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The wealthiest 400 American families paid an 8.2% average rate on their federal individual income taxes from 2010 to 2018, according to a White House analysis published Thursday. Those richest 400 families represent the top 0.0002% of all taxpayers, according to the White House report.
The United States is commonly thought of as a low-tax country. But workers effectively pay some of the highest taxes in the developed world — without getting a decent welfare state in return. Comparing labor tax rates across countries is a tricky endeavor.
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The rush to enact the tax bill was designed to mask — as a break for the middle class — what is in fact a $1.4 trillion package of benefits for key donors and lobbyists, the richest members of Congress, President Trump, his family and other families like his.
It's a tax provision that could prove costly for schools, police forces, drug treatment centers and other state and local public services.
VideoThe House, forced to vote a second time on the $1.5 trillion tax bill, passed the final version on Wednesday. It was the most sweeping tax overhaul in 31 years.CreditCredit...Al Drago for The New York TimesWASHINGTON — The House, forced to vote a second time on the $1.
Congressional Republicans are fulfilling President Donald Trump's wish for a pre-Christmas tax-cut in the face of strong public resistance, a new NBC News/Wall Street Journal poll has found.
The tax plan was already unequal. The version Trump will sign into law is even more so. Republicans have managed to take a tax plan that was already tilted heavily toward corporations and the wealthiest Americans and shift the balance even further in favor of the rich.
“While most other nations, and all of the major international institutions…have acknowledged that extreme inequalities in wealth and income are economically inefficient and socially damaging, the tax reform package is essentially a bid to make the U.S.
Following months of relentless lobbying, backroom scheming, self-dealing, and brazen lying, Senate Republicans finally rammed through their $1.5 trillion tax bill by a party-line vote of 51-48 in the dead of night Wednesday, all but clearing the legislation's path to President Donald Trump's desk.
Senator Mitch McConnell, the majority leader, and other Senate Republicans after passage of the Republican tax plan on Capitol Hill early Wednesday.Credit...
The Republican Party did not just overhaul the tax code and they did not cut “your” taxes. They engineered a coup against the middle and working classes and they threw enormous amounts of public money to private billionaires and multi-millionaires.
It just so happened that during the week that Republicans rammed a $1.5 trillion tax bill through Congress without a single Democratic vote, Philip Alston, the UN special rapporteur on extreme poverty and human rights, was finishing up a fact-finding mission to the United States.
This week, Home Depot announced that it is using $15 billion to buy back shares of its own stock, a move that will reward shareholders including chief executive Craig Menear.
In a commencement speech years ago, author David Foster Wallace told this story: Two young fish are swimming along, and they pass an older fish swimming the other way. The older fish says, “Morning, boys, how’s the water?” The two young fish swim on for a while.
The Republican Tax Cuts and Jobs Act is notably generous to corporations, high earners, inheritors of large estates and the owners of private jets. Taken as a whole, the bill will add about $1.
1. Scream about the debt and deficit. 2. Shrink revenue by slashing taxes for the already palatial elite. Summarily dismiss all concerns about the debt and deficit, because, well, the debt and deficit don't really matter. Plus, tax cuts for the rich grow the economy anyway. Or maybe not.
President Trump has been giving Vladimir Putin plenty of things to be merry about.Credit...Tom Brenner/The New York TimesAt the end of this banner stock market year, you can bet that major business publications will be naming their investor of the year. You can stop now.
When it comes to income equality, Vladimir Putin’s Russia is probably not the company most Americans hope to keep. Nevertheless, both countries’ elites now capture roughly the same share of national wealth.
House Speaker Paul Ryan is really pumped about the GOP tax bill passing the House.
At year's end, Donald Trump and Congress are putting a lump of "clean, beautiful coal" in our stockings. Sen. Bob Corker (R-TN) speaks to members of the media at the Capitol in Washington, DC on Dec. 1, 2017.
Weeks before the Republican-led Congress moved toward final passage of its corporate tax cut bill, major companies had already begun a surge of stock buybacks — confirming critics’ fears that the windfall of lower rates will be used for self-enrichment rather than job growth.
In 2018, Wells Fargo could get the best tax deal of all the big banks. Wells Fargo in 2016 was fined $185 million for issuing millions of fake credit card accounts. In 2017, it was caught overcharging clients on currency trades and improperly charging homebuyers to lock into low mortgage rates.
