Tag: Reaganomics

What to look for from the Republican tax bill, month by month

The following article by Philip Bump was posted on the Washington Post website December 22, 2017:

President Trump delivers remarks after signing sweeping tax overhaul legislation into law on Friday in the Oval Office. (Jonathan Ernst/Reuters)

On Friday morning, President Trump signed into law the sprawling tax bill that was hastily built out by Republican leaders over the past month. In doing so, he formalized a huge range of changes to how Americans — and American businesses — will pay their taxes.

Given that U.S. tax law was not particularly user-friendly even before the Republican rehaul, we reached out to Manhattan-based tax attorneys Steven and Benjamin Goldburd to explain how the law will affect Americans over the course of the year. Or, really, the next decade. Continue reading “What to look for from the Republican tax bill, month by month”

Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.

The following article by Alan Rappeport was posted on the New York Times website December 22, 2017:

From right, Gary D. Cohn, director of National Economic Council, and Treasury Secretary Steven Mnuchin with lawmakers in November to discuss tax legislation. Credit Tom Brenner/The New York Times

WASHINGTON — President Trump’s signature on the Republican tax bill marks his most important legislative achievement to date. It also represents the breaking of a signature promise that helped propel his populist presidential campaign.

This week, as senior White House officials acclaimed passage of the tax overhaul in Congress, they also expressed one regret: failing to close the so-called carried interest “loophole” that benefits wealthy hedge fund managers and private equity executives. Despite Mr. Trump’s vows to eliminate a tax rule that allows some rich business leaders to pay lower tax rates than their secretaries, the president in this case was no match for the powerful lobbyists protecting the status quo. Continue reading “Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.”

Ivanka Trump wrong that in April, ‘vast majority’ will be filing their taxes on a ‘postcard’

The following article by Louis Jacobson was posted on the PolitiFact website December 21, 2017:

During an interview on Fox & Friends in which she touted the recently passed tax bill, Ivanka Trump said voters would benefit more quickly than they might have imagined.

“I’m really looking forward to doing a lot of traveling in April when people realize the effect that this has, both on the process of filling out their taxes — the vast majority will be doing so on a single postcard — but also having experienced the relief that will be starting as early as February,” she said. Continue reading “Ivanka Trump wrong that in April, ‘vast majority’ will be filing their taxes on a ‘postcard’”

Ivanka Trump Goofs Up On Tax Law In Her Televised Boast

The following article by Mary Papenfuss was posted on the Huffington Post website December 21, 2017:

We’ll be filling out our tax returns next year on a postcard — not.

Ivanka Trump’s victory boast on “Fox & Friends” about her dad’s new tax measure included a couple of gaffes.

She spoke Thursday about Americans filing under the new law in April. In fact, the new law won’t kick in until 2018, and taxes for that year will be due in April 2019. Continue reading “Ivanka Trump Goofs Up On Tax Law In Her Televised Boast”

Ignoring the Will of the People

The following article by Susan Milligan, Senior Writer, was posted on the U.S. News and World Report website December 2, 2017:

Credit: Drew Angerer/Getty Images

The $1.5 trillion tax bill, hailed with glee and relief by Republicans eager to appease donors and desperate for the year’s first major legislative win, is the most unpopular major piece of legislation to pass in decades.

That may sound remarkable, but it’s not the only case where public opinion – exhaustively collected, analyzed and reported by pollsters, interest groups and political parties – appears to have had little impact on a matter of public interest. President Barack Obama’s Deferred Access for Childhood Arrivals program to allow certain young immigrants to stay in the country is also overwhelmingly approved of by the electorate. But Congress failed to codify that program as it prepared to wind up for the year. Background checks for gun buyers, too, enjoys widespread public approval, polls consistently show – but that idea, too, never manages to get enough votes for passage. Continue reading “Ignoring the Will of the People”

Tax Cuts Buoy Republicans, but They’re Swimming Against an Undertow

The following article by Jonathan Martin was posted on the New York Times website December 21, 2017:

President Trump, Vice President Mike Pence, the House speaker Paul Ryan and the Senate majority leader Mitch McConnell at the White House yesterday. Credit Al Drago for The New York Times

WASHINGTON — The sweeping tax overhaul approved by Congress this week hands Republicans a long-sought achievement they believe will bolster their defenses in next year’s midterm campaign, but party officials concede the measure may only mitigate their losses in what is shaping up to be a punishing election year.

