tax reform

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Trump Gets Big Win on Taxes

House passes Republican tax-cut bill

(Newser) - In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. "Passing this bill is the single biggest thing we can do to... More »

Why Grad Students Think GOP Tax Plan Is 'Absolutely Crazy'

Grad students could see their taxes quadruple under the House plan

(Newser) - Fourth-year MIT grad student Ryan Hill lives cheaply on a $30,000 stipend from the university, sewing clothes for his baby and going without dental insurance. "It's been already very hard to just emotionally get through this time of life because we have to be so frugal,"... More »

GOP Targets ObamaCare in New Tax Plan

Leaders say tax package will include repeal of Affordable Care Act mandate

(Newser) - After failing to do away with the Affordable Care Act earlier this year, Republicans will now try to kill two birds with one stone by adding a partial ObamaCare repeal to their tax package, the Wall Street Journal reports. Sen. Mitch McConnell says getting rid of the ACA's mandate... More »

GOP May Use Retirement Accounts to Pay for Tax Cuts

Sources say Republicans may cap contributions to 401(k) accounts at $2,400 a year

(Newser) - Multiple sources say Republican lawmakers may be setting their sights on Americans' retirement accounts to pay for tax cuts, specifically to the business tax rate. The New York Times reports Republicans are expected to release a tax reform plan sometime in the next few weeks, and that plan could include... More »

Trump's Possible Savings With New Tax Plan: $1B

'NYT' runs some numbers, finds tax proposal might prove very good for Trump

(Newser) - It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump'... More »

Trump Pitches 'Once-in-a-Generation' Tax Reform Plan

But so far it lacks details to back up claim that middle class will win big

(Newser) - President Trump launched his push for tax reform Wednesday in Indianapolis, promising a "once-in-a-generation opportunity" and "revolutionary change." "Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again,"... More »

Trump Tax Plan Doubles Standard Deduction, Sort Of

President pitching cuts for middle class as well as corporations; many details up in air

(Newser) - With the push to repeal ObamaCare all but dead for now, President Trump and Republicans are moving on to their next big initiative: reform of the tax code. Trump and the GOP are releasing the broad strokes of their plan Wednesday, and the president will try to rally support for... More »

Trump Starts Tax Reform Push With Threats, Few Details

'I don't want to be disappointed by Congress. Do you understand me?'

(Newser) - "We're here today to launch our plans to bring back Main Street by reducing the crumbling burden on our companies and on our workers," CNN quotes President Trump as saying Wednesday. Trump officially started his push for tax reform with a speech in Missouri that mostly stuck... More »

Expect to Hear One Theme as Trump Begins Tax Reform Push

He and aides will talk about 'unrigging' the economy to help middle class

(Newser) - President Trump begins his push for another major goal of his White House in a speech Wednesday afternoon in Missouri: the need for tax reform. But White House officials previewing the speech on Tuesday made one thing clear: Don't expect policy details, reports the Kansas City Star . Instead, expect... More »

Trump's Tax Reform Plan Is Return of 'Voodoo Economics'

And just because we've seen his tax plan doesn't mean we'll see his taxes

(Newser) - President Trump's tax reform plan unveiled Wednesday heralds the return of the Laffer curve, or as it's more commonly known—thanks to the first President Bush—"voodoo economics." The New York Times reports the Laffer curve was first sketched on a napkin by Arthur Laffer in... More »

Trump: 'Doesn't Matter' if Vote on Health Care Next Week

But he does promise details on a 'massive tax cut' next week

(Newser) - President Trump says he plans to introduce a tax reform package next week that includes a "massive tax cut" for both businesses and individuals, the AP reports. According to CNBC , Trump is promising a "big announcement" on Wednesday that will "formally" start the tax reform process. While... More »

Mnuchin: Tax Reform Derailed by Health Care Failure

Mnuchin now says 'not realistic' tax reform gets done by August

(Newser) - It looks like the US won't have a reformed tax system by Labor Day after all. Steven Mnuchin tells the Financial Times that having a tax reform bill ready for President Trump's signature by August is "not realistic at this point." Two months ago, the Treasury... More »

Get Ready to Hear a Lot About 'BAT'

Proposed border tax is one of the thorniest issues with tax reform

(Newser) - With an ObamaCare alternative off the table for now , the White House is turning its attention to a new initiative, the first fundamental overhaul of the tax code in 30 years. Intense lobbying already is underway, with one of the most contentious issues the idea of a "border adjustment... More »

After AHCA Debacle, What's Next for Trump?

Tax reform and continued work on the travel ban loom

(Newser) - With the failed American Health Care Act now in his rear-view mirror, here are are three areas where President Trump could turn his attention next:
  • Tax reform. Trump and Paul Ryan have said their next priority will be tax reform, though it may be just as difficult for Republicans
... More »

Icahn Drops $150M to Fight Corporate Tax Dodgers

He's the latest billionaire to get in the Super PAC game

(Newser) - Billionaire investor Carl Icahn said Wednesday he is creating a $150 million super PAC focused on revising corporate tax law. Icahn will use his super PAC to press Congress to pass legislation that stops US companies from moving their profits overseas to take advantage of lower tax rates — a... More »

Obama Budget Looks to Expand Tax Breaks for Poor

Budget also calls for drastic shift in military footing

(Newser) - President Obama will release his annual budget blueprint today, and it's widely expected to go precisely nowhere in Congress. "It's designed primarily as an appeal to his Democratic base," writes Darren Samuelsohn at Politico . But the New York Times notes that Obama is using the opportunity... More »

Finally, Washington Sees a Way Out

Obama, House GOP leaders to meet today

(Newser) - Signs of hope in DC: Both parties are increasingly pushing for an end to the government shutdown and a debt-ceiling increase, with President Obama set to meet with 18 top House Republicans today, the Hill reports. Those Republicans include Paul Ryan, who's at the forefront of a short-term plan... More »

Apple Case Clinches It: We Need Tax Reform Now

Don't blame the company, blame the tax code, say critics

(Newser) - So what can we take away from Apple chief Tim Cook's testimony on Capitol Hill yesterday about the company's byzantine tax strategy ? Not that Apple did anything illegal, only that it's savvy enough to employ "smart accountants and tax lawyers," says the editorial board... More »

Dear Fellow Republicans, Income Gap Is Un-American

Sheila Bair: Size of disparity defies GOP principles, too

(Newser) - Sheila Bair describes herself as "a capitalist and a lifelong Republican," and she thinks a reasonable level of income inequality makes for a healthy economy. But the current disparity between the uber-rich and the rest of us is ridiculous, writes the former FDIC chair in the New York ... More »

Washington's Next Brawl: Senate's Budget Plan

Schumer: A 'great opportunity' for new revenues

(Newser) - So the fiscal cliff battle is over, and House Republicans look ready to approve a debt-ceiling increase through March. But taxes aren't out of the spotlight: Now, the stage is set for a tussle over Senate Democrats' budget blueprint, which Dems like Charles Schumer are calling "a great... More »

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