The following article by Kim Soffen and Reuben Fischer-Baum was posted on the December 20, 2017:
President Trump is expected to sign a major overhaul of the tax code after the House passed a final iteration of the bill on Wednesday. It is his first major legislative achievement and has significant implications for individuals and businesses across America.
Here are the 10 biggest things to know about the bill: Continue reading “10 key takeaways from the Republican tax bill”
The following article by Aaron Blake was posted on the Washington Post website December 20, 2017:
During a cabinet meeting, President Trump lauded the passing of the GOP tax plan. (Joyce Koh/The Washington Post)
President Trump was so excited about passing his first major piece of legislation Wednesday that he blurted out that the Republican Party had misrepresented the entire bill, handing Democrats some potentially troublesome talking points for the 2018 midterm elections.
Speaking at the White House just before the House prepared to sign off on the tax-cuts bill one last time, Trump reveled extensively in his win before turning things over to Vice President Pence to heap praise upon him continuously for a few minutes. It was a thoroughly unique spectacle, even as victory dances and Trump Cabinet meetings go. Continue reading “Trump just admitted the GOP’s tax cuts were deceptively sold”
The following article by Alicia Parlapiano was posted on the New York Times website December 20, 2017:
Republican lawmakers say that one of the largest tax cuts in their tax bill, a 20 percent deduction for pass-through income, is for small businesses and job creators. But there are also millions of other tax filers — many at the highest income levels — who would benefit significantly.
Pass-through income is business income that is taxed once at the individual rates of the business owner, instead of through the corporate tax structure. Nearly 40 million taxpayers claimed pass-through income on their individual tax returns for 2014. Continue reading “How the ‘Small-Business Tax Cut’ Would Also Be a Tax Cut for the Wealthy”
The following article by Steven Pressman, Professor of Economics at Colorado State University, was posted on the Conversation website December 20, 2017:
The U.S. middle class has always had a special mystique.
It is the heart of the American dream. A decent income and home, doing better than one’s parents, and retiring in comfort are all hallmarks of a middle-class lifestyle.
Contrary to what some may think, however, the U.S. has not always had a large middle class. Only after World War II was being middle class the national norm. Then, starting in the 1980s, it began to decline.
President Donald Trump has portrayed the tax plan Congress is wrapping up as a boon for the middle class. The sad reality, however, is that it is more likely to be its final death knell. Continue reading “GOP tax plan doubles down on policies that are crushing the middle class”
The following article by Jim Tankersley and Alan Rappeport was posted on the New York Times website December 19, 2017:
WASHINGTON — The sting of failure on health care still lingered in the Senate on Aug. 3, when Mitch McConnell, the majority leader, summoned the Republican members of the Budget Committee to his office. We need to pass a tax bill this fall, Mr. McConnell told his colleagues, and we need a budget that allows us to do that.
There was no dissent. Continue reading “How Republicans Rallied Together to Deliver a Tax Plan”
The following article by Herman Wong was posted on the Washington Post website December 19, 2017:
In a speech on the House floor on Dec. 19, Rep. David N. Cicilline (D-R.I.) invoked Dr. Seuss’s Grinch to criticize the GOP tax bill. (C-SPAN)
Democrats have assailed the Republican tax plan as a “scam” that represents “class warfare.” On Tuesday, one Democratic representative came up with a more lyrical attack against what will be the most significant overhaul of the tax codesince 1986.
On the House floor, Rep. David N. Cicilline (D-R.I.) shared a retelling of the classic Dr. Seuss Christmas tale, “How the Grinch Stole Christmas,” in which the Grinch is now Trump and the loot is middle-class tax cuts. The full video of Cicilline’s performance is embedded above. Continue reading “‘How the Grinch Stole Middle Class Tax Cuts,’ Democrat’s Xmas story warms few hearts on House floor”
The following article by Heather Long was posted on the Washington Post website December 19, 2017:
With the Republicans’ tax plan heading to President Trump’s desk to be signed into law, just who will be getting his promised “Christmas present” and who won’t? (Video: Jenny Starrs/Photo: Matt McClain/The Washington Post)
The Republican overhaul of the tax code sets the stage for years of politically fraught debate over what the government should provide for its citizens and how much it should demand in taxes.
President Trump and Republicans in Congress are celebrating the $1.5 trillion legislation as a big tax cut for workers and businesses. And for the time being, it is that — 80 percent of the country will pay lower taxes next year. Continue reading “The Republican tax bill was the easy part. The next debate could be much uglier.”
The following article by Emily C. Singer was posted on the Mic website December 19, 2017:
It’s déjà vu all over again for Republicans, who, over the past weeks, have sought to convince themselves that the unpopular tax bill they’re set to pass won’t sink their electoral hopes in the 2018 midterm elections.
“No concerns whatsoever,” House Speaker Paul Ryan told reporters Monday when asked whether he was concerned that the tax plan, currently opposed by more than half of voters, could hurt the GOP next November. Continue reading “With unpopular tax bill, experts say GOP has learned nothing from Obamacare missteps”
The following article by Jeff Stein and Damian Paletta was posted on the Washington Post website December 20, 2017:
Congressional Republicans on Dec. 20 passed a massive tax overhaul, sending the bill to President Trump for him to sign it into law. (Jenny Starrs, Bastien Inzaurralde/The Washington Post)
Follow Wednesday’s updates here: GOP tax bill passes Congress
Republicans are on the verge of passing the most significant overhaul of the tax code since 1986, after the Senate passed the GOP plan early Wednesday morning and House leaders scheduled a vote to quickly send it to President Trump. Continue reading “GOP tax bill passes Senate as House prepares to send it to Trump”
The following article by Rebekah Entralgo was posted on the ThinkProgress website December 19, 2017:
The House of Representatives is set to vote on the final version of the GOP tax bill Tuesday, with the Senate to follow close behind. Most Republican members of Congress are heralding the plan’s giant, permanent tax cut for corporations as the reason behind their support. The GOP argues that when corporations get a tax cut, they put that money toward creating more jobs and raising wages. Continue reading “Wells Fargo CEO reveals the scam at the heart of Republicans’ tax bill”
