Tag: GOP tax scam

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”

GOP praises, Dems question tax-cut boost in paychecks

The following article by Naomi Jagoda was posted on the Hill website February 11, 2018:

Senate Majority Leader Mitch McConnell (R-Ky.), left, and House Speaker Paul D. Ryan (R-Wis.). Credit: Alex Wong/Getty Images

Taxpayers are starting to see bigger paychecks as a result of the new tax law, which Republicans hope will pay off for them in the midterm elections.

Democrats warn that Republicans may be overpromising, and have expressed concerns that a number of taxpayers expecting refunds may instead end up owing the IRS money next year.

The growing paychecks reflect the new withholding guidance issued by the IRS last month following enactment of the tax law. The guidance adjusts the amounts that companies take from their employees’ paychecks for federal taxes. Continue reading “GOP praises, Dems question tax-cut boost in paychecks”

The Tax Cuts Are Truly a Crummy Deal for Most of Us

The following article was posted on the Creators website February 8, 2018:

Credit: mconners via morguefile.com

Would someone kindly replace Nancy Pelosi as a spokesperson for Democrats? The House minority leader’s riff on the tax bill as “crumbs” for average Americans bombed on two fronts. One was her snide and preachy tone. The other was linking “crumbs” to $1,000-or-better bonuses that a few companies said they will distribute out of their tax savings.

Not that Pelosi was entirely wrong. House Speaker Paul Ryan rescued her with his tweet about a woman doing backflips over a tax cut amounting to $1.50 a week. Continue reading “The Tax Cuts Are Truly a Crummy Deal for Most of Us”

The tax cut is a $6 billion gift to Exxon

NOTE:  While reading this, please keep in mind Speaker Ryan’s tweet touting a school secretary getting a $1.50 per paycheck increase and Pres. Trump touting people with an income of $75,000 receiving a $2,000 tax cut (until they expire in 2020).

The following article by MattEgan was posted on the CNN Money section of the CNN website February 2, 2018:

ExxonMobil scored a massive gain from the Republican tax overhaul.

The tax windfall helped Exxon’s (XOM) net profits surge fivefold, the world’s largest publicly traded oil company said on Friday.

Excluding the tax bonanza, Exxon’s results left Wall Street wanting more. Adjusted earnings unexpectedly declined and revenue missed the mark by a wide margin. Exxon shares slumped about 5%. Continue reading “The tax cut is a $6 billion gift to Exxon”

Paul Ryan celebrated the tax cut with a tweet about a secretary saving $1.50 a week

The following article by Avi Selk was posted on the Washington Post website February 4, 2018:

House Speaker Paul D. Ryan (R-Wis.) touted the new GOP tax reform law and outlined his party’s agenda ahead of the new year. (Reuters)

Never mind all the Democrats who call the GOP’s tax bill a deficit-busting giveaway to the rich; House Speaker Paul D. Ryan has been enthusiastically promoting it as a middle-class tax windfall.

He’s been coaching other Republican lawmakers to sell the $1.5 trillion tax cut to voters, and telling people on Twitter to check their paychecks for wage hikes. The bill — which was deeply unpopular when it passed along party lines in December — is now breaking even in a new opinion poll. Continue reading “Paul Ryan celebrated the tax cut with a tweet about a secretary saving $1.50 a week”

Why it’s too soon for Davos billionaires to toast Trump’s ‘pro-business’ policies

The following article by Charles Hankla, Associate Professor of Political Science at Georgia State University, was posted on the Conversation website January 29,2018:

SAP CEO Bill McDermott and Siemens chief Joe Kaeser flank Trump as they praise him for his tax cut. Credit: AP Photo/Evan Vucci

The moguls of global business, who met recently in Davos for the World Economic Forum, may not like Donald Trump’s style. But, if a series of reports by The New York Times and other outlets are to be believed, Trump’s pro-business policies are making it easier for them to forgive his foibles.

