulsen voted for this bill in committee and on the floor of the U.S. House.

The following article by J. Patrick Coolican was posted on the StarTribune website January 11, 2018:

Without changes, that’s how much more Minnesotans could pay under new law

Minnesota legislators will have to decide how to respond to the new federal law changes, which will have an impact on the state tax system. Credit: GLEN STUBBE, STAR TRIBUNE

The federal tax overhaul passed late last year could mean a hefty state tax increase for Minnesotans.

If the Legislature simply conforms the state tax code to its federal counterpart — which has been standard practice in recent years — then state government would collect an additional $813 million in taxes next fiscal year, and $1.49 billion during the two years after that, due to major changes in federal tax law approved late last year by the Republican Congress and President Donald Trump.

That’s according to an estimate released this week by the state Department of Revenue. But Sen. Roger Chamberlain, R-Lino Lakes, said Minnesotans shouldn’t worry. Continue reading “Minnesotans could face significant state tax hike next year in wake of federal changes”

Really? A Tax Break For Dark Money Outfits?

The following article by David Sirota with the International Business Times was posted on the National Memo website December 8, 2017:

With Republican megadonors like Charles Koch, 82, and his brother David, 77, advancing in age, a top GOP senator from the Kochs’ home state has proposed a special tax break for moguls who bequeath their riches to so-called “dark money” groups that advocate for policies and bankroll lawmakers’ election ads. Though Kansas Sen. Pat Roberts’ proposal did not make it into the Senate-passed version of the tax bill, it could still be added by the conference committee that will write the final $1.4 trillion tax cut legislation.

Although dark money groups are entitled to conceal the identities of their donors, reporting has shown the Koch brothers are some of most prolific deployers of such groups. Roberts’ proposal would provide a new post-mortem tax break to boost that activity — at a moment when the Republican Party’s biggest donors include septa- and octogenarians such as the Kochs, Sheldon Adelson, 84, Robert Mercer, 71, and Foster Freiss, 77.  Continue reading “Really? A Tax Break For Dark Money Outfits?”

After cutting taxes, Trump looking to localities to raise revenue for infrastructure

The following article by John Wagner was posted on the Washington Post website December 7, 2017:

President Trump capped off his infrastructure week with an address at the Department of Transportation on June 9. (Reuters)

Even as President Trump and Republicans in Congress seek to cut federal taxes, the White House has quietly come up with a very different plan for infrastructure: It wants to reward states and localities willing to raise taxes or other revenue to pay for new projects.

The dynamic is key to the Trump administration’s latest thinking on an infrastructure bill aimed at spurring a $1 trillion investment in the nation’s ailing roads, bridges, rail lines and airports. Originally touted by Trump as a first-100-days initiative — and one with the prospect for bipartisan support — it has stalled amid other bruising legislative battles. Continue reading “After cutting taxes, Trump looking to localities to raise revenue for infrastructure”

Senate Republican tax plan clears hurdle with help from two key GOP holdouts

The following article by Mike DeBOnis, Erica Werner and Damian Paletta was posted on the Washington Post website November 28, 2017:

The Senate Budget Committee moved the Republican tax bill forward amid the shouts of protesters on Nov. 28. (U.S. Senate Budget Committee)

The Republican effort to rewrite the tax code surged forward Tuesday, as a Senate panel approved the measure and several wavering lawmakers signaled they are leaning toward backing the bill.

The Senate Budget Committee voted 12 to 11 to send the $1.4 trillion tax package to the Senate floor for a vote later this week. That margin was in doubt up until the votes were cast because two Republicans, Sens. Bob Corker (Tenn.) and Ron Johnson (Wis.), had threatened to oppose it. Continue reading “Senate Republican tax plan clears hurdle with help from two key GOP holdouts”

Minnesotans raise alarms about tax bill

The following article was posted on the Workday Minnesota website November 26, 2017:

Recently, retired union members and friends brought their concerns about tax fairness and threats to Medicaid, Medicare and Social Security to Republican Congressman Erik Paulsen’s office. Photo courtesy of Minneapolis Regional Retiree Council

EDEN PRAIRIE — Union members in Minnesota are among those raising objections as the U.S. Senate prepares to vote on legislation to cut taxes, threatening important public services and providing handouts to the wealthy.

A vote could take place in the Senate as soon as Nov. 30, according to several media sources. The House has already passed its own bill.

