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Keyword: taxhike

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  • Trump may get tax cut bill with more generous credits for illegal immigrants

    12/10/2017 7:06:00 PM PST · by 4Runner · 94 replies
    The Washington Times ^ | December 10, 2017 | S.A. Miller
    President Trump has been willing to accept almost anything to close the deal on his giant tax cut bill before Christmas, including staying mum about a measure that would allow illegal immigrants to pocket the more generous child tax credit included in the package. Illegal immigrants have been collecting the payoff from the “refundable” tax credit for years because of an IRS interpretation of how the rule was drafted. The Republican-controlled Congress this fall had a chance to correct that in the tax code overhaul that in the Senate version doubled the child tax credit to $2,000 and expanded eligibility.
  • New Jersey Congressman Endorses Federal Fuel Tax Increase

    12/06/2017 1:08:56 AM PST · by Tolerance Sucks Rocks · 14 replies
    Transport Topics ^ | December 5, 2017 | Eugene Mulero
    An increase in federal taxes on fuel would significantly help fund repairs for highway infrastructure along Interstate 95 in Newark, N.J., Rep. Donald Payne Jr. (D) said amid Congress’ consideration of tax reform legislation. “Improving I-95 will boost the economy by shortening commutes, making cargo transport more efficient and improving highway safety,” Payne said Nov. 30, adding the I-95 stretch, or the Turnpike as it is known in the state, has been underfunded due to deficits in the Highway Trust Fund over the years. The intricate network of ports, railways, highways and an international airport in the state’s largest city...
  • The Latest: Tax jump for households earning under $200K

    11/13/2017 10:07:43 AM PST · by Mariner · 43 replies
    Associated Press ^ | November 13th, 2017 | Unattributed
    Congressional analysts are estimating that the Republican Senate tax bill would increase taxes in 2019 for some 13.8 million U.S. households earning less than $200,000 a year. The nonpartisan Joint Committee on Taxation provided the analysis Monday as the Senate’s tax-writing committee begins work on its version of the tax overhaul bill. The legislation, promoted as a boon to the middle class, would steeply cut corporate taxes, double the standard deduction, and limit or repeal completely the federal deduction for state and local property and income taxes. The analysis of the Senate plan says 13.8 million households, or about 10...
  • Two Points on the GOP’s Tax Hikes and Jobs Act

    11/11/2017 7:41:56 AM PST · by NaturalBornConservative · 27 replies
    Black and Center Blog ^ | November 11, 2017 | L M Walker
    Point #1Like a broken record, Republican promotors of the Tax Cuts and Jobs Act insist that by raising the 2018 standard deduction for single filers from $6,500 to $12,200, for couples from $13,000 to $24,400, and by lowering selective tax rates, that their plan will usher in a huge tax cut for the middle-class. It, in fact, does no such thing. Whenever challenged with the reality that their proposal will result in a tax increase on many of their constituents, they exclaim, “Yes, but we are doubling the standard deduction!” Yet, not one of them ever mentions that they are,...
  • Kill the Bill

    11/06/2017 7:22:24 PM PST · by SkyPilot · 124 replies
    The Weekly Standard ^ | 6 Nov 17 | Matt Labash
    Ask Matt Labash, who says the GOP should have called its tax reform measure the "Robbing Peter to Pay Apple Act." Dear Matt, Republicans have called their tax bill “The Tax Cut and Jobs Act.” President Trump wanted to call it “The Cut, Cut, Cut Act” (And here we thought his specialty was branding.) What would you have named it? H.R. Block I’d be fine with calling it “The Republicans Pissing Down Your Leg While Telling You That You’re Bathing In A Warm Mineral Spring Act.” Or maybe “The Robbing Peter to Pay Apple Act.” (In this scenario, you,...
  • GOP’s big donors threaten to close wallets if tax reform isn’t passed

    11/06/2017 2:57:38 PM PST · by Oldeconomybuyer · 28 replies
    New York Post ^ | November 6, 2017 | By Marisa Schultz
    WASHINGTON – Republicans have a lot riding on tax reform — including campaign contributions. The failure by the GOP-led government to score a significant legislative victory in the year since President Trump was elected has caused some Republican donors to close their wallets. “I’ve just reached my breaking point with it,” said Dan Eberhart, CEO of Canary LLC, an oilfield services company. “Do something for goodness sakes.” In protest, he’s stopped sending donations to the National Republican Senate Committee – the main fundraising campaign for Senate Republicans. Instead he’s been meeting with Steve Bannon, Trump’s former chief strategist, about courting...
  • Republicans, desperate for a win, already face setbacks as they prepare to unveil tax bill this week

