Free Republic

President Donald Trump says a 'major tax cut for middle-income people' is coming in 10 days as he plans to implement a large tax reduction for the middle class before November midterms.

Kamala Harris and other prominent Democrats want to repeal Trump's tax cuts and replace them with cash payouts for the poor and working class With midterm elections 2½ weeks away and the 2020 presidential race around the corner, prominent Democrats are embracing an ambitious idea: Repeal and replace the $1.5 trillion Republican tax plan. The proposals would get rid of the tax cuts and, in turn, funnel that money into government-guaranteed cash for low- and middle-income households. Sen. Kamala Harris, D-Calif., announced a plan this week that would give working families up to $6,000 each year, with the option of...

President Donald Trump will be pushing for more tax cuts — dubbed “Tax Reform 2.0” — in the Senate, his chief economic adviser said Thursday.

I have spent some three decades railing against faulty budgetary scoring of tax bills, but the latest charade from the Congressional Budget Office and Joint Tax Committee takes the cake. The story of fiscal phony math is so indefensible when it comes to the Trump tax cut that you may not believe it could be true. Alas, it is. The story starts with the CBO forecast in 2017 that over the next decade the national debt will double to 150 percent of GDP in about 20 years. Those are debt numbers that don't have a happy ending – just ask...

An emerging coalition of New York municipalities is preparing to challenge proposed Internal Revenue Service regulations that clouded the ability of cities and towns to set up funds that allow residents to pay their local taxes as charitable contributions. The group of municipalities—which includes Westchester County—will file public comments with the IRS and is considering a lawsuit, according to Assemblywoman Amy Paulin, a Democrat who lives in Scarsdale. The new federal tax code signed into law by President Trump in December put a $10,000 cap on state and local tax deductions, a change that has hurt some residents in New...

FULL TITLE: Sam Adams Founder Chugs Beer, Tells Trump What ‘Pissed’ Him Off — Room Roars With Laughter “When I started Sam Adams, American beer was a joke, and it pissed me off. And now, American brewers make the best beer in the world. And the tax reform was a very big deal for all of us, because 85 percent of the beer made in the United States is owned by foreign companies.” Koch then complimented Trump’s tax cuts for making American brewing competitive again, “I’m the largest American-owned brewery at 2-percent market share. We were paying 38-percent taxes and...

The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives. Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing...

Elections have consequences. Just Senator Elizabeth Warren, who suggested that a 50% to 90% personal income tax rate for Americans is not out of the question. Warren made the shocking admission in an interview with CNBC. Warren also promised that Democrats will end President Trump’s tax cuts if they take control of Congress in November 2018. CNBC’s anti-Trump pundit, John Harwood, asked Warren: “If Democrats take the Congress…would you like to see these corporate tax cuts repealed?” Senator Warren replied: “Yeah, I really want to see them rolled back.” Question: “Back to 35%?” Warren replied: “Well, it’s not about the...

ALBANY — Seven months after making the legal threat, Gov. Andrew M. Cuomo said Tuesday that New York has joined three other states to sue the federal government over new tax limits on state and local deductions on next year’s federal tax forms. The lawsuit will be filed today in federal court in Manhattan and will feature an expedited hearing request by New York State, Connecticut, New Jersey and Maryland. Cuomo, in a phone call with reporters in which he cited words by Alexander Hamilton, James Madison and Abraham Lincoln, called the new federal tax law “un-American” and one that...

WASHINGTON – President Donald Trump on Friday said he wanted to further lower the corporate tax rate, from 21 percent to 20 percent, as part of a second round of tax cuts later this year. Trump, in an interview with Fox News to mark the six-month anniversary of the $1.5 trillion tax cut law Republicans passed last year, said other parts of the new tax plan would be tailored to the middle class. “One of the things we’re thinking about is bringing the 21 percent down to 20 and for the most part, the rest of it will go right...

