tax cuts

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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 »

Do You Win or Lose? 8 Things in GOP Tax Plan

Your 401(k) is safe

(Newser) - The name "Cut, Cut, Cut Act" has been, well, cut, and that's not all. GOP House leaders are releasing what the Washington Post reports will be called the "Tax Cuts and Jobs Act," and details are emerging on precisely what's in it. Here are 8... More »

House GOP Won't Cut Taxes for Wealthiest Earners

But corporate tax rate will be slashed from 39% to 20%

(Newser) - Furiously working to finish a tax bill, House Republicans have decided to keep the income tax rate for the wealthiest earners in the face of Democratic criticism that the overhaul pushed by President Trump would benefit the rich. The GOP blew past its self-imposed deadline for public release, with the... More »

Trump Says No One Will Lay a Hand on Your 401(k)

President seemed to be responding to a 'NYT' report that suggested otherwise

(Newser) - President Trump promised Monday there will be "no change" to tax incentives for the popular 401(k) retirement programs. "This has always been a great and popular middle class tax break that works, and it stays!" Trump tweeted . The AP reports the president appeared to be responding to... More »

Dow Makes History

It reaches 23K for the first time

(Newser) - Expect some presidential tweets after this: The Dow reached 23,000 for the first time in its history Tuesday morning. President Trump has been boasting of late about the stock market's rise during his presidency, and MarketWatch reports that the most recent surge seems to be tied to Wall... 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 Pushes Huge Tax Cut, but There's One Big Problem

GOP lawmakers worried about the deficit may not play along

(Newser) - President Trump promises to outline his tax proposals on Wednesday, and the big headline in advance is that he wants to cut the corporate tax rate dramatically from 35% to 15% even if that raises the national debt. Here's a look at the ramifications, along with other aspects of... More »

Boehner Calls Off Plan B Vote, Short of GOP Support

Fiscal cliff gets a little more chaotic

(Newser) - Just what the fiscal cliff needed: more chaos and drama. House Republicans called off tonight's vote on John Boehner's Plan B legislation because he didn't have the support to pass it from within his own party, reports the Hill . The bill, which would have extended the Bush-era... More »

Boehner to Obama: Let's Make a Deal

He's willing to accept 'new revenue' but not higher tax rates

(Newser) - It seems like a start anyway. John Boehner and the White House are at least talking about talking in regard to a deal to avoid the fiscal cliff , reports the Wall Street Journal .
  • Boehner: “For purposes of forging a bipartisan agreement that begins to solve the problem, we’re
... More »

Romney's Real Foe: This Guy

Ezra Klein: His policies are depressingly similar to George Bush's

(Newser) - Romney's biggest problem this election season isn't Barack Obama; it's George W. Bush, argues Ezra Klein at Bloomberg . It's Bush, not Obama, "who has made voters skeptical of many of Romney's core policies." Yet when asked directly how he contrasted with Bush at... More »

The Payroll Tax Cut Is Doomed

No matter who wins in November

(Newser) - No matter who wins in November, your taxes are probably going up next year. That's because Congress has basically no interest in extending the payroll tax holiday that was so hotly contested earlier this year, the New York Times reports. Negotiators are fixated on the so-called "fiscal cliff,... More »

Romney Tax Plan 'Mathematically Impossible'

Non-partisan analysis says numbers don't add up

(Newser) - Mitt Romney has said that he has an economic plan and he's "not afraid to put it on the table." But the truth is that "the only thing he has put on table is dessert," writes Ezra Klein on Bloomberg . Romney says he'll cut... More »

White House: Stubborn GOP Will Cost You $1,600

Democrats, Republicans trade tax cut barbs

(Newser) - In its ongoing effort to extend the Bush tax cuts for (and only for) the bottom 98% of households, the White House today released a report calculating that the average family making less than $250,000 a year would see their taxes go up $1,600 if a deal isn'... More »

Tax the Rich: Popular in Theory, Not Practice

Republicans manage to fool most voters: Steve Kornacki

(Newser) - Raising taxes on the rich is a popular idea, always performing well when people are polled about it. So why is it so hard to actually put into practice? Because most people don't understand what's actually going on, and the Republicans are to blame for that, explains Steve... More »

Obama Fires Volley in War Over Taxes

Mitt Romney's rep calls it a 'dishonest attack'

(Newser) - President Obama publicly made his case today for extending middle-class tax cuts and scorned Mitt Romney's tax plans for targeting the middle class, Politico reports. "We don't need a president who's going to give himself a tax break, we need a president who's going to... More »

The Tax Rate You Paid in 2009 Was Lowest in 30 Years

Tax cuts plus falling incomes behind drop, CBO says

(Newser) - Anti-tax protesters were a major political force in 2009—which also happens to be the year Americans paid the lowest share of their income to the federal government in at least 30 years, according to the nonpartisan Congressional Budget Office. A CBO analysis released yesterday found that the average tax... More »

Romney on Taxes: I'd Kill These Deductions

At $2M fundraiser, Romney also pledges cuts to HUD, education

(Newser) - Having pretty much wrapped up the GOP nomination for president, but still months away from the party convention, Mitt Romney used his "spring break" for fundraising—pulling in a hefty $2 million in events yesterday alone, reports MSNBC . Yesterday afternoon, a reception at the $14 million home of investment... More »

House Won't Pass 2-Month Payroll Tax Cut: Boehner

Will instead call for quick talks on one-year extension

(Newser) - The House will reject a Senate-approved plan to extend the payroll tax cut for two months, John Boehner said at a news conference today. The House's plan: to call for immediate negotiations on a yearlong extension that could create "certainty for people who are trying to create jobs,... More »

House Passes Doomed Version of Payroll Tax Cut

It links cut to oil pipeline, will likely die in Senate

(Newser) - Defiant Republicans passed legislation tonight to extend Social Security payroll tax cuts long sought by President Barack Obama—but they included a much-disputed Canada-to-Texas oil pipeline that has drawn a veto threat. The vote was 234-193. The bill now goes to near-certain demise in the Democratic-controlled Senate, triggering the final... More »

Obama's Payroll Tax Cut Weapons: Clock, Calculator

See how much time we have left, how much money you could owe

(Newser) - President Obama is pushing hard for the extension of the payroll tax cut, and has two weapons to aid him in his quest: a doomsday clock and a calculator. The countdown clock has been set up in the White House press room and appears, conveniently, behind the podium. The video... More »

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