    10/30/2017 12:16:50 PM PDT · by Mariner · 36 replies
    The Washington Post via AP via the Reading Eagle ^ | October 30th, 2017 | Unattributed
    WASHINGTON - The Republican effort to overhaul the tax code suffered a bruising setback over the weekend when a powerful corporate interest group came out against the proposal just days ahead of House leaders' planned release of the legislation to the public. President Donald Trump and GOP leaders are casting the measure as a once-in-a-generation rewrite of the federal tax code, one they say will stimulate the economy, create millions of jobs and give voters a reason to stick with their party in next year's midterm elections. Rep. Kevin Brady, R-Texas, the chairman of the House Ways and Means Committee,...
  • What the Republican Tax Reform Plan Lacks

    10/30/2017 9:54:57 AM PDT · by NaturalBornConservative · 27 replies
    Black and Center Blog ^ | October 30, 2017 | L M Walker
    According to White House Press Secretary, Sarah Sanders, “Very few people itemize. I think it’s around 20% of people that actually itemize. Those things will be offset by other tax credits that are part of this plan…”Ms. Sanders would be correct, if she was referring to households earning less than $50,000 per year, a figure which barely skirts the middle-class. However, as you can see in the chart below, 41.7% of households earning between $50,000 and $75,000 itemize. The figure jumps to 58.5% for those earning $75,000 to $100,000, and rises to 78.8% for those earning between $100,000 to $200,000....
  • Gas tax increase, turnpike toll hike greet drivers in the new year (already happened by now)

    01/27/2017 5:00:07 AM PST · by Tolerance Sucks Rocks · 14 replies
    The Pittsburgh Post-Gazette ^ | Decembeer 28, 2016 | Ed Blazina
    The cost of driving in Pennsylvania is going up on two fronts in the new year. First, the state tax on wholesale motor fuels will increase Jan. 1 — 8 cents for gasoline and nearly 11 cents for diesel fuel. Those costs are expected to be passed on to retail prices at the pump. A week later, tolls on the Pennsylvania Turnpike will increase for the ninth year in a row, this time by 6 percent. The change will increase the cost of a trip from Ohio to New Jersey from $48.90 to $51.85 for cash and from $34.93 to...
  • Brazil's Rousseff Races to Contain Congressional Revolt Over Austerity [Commie Ping]

    03/05/2015 1:07:05 PM PST · by Zuben Elgenubi · 1 replies
    Voice of America ^ | March 5, 2015 | staff
    BRASILIA— Brazilian President Dilma Rousseff raced on Wednesday to defuse a rebellion by legislators upset about her budget austerity plans and her handling of a corruption scandal at state-run oil company Petrobras. Rousseff met with legislative leaders from her coalition after they unexpectedly threw out a presidential decree that would have raised payroll taxes and helped close a gaping hole in Brazil's budget. “This is very serious for Rousseff,” said political analyst Gabriel Petrus of Brasilia-based consultancy Barral M Jorge Associates. “It looks as if there is no political stability on top of the economic crisis.” The economic impact of...
  • CORRECTED-Chicago businesses brace for potential doubling of property taxes

    10/02/2015 11:10:51 PM PDT · by george76 · 18 replies
    Reuters ^ | Oct 2, 2015 | Dave McKinney
    Chicago Mayor Rahm Emanuel has disclosed that his record property tax hike plan entails significant cuts for nearly 300,000 homeowners, leaving Chicago businesses predicting they will face hikes of up to 50 percent. The second-term mayor last week proposed a $544 million property tax increase, the city's biggest ever, to help fix one of the worst-funded city pension systems in America ... Emanuel's office, which has said one in four dollars of the tax hike would come from the city's central business district, did not contest the 50-percent figure. But a mayoral aide insisted Emanuel's plan is his best effort...
  • Puerto Rico's 'death spiral' can be traced back to one mistake

    08/07/2015 9:27:38 AM PDT · by SeekAndFind · 6 replies
    Business Insider ^ | 08/07/2015 | Linette Lopez
    Puerto Rico is $72 billion in debt, and it will take a painful process to bring the island's finances back from the brink. It's a massive debt load for such a small territory, and the problem can really be traced to one issue — bad tax policy. After Puerto Rico let one tax break for manufacturers expire almost a decade ago, manufacturers started shutting down operations on the island. That caused a spike in unemployment. On top of that, business-friendly tax policies for some of the companies that remained allowed multinational giants to pay tax rates of little more than...
  • Power Grab: STIB Directly Paying Companies Millions

    09/20/2015 10:17:42 AM PDT · by Tolerance Sucks Rocks · 3 replies
    The Nerve ^ | June 1, 2015 | Rick Brundrett
    Most folks probably think of the State Transportation Infrastructure Bank as just that – a bank that finances major highway and bridge projects. S.C. Rep. Chip Limehouse, R-Charleston and a member of the Infrastructure Bank (STIB) Board of Directors, described the bank, created by the Legislature in 1997, as a “funding arm” in a recent (Charleston) Post & Courier story. But in addition to providing funding to the state Department of Transportation and local governments, STIB in recent years also has assumed the role of a general contractor or project manager, paying millions of dollars directly to certain companies for...
  • Donald Trump: Tax the Rich More