They said it wouldn't happen, but it did: The money companies stashed overseas to protect them from high U.S. corporate tax rates is flooding back in, boosting growth, jobs and confidence in the economy. Thank the Trump tax cuts. All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts. That's a $1.2 trillion annual rate, and far more than the $35 billion one year before. The BEA's analysts explain why this happened: "The large magnitudes (of inward capital flows) ... reflect the repatriation of accumulated earnings by foreign affiliates of U.S....

President Trump is heading to Las Vegas, where his schedule includes a meeting with supporters, an address to the Nevada Republican Party Convention and a roundtable discussion on tax cuts. The president is making the trip on Saturday as the midterm election season heats up in the Silver State, where Republican Sen. Dean Heller is vulnerable as he faces re-election. Mr. Trump says he needs more Republicans in the Senate to be able to pass everything from an infrastructure package to comprehensive immigration reform. While in Las Vegas, Mr. Trump could speak about illegal immigration and the need for a...

According to the annual “State of the States Report” from the American Legislative Exchange Council,... 13 governors proposed tax cuts, a sizable shift from past years. Two others proposed cuts and some increases. “In a majority of the 2018 State of the State addresses, governors focused heavily on tax policy, with many pointing to the pro-growth effects their states have experienced as a result of tax relief,” said ALEC’s report. “As a result of the first federal tax reform in more than 30 years, many states are looking forward to higher tax revenues or surpluses. A number of governors outlined...

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...

“Manufacturing in America is now rising to new heights, thanks to tax reform, and as a result, manufacturers of all sizes are already investing more, growing more, hiring more and paying more," association board member David Farr, the chief executive officer of Emerson Electric Co., said in a statement. "They are already improving lives and livelihoods.” In manufacturing, 86 percent of companies are investing in new equipment and facilities, according to a National Association of Manufacturers survey published last week. Beginning this year, the law allowed companies to deduct from their reported income the full cost of large equipment and...

In one of its most controversial decisions, the Supreme Court in 2012 upheld the constitutionality of a provision in the Affordable Care Act (ACA) mandating individuals purchase qualifying health insurance or else pay a fine, with Chief Justice John Roberts casting the deciding vote in favor of the law. However, nearly six years later, a provision included in the Tax Cuts and Jobs Act, passed mostly along party lines in December 2017, may soon force Roberts to reevaluate his decision, potentially ending the health care law without a single vote being cast in Congress.In Roberts’ majority opinion, which saved the...

On December 22, 2017, President Trump signed a massive tax cut and reform bill crafted by Republicans without the help of one Democrat vote. One of the bill’s more controversial measures was the limitation of the state and local tax (SALT) deduction to $10,000 through 2026. According to the CPA Journal, taxpayers in California, New York, New Jersey, Illinois, Massachusetts, Connecticut, and the District of Columbia lose the most by the limitation of the SALT deduction. That said, most taxpayers will see their federal taxes reduced, even in high-tax states. Tax laws, as with the regulatory compliance burden and lawsuit...

On Friday’s “PBS NewsHour,” New York Times columnist David Brooks said that the GOP tax bill is working better than he thought it would and the evidence “seems to be that what the Trump people told us would happen is happening, that companies are reinvesting the money.” Brooks stated, “I was against the Trump tax cuts. But the early evidence is that they’re working better than I thought. And so, in the first quarter, among S&P companies, capital expenditures are up 39 percent. That’s a seven-year high. That’s far higher than a lot of us thought. Stock buybacks, which is...

That headline arrives via email from a money manager in northern New Jersey. The Garden State already has the third largest overall tax burden and the country’s highest property tax collections per capita. Now that federal reform has limited the deduction for state and local taxes, the price of government is surging again among high-income earners in New Jersey and other blue states. Taxpayers are searching for the exits. In the financial industry of course it’s not just the clients who are looking for greener pastures. One hedge fund manager moving his office to a southern state reports that his...