Klaus Schwab, the head of the forum, put it this way as he introduced President Trump before his Jan. 26 speech: “On behalf of the business leaders here in this room, let me particularly congratulate you for the historic tax reform [that is] fostering job creation while providing a tremendous boost to the world economy.” Continue reading “Why it’s too soon for Davos billionaires to toast Trump’s ‘pro-business’ policies”

Paul Ryan credits Koch network for supporting GOP’s tax overhaul

The following article by Michelle Ye Hee Lee was posted on the Washington Post website January 28, 2018:

House Speaker Paul D. Ryan (R-Wis.). Credit: Jim Lo Scalzo/European Pressphoto Agency

INDIAN WELLS, Calif. — House Speaker Paul D. Ryan (R-Wis.) credited the network of billionaire industrialists Charles and David Koch for being “such a critical part of our historic success in 2017,” highlighting its support for the tax code overhaul.

“Your network has been instrumental for allowing us to reach so many milestones that have long been talked about, but until this year, have not been achieved,” Ryan said in a three-minute video message aired to hundreds of Republican mega-donors attending a three-day meeting here. Continue reading “Paul Ryan credits Koch network for supporting GOP’s tax overhaul”

Koch network to spend about another $20 million promoting GOP tax law

The following article by Michelle Ye Hee Lee was posted on the Washington Post website January 27, 2018:

Billionaire industrialist Charles Koch leads the network. (Photo by Patrick T. Fallon for The Washington Post)

INDIAN WELLS, Calif. — After spending $20 million to push the tax-code overhaul through Congress, the influential Koch network plans to spend up to another $20 million to educate the public about the benefits of the new law, network officials announced Saturday.

The network views the education campaign, which will launch in February, as key to holding the Republican congressional majorities in the 2018 midterm elections. Continue reading “Koch network to spend about another $20 million promoting GOP tax law”

Banks Are Big Winners From Tax Cut

The following article by Jim Tankersley was posted on the New York Times website January 16, 2018:

Big banks like J.P. Morgan are reporting short-term losses as a result of the tax bill but see long-term benefits, including stronger profits, from the overhaul. Credit John Moore/Getty Images

WASHINGTON — The nation’s banks are finding a lot to love about the Trump administration’s tax cuts.

The $1.5 trillion tax overhaul signed into law late last year provided deep and lasting tax cuts to all types of businesses, but financial institutions are among the biggest winners so far, reaping benefits from a lower corporate rate and more preferable tax treatment for so-called pass-through companies, which include many small banks.

While some of the biggest banks are reporting fourth-quarter earnings hits stemming from the new tax law, they see rich benefits over the long term, including effective tax rates that are even lower than the new 21 percent corporate rate. Continue reading “Banks Are Big Winners From Tax Cut”

How Republican tax reform eliminated special interest carve-outs — and created a bunch of new ones

The following article by Sam Brodey was posted on the MinnPost website January 17, 2018:

Rep. Erik Paulsen holding a press conference at Insight Brewing in Minneapolis on January 5. Credit: Office of Rep. Erik Paulsen

At Insight Brewing in Minneapolis earlier this month, 3rd District GOP Rep. Erik Paulsen was raising a glass to the Republican tax bill, signed into law by the president just weeks prior.

The assorted craft brewers and beer boosters in the room were, in turn, raising a glass to Paulsen: the Eden Prairie congressman successfully included a provision in the tax legislation that slashes the taxes that brewers — as well as winemakers and distillers — pay to the federal government.

For years, the alcohol industry had been lobbying for lawmakers to cut excise taxes, an additional sales duty they face. In prior sessions of Congress, Paulsen had introduced legislation that would have done just that. That the alcohol tax cuts got wrapped up in the Tax Cuts and Jobs Act, which permanently cuts taxes for corporations and makes other big adjustments to the tax code, is a victory for the booze business and for Paulsen. Continue reading “How Republican tax reform eliminated special interest carve-outs — and created a bunch of new ones”