    08/28/2015 12:18:58 PM PDT · by z taxman · 170 replies
    CNN ^ | Aug. 28, 2015 | Heather Long
    Donald Trump is finally showing us more of his economic plan beyond the "Make America Great Again" slogan on his red hat. America has now learned: -- He wants to tax the rich more and the middle class less. -- He wants to lower corporate taxes. -- He wants to cut government spending and stop raising the debt ceiling. "The hedge fund people make a lot of money and they pay very little tax," Trump said in an interview Wednesday with Bloomberg. "I want to lower taxes for the middle class." In short, Trump is willing to raise taxes on...
  • Cook County Board OKs sales tax hike [ Illinois ]

    07/15/2015 5:26:25 PM PDT · by george76 · 22 replies
    Crain's Chicago Business ^ | July 15, 2015 | Greg Hinz
    Cook County Board today cleared the way for President Toni Preckwinkle's plan to raise the county's sales tax a penny on the dollar, mostly for pensions. The action came when the board's Finance Committee, which includes all board members, voted 9 to 7 to 1 to send the $474 million a year tax hike to the full board, which will consider it later today. The key votes came from Commissioner Luis Arroyo, a Chicago Democrat who voted "yes," and suburban Republican Elizabeth Gorman, who cast a "present" ballot and who is widely rumored to soon be headed to a new,...
  • How much could Chicago pension payments jack up your property tax bill? Try 30 percent

    07/05/2015 6:49:36 AM PDT · by george76 · 21 replies
    Crain's Chicago Business ^ | July 04, 2015 | Thomas A. Corfman
    Even as Mayor Rahm Emanuel warns about a property tax hike of up to $250 million for the cash-strapped Chicago Public Schools, another big wave of increases likely is coming to rescue the pensions of police officers and firefighters. A massive payment due to those retirement plans next year could drive up Chicago property taxes by more than 30 percent, according to a Crain's analysis. And if the current logjam in Springfield continues, it could be a lot worse. Taxes on a $250,000 home would jump $224, assuming the city continues its current practice of using property taxes to fund...
  • Obama "Very Interested" In Raising Taxes Through Executive Action

    03/02/2015 5:16:42 PM PST · by amnestynone · 77 replies
    townhall ^ | March 2, 2015 | Conn Carroll
    White House Press Secretary Josh Earnest confirmed Monday that President Obama is "very interested" in the idea of raising taxes through unitlateral executive action. "The president certainly has not indicated any reticence in using his executive authority to try and advance an agenda that benefits middle class Americans," Earnest said in response to a question about Sen. Bernie Sanders (I-VT) calling on Obama to raise more than $100 billion in taxes through IRS executive action. "Now I don't want to leave you with the impression that there is some imminent announcement, there is not, at least that I know of,"...
  • Federal gas tax increase needed for roads, bridges and highways

    01/25/2015 11:12:00 PM PST · by Tolerance Sucks Rocks · 50 replies
    The Contra Costa Times ^ | January 24, 2015 | Contra Costa Times
    The president was a conservative's conservative. He had campaigned on reducing taxes and made it his legacy. But when a gas tax increase was proposed, it was a different story. In his weekly radio address, he said, "We simply cannot allow this magnificent (highway) system to deteriorate beyond repair." That was 1982. The president was Ronald Reagan. Unfortunately, the disrepair Reagan feared has come to pass. The federal gas tax of 18.4 cents hasn't been raised since 1993, and the Highway Trust Fund is severely underfunded. A 10- to 15-cent a gallon increase would provide enough money to meet the...
  • As prices fall at the pump, some U.S. lawmakers eye gas tax hike

    01/08/2015 12:32:21 PM PST · by NormsRevenge · 65 replies
    Reuters on Yahoo ^ | 1/8/15 | Susan Cornwell and Timothy Gardner
    WASHINGTON (Reuters) - As U.S. gasoline prices plunge to the lowest level in more than five years, some U.S. lawmakers see a golden opportunity to bump up taxes at the pump to help pay for the repair of crumbling roads and bridges. Fuel taxes have been flat for more than 20 years, starving the Highway Trust Fund of revenue used for rising infrastructure repair costs. Lawmakers have fueled the fund with last-minute short-term injections of cash, but want to find a more permanent fix. Last July, before a similar deadline, Republican Senator Bob Corker of Tennessee and Democrat Chris Murphy...
  • The cheap oil dividend (BARF)

    01/01/2015 8:10:51 PM PST · by Tolerance Sucks Rocks · 17 replies
    The Baltimore Sun ^ | December 31, 2014 | Baltimore Sun
    hether one observed Christmas or Hanukkah — or any other seasonal festivity — there was a nice little gift included for the drivers of this nation. Gasoline prices, in case anyone hasn't noticed, are down, way down. The average price of a gallon of unleaded in Maryland by Christmas week was in the neighborhood of $2.53, according to AAA, and there were some stations in the Baltimore area selling it for as little as $2.22. lRelated The cheap oil dividend One year ago, average gasoline prices were about $1 per gallon higher, which means a typical fill-up is saving drivers...