Tag: Trump tax plan

Winners and Losers in the Trump Tax Plan

The following article by Neil Irwin was posted on The New York Times website April 26, 2017:

The tax plan the Trump administration released Wednesday consists (so far) of a single page of bullet points.

If this were a more rounded plan, we could wait for the tax wonks at various think tanks to run it through their models and tell with some precision how it would affect people at different income levels and who would benefit from different deductions. Continue reading “Winners and Losers in the Trump Tax Plan”

Chair Martin’s Response to Trump’s Tax Plan

 

“Today, Donald Trump’s team outlined his tax cut proposal. Just as we expected, Trump’s tax plan prioritizes corporations over the American people.

“The Trump Administration can’t help but put wealthy special interests ahead of American families. Worst still, is while he favors his corporate buddies, his proposed budget cut critical funding for education, life-saving medical research, job training, and health care.

“Trump and his partners in Congress have wasted his first 100 days in office on making the rich richer and cutting opportunities for hardworking Americans to succeed. I wish I could say I was surprised.”

Trickle-down Economics Revisited

The following article by Faculty Researcher Christopher Jencks was posted on the Harvard University’s John F. Kennedy School of Government’s website back in the autumn of 2009.  Where we’re hearing the Trump/Goldman-Sachs guys again talking about “tax cuts that pay for themselves,” we thought it would be good to remind people about what happens when this is done by Republican administrations over the decades:

Trickle-down economics — the idea that tax cuts and other financial incentives for companies and individuals in the upper tiers of society fuel growth that indirectly benefits everyone — has been a cornerstone of Republican domestic policy since the Reagan era. This general notion is quite pervasive, however, and didn’t start in the 1980s. The writer and comedian Will Rogers noted that the Hoover Administration was handing out money to the rich in hopes that it would eventually “trickle down to the needy.” The proverb, “a rising tide lifts all boats,” which John F. Kennedy used in a 1963 speech, is sometimes invoked to get across a similar idea — namely, that economic growth will help everyone, regardless of whether he has a 100-foot yacht or a dinghy. Continue reading “Trickle-down Economics Revisited”

White House unveils dramatic plan to overhaul tax code in major test for Trump

The following article by Damian Paletta was posted on the Washington Post website April 26, 2017:

President Trump on Wednesday proposed a dramatic overhaul of the tax code, calling for sharply lower rates for individuals and businesses but also eliminating key tax breaks.

The proposal is a one-page outline – key details are left incomplete – but it presents an initial offer to begin negotiations with lawmakers, as White House officials believe reworking the tax code is one of their biggest priorities to boost economic growth. Continue reading “White House unveils dramatic plan to overhaul tax code in major test for Trump”

Trump ditches tax reform plan he campaigned on and considers series of new options – including payroll tax cut in bid to woo Democrats

The following article was posted on the Daily Mail website April 10, 2017:

  • Trump had campaigned on rapid tax reform and a so-called border adjustment tax, which would effectively levy a duty on imports 
  • Now all options are back on the table as he tries to have a reform plan which will get Republican support 
  • There are signs the president will be willing to work with Democrats too as White House officials hold ‘listening sessions’ with the opposition 
  • One plan being considered is a cut in the payroll tax, which would benefit middle-earners and could garner Democratic support 
Tough deadline: Steven Mnuchin, the Treasury Secretary who was at the table when Trump was briefed on the Syria missile strikes, had set an the August deadline for tax reform SEAN SPICER

President Donald Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax system.

The administration’s first attempt to write legislation is in its early stages and the White House has kept much of it under wraps. But it has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Some view the search for new options as a result of Trump’s refusal to set clear parameters for his plan and his exceedingly challenging endgame: reducing tax rates enough to spur faster growth without blowing up the budget deficit. Continue reading “Trump ditches tax reform plan he campaigned on and considers series of new options – including payroll tax cut in bid to woo Democrats”