Recently, retired union members and friends brought their concerns about tax fairness and threats to Medicaid, Medicare and Social Security to Republican Congressman Erik Paulsen’s office. In an action organized by the Minneapolis Regional Retiree Council, a small group of Paulsen’s constituents delivered a letter to his office in Eden Prairie, while over 60 other people bannered at the street corner outside. Continue reading “Minnesotans raise alarms about tax bill”

Ivanka Trump Should Stop Pretending the Tax Bill Will Help Women and Families

The following article by Shilpa Phadke was posted on the Center for American Progress website November 27, 2017:

Ivanka Trump walks across the stage during a town hall meeting on tax policy in Richboro, Pennsylvania, October 23, 2017. Credit: AP/Rich Schultz

U.S. House Republicans recently jammed through a tax bill, the Tax Cuts and Jobs Act, that gives massive tax cuts to millionaires and the ultrarich instead of those who need it the most: working families. Ivanka Trump, who has been traveling around the country advocating for the bill, claimed in Pennsylvania, “This tax plan couples two things that are really core values as a country, which is work and supporting the American family.” But, her tax pitch does not tell the full story of the bill, namely that nearly 87 million working- and middle-class households would see a tax hike in 2027. And the massive deficit increases from the bill will likely be used by conservatives to justify cutting government programs that support families. Far from supporting working families, these consequences would be devastating to millions and hurt the U.S. economy. Ivanka Trump should be straight about how much people such as her and her family stand to benefit from the tax bills and how those benefits are at the expense of the very women and families she claims to be fighting for.

Here are the top reasons that the tax bills are bad for women and families: Continue reading “Ivanka Trump Should Stop Pretending the Tax Bill Will Help Women and Families”

5 Reasons Communities of Faith Should Be Alarmed by the Tax Bill

The following article by LaShawn Warren was posted on the Center for American Progress website November 22, 2017:

The U.S. Capitol dome as the sun rises on Tuesday, Oct. 3, 2017, at the foot of the Washington Monument on the National Mall in Washington. Credit: AP/Manuel Balce Ceneta

President Donald Trump, House Speaker Paul Ryan (R-WI), and many other GOP lawmakers have continually referenced faith and religion when referring to public policy. President Trump’s public remarks have increasing been laced with religious rhetoric—from invoking the Lord to support his declaration of opioid addiction as a national health emergency to his appeal to God to bless the world after launching military strikes in Syria. Similarly, when a policy crisis on gun violence reemerged in the wake of the Sutherland Springs, Texas, massacre, Speaker Ryan immediately reverted to religious rituals urging prayer for the community, but stopping short of a call for legislation to address gun violence—something he is well positioned to do.

Public facing piety and religious references from President Trump and GOP lawmakers in Congress are increasingly difficult to square with their public policy decisions. The tax reform legislation is one of the most glaring examples. Their aggressive legislative efforts to take from the least to give to corporations and people with the most are morally and ethically indefensible. In fact, these efforts are antithetical to the social teachings of Christianity and many other faith traditions that encourage courageous compassion and emphasize the responsibility to reject greed and give in service of the common good. The tax legislation is a profound illustration of the disconnect between a professed faith identity and actions that are inconsistent with the fundamental tenants of faith traditions. Continue reading “5 Reasons Communities of Faith Should Be Alarmed by the Tax Bill”

Mnuchin: ‘I don’t know’ if individual tax cuts will extend

The following article by Brett Samuels was posted on the Hill website November 19, 2017:

Credit: Brendan Smialowski/AFP/Getty Images

Treasury Secretary Steve Mnuchin said Sunday that permanent corporate tax cuts are necessary to spur economic growth before making individual tax cuts permanent.

Host Chris Wallace challenged Mnuchin, saying he doesn’t know what factors will be at play in 2025 or whether Congress would extend the tax cuts at that point.

“I don’t know that. Maybe I’ll be working for President Pence at the time, but I don’t know that,” Mnuchin said on “Fox News Sunday.” “We’ll know by then whether this creates growth or not. If it does, we’ll have an incredible economy… if it doesn’t, Congress will deal with it at the time.” Continue reading “Mnuchin: ‘I don’t know’ if individual tax cuts will extend”

Tax Reform: This is the one big problem with the Republican tax “postcard” plan

The following article by Emily C. Singer was posted on the mic.com website November 16, 2017:

House Republicans love to tout the idea that their tax reform plan will make filing your taxes so easy you can do it all on what they call a “Simple, Fair ‘postcard’” — the same postcard President Donald Trump can be seen kissing in a video from Nov. 2.

“You can file your taxes, I’m going to bring a couple props out, literally on a postcard,” House Speaker Paul Ryan said this week at a town hall, showing off the small piece of paper he says 90% of Americans will be able to use to file their taxes if Republicans have their way. Continue reading “Tax Reform: This is the one big problem with the Republican tax “postcard” plan”