In a move that puts congressional Republicans one step closer to making their long-standing dream of delivering massive tax cuts to the ultra-rich a reality, the House on Tuesday voted by a margin of 227-203 to approve a GOP-crafted tax bill that one advocacy group could only describe as "morally
The House has passed the final version of the GOP tax plan – a bill that will deliver 83 percent of its benefits to the top 1 percent in 2027. "Today," said House Speaker Paul Ryan, "we are giving the people of this country their money back."
From misleading statements to downright lies: three ways Republicans broke commitments on their tax bill. Republicans have made a lot of promises on their tax bill.
The GOP tax bill sailed through the House today with 227 members of Congress voting yes and 203 voting against the bill. Every single Democrat voted no and 12 Republicans crossed the aisle to join them. The Senate is expected to vote on the bill later today, where it’s expected to pass as well.
McGovern is right. The Republican tax bill, on which Congress is expected to vote on Tuesday, is effectively a bid to weed out people struggling to make ends meet.
Joe Scarborough slammed the GOP tax plan on Monday, saying that by increasing the deficit over the next decade it would “steal” trillions of dollars from young voters.
As opponents continue to raise alarms about the GOP tax plan being pushed by President Donald Trump and Republican lawmakers—with votes by the House expected to vote Tuesday afternoon and the Senate later in the day—a new analysis details 13 ways the proposed tax cuts for corporations and wealt
As it closes in on a significant expansion into major cities and battleground states across the country, conservative local news behemoth Sinclair Broadcast Group has gone into overdrive with its pro-Trump and anti-media propaganda.
Why was a provision quietly added to Congress’ final tax bill specifically to benefit the owners of real estate “pass-through” corporations, a group that includes President Donald Trump and Sen. Bob Corker (R-TN)?
The Republican tax bill is loaded with expiring provisions and delayed tax increases that help it comply with budget rules but hide its likely real cost; if policymakers down the road don’t let these provisions take effect, as leading Republicans say they prefer, the bill’s cost would be about
Editor’s Note: Today will be the last day for our Daily Reads post and newsletter. BillMoyers.com will be going into archive mode due to Bill’s retirement. Read more about that here. Thanks for reading!
President Trump’s first year has been marked by an almost complete lack of major policy wins.1 But that could come to an end this week. Congress is on the verge of passing a massive tax bill into law. It would be the first major legislative victory for Trump and the Republicans.
The GOP tax bill expected to hit the floor of Congress for a vote Tuesday afternoon has been characterized as legislation "written for Republicans' wealthy campaign contributors," but a report published Monday made clear that Republicans are not just attempting to fatten the already-overflowing poc
With Republicans in Congress on the verge of a vote on the biggest tax overhaul in decades, tax scholars are concerned that parts of the hastily-crafted bill could create opportunities for wealthy taxpayers to exploit loopholes and game the US tax system—and add on to the growing deficit.
A United Nations expert on poverty delivered a scathing report about America’s high levels of inequality and the dire state of its social safety net on Friday.
President Donald Trump is trying out a new campaign slogan: “How’s your 401(k) doing?” The answer for more than half of Americans is that they don’t have one.
This article first appeared on RobertReich.org. The Republican tax plan to be voted on this week is likely to pass.
The wealth of America’s middle class, under siege for four decades, is now hanging on life support. That life will end if the basic Republican tax plan, as now envisioned by House and Senate majorities, ever becomes law.
That is the question posed, and answered, by Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) in a op-ed for the New York Times published Sunday night.
Bob Corker, a Republican Senator from Tennessee, is retiring. He has made a show of criticizing Trump’s agenda, and he was the only Republican to vote against the Senate version of the tax bill, citing deficit concerns. Independent analysis shows the bill would increase the deficit by about $1.
U.S. corporations are already beginning the process of pocketing the winnings from the tax bill jackpot they expect to hit any day now, undercutting, in a remarkably public fashion, the pretense that the corporate tax cut will lead to greater investment in job creation.
Back in September, Donald Trump asked Americans to “believe me” when he said he wouldn’t benefit from the tax bill. You didn’t believe him, did you? Hope not because Donald Trump is about to make out like a bandit. Why? For one, a tax deduction was preserved for owners of golf courses.
WASHINGTON — Over the past year, Republicans have made their priorities clear. Their effort to repeal Obamacare would have left tens of millions of people without health insurance.
