Tag: Trump tax cuts

Tax ‘reform’ for the rich: Trump’s plan abandons his working-class supporters

The following article by Prof. Steven Pressman was posted on the Conversation website September 28, 2017:

President Donald Trump heralded his new tax plan as relief for the middle class, revenue-neutral and a “middle-class miracle.”

Yet the proposal, announced on Sept. 27, does none of these things. Instead, it is a scam not fit to become law of the land because it will enrich the rich, explode the deficit and hurt many middle-class Americans. This may sound like strong language, particularly for an economist, but I’m going to show you why this is no exaggeration.

While some details remain up in the air, Trump has proposed three main changes to our tax code. He wants to repeal the estate tax, simplify the individual tax code and slash the rates corporations pay. Let’s consider each in turn. Continue reading “Tax ‘reform’ for the rich: Trump’s plan abandons his working-class supporters”

Dems slam GOP tax plan as deficit-buster, risk to Medicare

The following article by Niv Elis was posted on the Hill website September 27, 2017:

© Greg Nash

Democrats on Wednesday excoriated the GOP’s proposed tax framework, saying it would blow an enormous hole in the deficit — warning that popular social programs are next.

“Make no mistake: After [the] Republicans’ tax plan blows a multitrillion-dollar hole in the deficit, they will sharpen their knives for Social Security, Medicare, Medicaid and vital job-creating investments for middle-class families across America,” said House Minority Leader Nancy Pelosi (D-Calif.).

Republicans, who typically tout themselves as fiscally conservative, are arguing that economic growth will make the tax plan deficit neutral or even add revenues. They say that the use of so-called dynamic scoring, a method that takes into account broader impacts on the economy, would show that.  Continue reading “Dems slam GOP tax plan as deficit-buster, risk to Medicare”

Fact-checking President Trump’s tax speech in Indianapolis

The following article by Glenn Kessler and Michelle Ye Hee Lee was posted on the Washington Post website September 28, 2017:

President Trump announced his tax plan on Sept. 27 in Indianapolis. We fact checked his address. (Meg Kelly/The Washington Post)

President Trump’s speech on the administration’s still-somewhat-vague tax plan, delivered in Indianapolis on Sept. 27, was filled with many of his favorite, inaccurate claims. For instance, he repeatedly says he is offering the “largest tax cut in our country’s history,” a dubious claim when properly measured as a percentage of the nation’s gross domestic product.  Here’s a sampling of other inaccurate claims — and one case in which he appears to have adjusted his language because of our previous fact checks. Continue reading “Fact-checking President Trump’s tax speech in Indianapolis”