Tag: Republican tax cuts

Faster Tax Cuts Could Be Backfiring on Republicans

Polling shows those getting smaller refunds are less likely to view the tax overhaul favorably, even if their take-home pay grew.

When President Trump signed a large package of tax cuts into law in 2017, the Internal Revenue Service moved to make sure the savings showed up quickly in paychecks. Doing so probably lifted consumer spending last year, but it may have hurt Republicans politically, new polling suggests.

Administration officials, it appears, underestimated Americans’ love of tax refunds.

Nearly four in five people say they would rather overpay their federal income taxes and get a refund every spring — effectively making an interest-free loan to the government — than underpay and owe money come tax season, according to a poll for The New York Times by the online research firm SurveyMonkey.

View the complete March 21 article by Ben Casselman and Jim Tankersley on The New York Times website here.

Republicans Once Railed Against Deficits. Now President Trump’s Tax Plan Piles On More Than $2 Trillion In Red Ink

The following article by Lisa Mascaro with the Tribune Content Agency’s Washington Bureau was posted on the National Memo website October 6, 2017:

President Trump spoke about his administration’s tax reform plan in Indianapolis on Wednesday. Credit Tom Brenner/The New York Times

WASHINGTON — Not long ago, Paul D. Ryan stood before charts and graphs as the House Budget Committee chairman like a new Ross Perot, promoting an austerity plan that slashed taxes and spending, and warning of the dangers of deficits.

“The facts are very, very clear: The United States is heading toward a debt crisis,” he said then. “We face a crushing burden of debt which will take down our economy, which will lower our living standards.” Continue reading “Republicans Once Railed Against Deficits. Now President Trump’s Tax Plan Piles On More Than $2 Trillion In Red Ink”