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Republicans in the U.S. House of Representatives are proposing about $237 billion in tax cuts on the heels of the averted debt limit crisis. It's unclear at this time, whether the trio of bills has sufficient support for a floor vote. However, the package addresses key tax changes involving research and development (R&D) credits and 1099-K relief for casual online sellers. In the past, both of those issues have shown potential for some bipartisanship. The bills include other notable proposals, including a temporary (two-year) renamed, higher individual standard deduction, and a repeal of some clean energy tax credits from the...

The fuel tax reduction has been in effect since midnight — and it has led to significantly lower prices at many petrol stations across Germany. Press agency DPA evaluated the prices at 400 petrol stations in Munich, Berlin and Hamburg between 6 am and 7 am on Wednesday, with the help of data from Germany’s biggest car club, the ADAC. Although not all petrol stations lowered their prices significantly, the vast majority showed a clear difference just a few hours after the tax cut, DPA said. […] … DPA’s flash analysis of prices found that a liter of Super E10...

Gov. Tom Wolf and the Republican-controlled state legislature have found something to agree on: Pennsylvania’s corporate net income tax, the second-highest in the nation, costs the state more in lost business than it collects in revenue. The legislature should immediately pass the outgoing governor’s proposal to cut the corporate tax from 9.99% to 7.99% starting in 2023. That would move the state outside the top 10 highest CNI states, although it would still leave Pennsylvania at a disadvantage compared to nearby competitors like New York (6.5%) and Virginia (6%). After that, there are two ideas on the table for lowering...

Manchin's hard 'No' on spending bill coBuffeted by a Russia scandal that proved false, Donald Trump ended the first year of his presidency on a high note with passage of historic tax cuts. In contrast four years later, Joe Biden's first year in office is ending with a stunning rebuke from a senator in his own party.On Sunday, Sen. Joe Manchin (D-W.Va.) gave a resounding "No" to Biden's signature Build Back Better legislation, leaving an uncertain path for the Democrats' ambitious agenda despite the fact they control the Senate, House and White House.Their future is further complicated by an aging...

The bid by (AZ) Gov. Doug Ducey to permanently cut $1.5 billion a year of state revenues is based on an economic theory and a set of numbers that may not hold up under closer examination. And all that is worrying Arizona cities who stand to lose hundreds of millions of dollars if the governor is wrong. Ahwatukee Democratic Sen. Sean Bowie warned that the impact of a massive tax cut and flat tax rate could defund police and public safety for cities.

On Friday, Gov. Ron DeSantis (R) signed a tax cut package, House Bill 7061, designed to encourage spending in the Sunshine State. This Bill creates three approximate weeklong tax holidays, including one coinciding with the 4th of July, to be dubbed “Freedom Week.” The Bill attracted bipartisan support, with only four legislators in both chambers of the Florida Legislature voting in oppositon, and mandated that during these tax holidays, sales taxes on certain goods will be suspended in an effort to promote shopping. “In Florida, we are providing more than $168 million in taxpayer savings for families and businesses. From...

Sen. Kamala Harris (D-CA) spoke to Hispanic Americans at a campaign stop in McAllen, Texas, on Friday, telling them that she and former Vice President Joe Biden’s “first order of business” is to get rid of President Trump’s tax cuts. “I promise you this — as a first order of business, Joe Biden and I are about to work to get rid of that tax cut,” she said to cheers.

President Donald Trump said during a stop on the campaign trail Monday that he will double down on his pro-American domestic policy if he is reelected to a second term in office in November’s election, delivering a promise to “cut middle class taxes even further.” The President’s remarks came during a campaign rally in Martinsburg, Pennsylvania, the latest in a series of rallies across the Commonwealth, which is widely viewed as a key battleground state. “And in my second term I will cut middle class taxes even further,” President Trump stated, eliciting uproarious applause from the crowd.

ALEXANDRIA, Va. -- South Bend Mayor Pete Buttigieg, a 2020 Democratic presidential hopeful, said the governing philosophy of Republicans such as former President Ronald Reagan, who signed across-the-board tax rate cuts to grow the economy, should not be repeated in the future. "What we've seen is that the rising tide rose, right? GDP went up. Growth went up. Productivity went up -- big numbers went up and most of our boats didn't budge. For 90 percent of Americans, you start the clock right around the time I'm born. Income didn't move at all -- so lower to middle income, really,...

With the economy booming and showing positive signs across the board, it’s something of a mystery why so many people continue to insist that everything is terrible and the world is about to end. That’s the issue being tackled by our friend Andrew Malcolm this week at his new home, Issues & Insights. (Be sure to check out the rest of the site as well. They have quite the stable of reporters and analysts.) The answer is probably to be found in perceptions rather than facts, as so often happens in politics these days. After the weak growth of...