While the tax legislation is broadly unpopular as it reaches President Trump’s desk, the bill offers Republicans the sort of signature accomplishment they have been lacking to galvanize their demoralized donors and many of their voters. Continue reading “Tax Cuts Buoy Republicans, but They’re Swimming Against an Undertow”

Reality Check: The State And Local Tax Deduction

The following article by Pat Kessler was posted on the WCCO-TV website December 20, 2017:

MINNEAPOLIS (WCCO) — President Trump celebrated Congress passing into law a major overhaul of America’s tax system.

It’s the biggest change to the tax code in decades.

It will take a few weeks for the average Minnesota worker to feel the effects of the tax bill.

By February 2018: lower tax brackets kick in, and middle income workers will see a bump up on their weekly pay checks. Continue reading “Reality Check: The State And Local Tax Deduction”

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

The following article by Noah Bierman and Brian Bennett was posted on the Los Angeles Times website December 20, 2017:

President Donald Trump discusses Congress’ final approval of the tax bill. (Carolyn Kaster / Associated Press)

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.

For a president who loves to tally wins and loathes losses, Congress’ final approval of the tax bill hours earlier was an essential capstone to a year in which Trump rolled back scores of regulations, sharply limited a refugee program, seated a conservative Supreme Court justice and opened vast new areas for oil exploration. Continue reading “Trump notches first big legislative win with tax cut bill — but it’s far from his populist promises”

Trump stands to save millions under new tax measure, experts say

The following article by Drew Harwell was posted on the Washington Post website December 20, 2017:

President Trump speaks during a Cabinet meeting at the White House on Wednesday. (Jabin Botsford/The Washington Post)

President Trump, who won the White House on a wave of populist promises, will likely save millions of dollars, thanks to Congress’s approval of a tax plan he pledged was designed for the middle class.

Trump, who said he would be a “big loser” if the bill passed, stands to gain immensely from the Republican tax overhaul, including through a lower top tax rate and lucrative deductions for top-earning households, according to attorneys and tax experts who reviewed the final bill.

Trump could also take advantage of benefits that will lift specific business sectors, including a last-minute tax deduction that helps many owners of high-value commercial real estate, the industry where he first made his fortune. Continue reading “Trump stands to save millions under new tax measure, experts say”

In Tax Overhaul, Trump Tries to Defy the Economic Odds

The following article by Patricia Cohen was posted on the New York Times website December 20, 2017:

A North Carolina plant that recycles plastic bottle chips. President Trump and congressional Republicans have argued that their rewrite of the tax code will create more jobs and raise wages.CreditChuck Burton/Associated Press

When President Trump adds his distinctive signature to the tax bill, he will also be making a huge bet that the Republican strategy of deep cuts for businesses and wealthy individuals will fuel extraordinary growth across the board.

Perhaps more than any other American political leader, Mr. Trump knows that long shots, like his own presidential bid, sometimes pay off. In that vein, he and congressional Republicans are arguing that their bitterly contested and expensive rewrite of the tax code will ultimately create more jobs and raise wages.

If they are proved correct, they will be repudiating not only historical experience, but most experts. From Congress’s own prognosticators to Wall Street’s virtuosos, scarcely any independent analyses project anything like the rosy forecasts offered by the president’s top economic advisers. Continue reading “In Tax Overhaul, Trump Tries to Defy the Economic Odds”