If you’re an American taxpayer, you probably got a tax cut last year. And there’s a good chance you don’t believe it. Ever since President Trump signed the Republican-sponsored tax bill in December 2017, independent analyses have consistently found that a large majority of Americans would owe less because of the law. Preliminary data based on tax filings has shown the same. Yet as the first tax filing season under the new law wraps up on Monday, taxpayers are skeptical. A survey conducted in early April for The New York Times by the online research platform SurveyMonkey found that just...

I’m so old I remember when the Left was outraged to the point of hysteria by a comment made by Rush Limbaugh made about Barack Hussein Obama –“I hope he fails.” Although he was clearly speaking of the policies he intended to implement in order to “fundamentally transform America” the left screamed for Rush’s head, accused him of everything from perfidy to sedition. Incivility had already crept into the body politic with the Bush era but now we had irreconcilable sectarianism. It was the beginning of a new political nontolerance movement. That point at which working through differences became insurmountable...

Somerville Mayor Joe Curtatone is vowing to boycott Samuel Adams beer for the rest of his life because company co-founder Jim Koch touted the Trump tax cuts during a meeting with the president last week. "I will never drink Sam Adam's beer again!" "We need to hold these complicit profiteers of Trump's white nationalist agenda accountable!"

President Trump is justifiably proud of passing tax reform last December, telling audiences “because of our tax cuts, you can keep more of your hard-earned money.” He’s right: American taxpayers will save $75 billion this year and $189 billion next year, according to the Joint Committee on Taxation. Yet the president’s tariffs on imports could negate much of the tax relief he’s been bragging about. These levies are not paid by foreign countries or companies. They are passed on to American consumers in the form of higher prices for either foreign or U.S.-made goods. The Trump tariffs are now clawing...

Chairman & CEO Chuck Robbins on repatriation: "It was 100 percent the tax reform impact that enabled us to bring back $67 billion, which we've completed."https://twitter.com/FoxBusiness/status/999163012274630657

I have just finished reviewing the family’s investment portfolio and comparing thirty Value Line write-ups. In all but two cases the Value Line write-up made a comment about the positive impact of the tax cuts. Large multinational companies were bringing back to the states billions of dollars as the new tax structure made it profitable to do so, as they can now reinvest in the US as opposed to abroad. In most cases the write-up said the companies were adding billions of dollars to their bottom lines which was being, variously and in different proportions, returned to investors and invested...

The spending bill, which President Donald Trump signed into law on Friday, includes a section that makes it clear that employers may not pocket any portion of tips that diners leave for workers... Representatives for the restaurant industry, however, are also pleased. The National Restaurant Association said it never asked for employers to be allowed to keep tips in the first place. Angelo Amador, senior VP at the trade group, argued that most employers wouldn't skim tips even if they were allowed to... The language in the spending bill also effectively does another big thing: It allows employers to pool...

President Trump again brings up a "phase two" of tax cuts. The GOP law passed in December permanently chops taxes for corporations and temporarily reduces the tax rate for most individuals. Trump wants a 'phase two' of tax cuts Trump wants a 'phase two' of tax cuts 18 Hours Ago | 00:44 President Donald Trump said again Monday he wants a "phase two" of tax cuts on top of the law Republicans passed in December. Speaking as the World Series champion Houston Astros visited the White House, Trump asked Rep. Kevin Brady, R-Texas, whether he planned to cut taxes further....

HALF OF AMERICANS AGREE with House Minority Leader Nancy Pelosi's comments that corporations are giving their workers "crumbs" as a result of the tax bill, according to a poll released Friday by a group aligned with President Donald Trump. America First Priorities, found 49 percent of respondents agreed with the California Democrat, whose remarks pointed out the disparity in the windfall companies received in December with the passage of a major tax cut compared to the comparatively small bonuses they're handing out to their employees. "In terms of the bonus that corporate America received versus the crumbs that they are...

Lonegan: New Jersey Utility Payers Deserve Their Own Tax Cut Asks NJ Utility Companies to Follow National Trends & Lower Rates Hackensack, NJ -- Steve Lonegan, Republican candidate for Congress in New Jersey’s Fifth Congressional District, has just sent a letter to PSE&G, Jersey Central Power & Light (JCPL), and Orange & Rockland Utilities requesting they reduce New Jersey residents’ utility rates on an expedited basis due to the cost savings realized from Congress’ sweeping tax relief bill. “New Jersey rate payers deserve a break and the state utility companies can now afford to provide one,” Lonegan said. “This is...