At this point, the debate over whether the American mainstream supports the Republicans’ regressive tax plan is over. Surveys have been consistent for months: the public just isn’t buying what the GOP is selling.
President Trump’s transportation budget slashes federal aid to the nation’s rail systems by cutting funding for long-distance Amtrak service and severely limiting money to help expand transit lines and build new ones. The $16.
Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. What might he do to keep the "base" on his side? President Donald Trump speaks during a rally at the Pensacola Bay Center on Dec.
The idea of cutting popular programs in an election year has vulnerable Republicans asking, why not infrastructure?
In its last year, the bill raises taxes on more than 53 percent of Americans. By 2027, more than half of all Americans — 53 percent — would pay more in taxes under the tax bill agreed to by House and Senate Republicans, a new analysis by the Tax Policy Center finds. That year, 82.
Republicans are expected to push through their $1.5 trillion tax package, delivering it to President Donald Trump before Christmas Day. The major tax reform will touch almost every American, changing their tax brackets and, in some cases, limiting or changing popular deductions.
The Republican tax bill is a throwback to the Gilded Age. Since the Reagan administration, economic policy in the United States has been gradually regressing to the age of robber barons.
The Republican tax plan to be voted on this week is likely to pass. “The American people have waited 31 long years to see our broken tax code overhauled,” the leaders of the Koch’s political network insisted in a letter to members of Congress, urging swift approval. Please.
Last month a Wall Street Journal editor asked a room full of CEOs to raise their hands if the corporate tax cut being considered in Congress would lead them to invest more. Very few hands went up. Attending was Gary Cohn, President Donald Trump's economic adviser and a friend of mine.
The American people voted for populism. They got plutocracy. According to a poll from Public Policy Polling, 57 percent of Americans now approve of the Affordable Care Act. Only 29 percent approve of the GOP’s tax cuts.
Sen. Bob Corker (R-Tenn.) had been consistent throughout the debate over the Republican tax plan: if the GOP proposal added to the deficit, he couldn’t vote for it.
President Trump has called the $1.5 trillion tax cut that Republican lawmakers are on the verge of passing a Christmas present for the entire nation.
Sen. John Cornyn of Texas, the majority whip, on Sunday said a tax provision, which could personally enrich key Republican lawmakers, was added to the final tax bill as part of an effort to “cobble together the votes we needed to get this bill passed.
There’s not much to like about the GOP tax scheme. The bill, drafted hurriedly and under the cover of darkness, is wildly unpopular among the American people and economists alike, with little to offer other than corporate giveaways and tax cuts for the rich.
Touting support for their tax cut legislation, House Speaker Paul Ryan, R-Wis., the Senate Finance Committee, and Sen. Rob Portman, R-Ohio, released a letter this week signed by 137 economists who say they strongly endorse the Republican legislation before Congress.
Kansas Republicans say they are worried that Congress and the Trump administration will repeat the mistake they made in enacting budget-busting tax cuts. The regretful Republicans of Kansas have a message for the tax-cutting Republicans of Congress: Don’t follow our lead.
Updated on Dec. 20 at 4 p.m. ET Congressional Republicans handed their party and the president a major legislative victory when they passed their tax cut plan.
A tax cut compromise reached Wednesday by GOP negotiators contains a plan to drill for oil in the Arctic National Wildlife Refuge (ANWR), Sen.
Rarely, maybe once or twice in most presidencies, do bills like this come along: one that could profoundly affect every American person and business for decades. On Friday evening, Republicans released what they say is the final version of their “Tax Cut and Jobs Act.
After months of pressure from watchdog groups, the U.S. Department of the Treasury, led by Trump-appointee Steve Mnuchin, has released a one-page analysis of the Republican tax bill.
Republicans late Friday afternoon unveiled the final text of their bill to rewrite the tax code, which they are racing to send to President TrumpDonald John TrumpHouse Democrat slams Donald Trump Jr.
A group closely aligned with House leadership is helping with the closing argument on the Republican tax bill, making 1 million robocalls to urge House Republicans to vote for the bill, McClatchy has learned.
WASHINGTON —The GOP tax plan on the cusp of becoming law diverges wildly from the promises President Donald Trump and top advisers said they would deliver for the middle class — an evolution that shows how traditional Republican orthodoxy swamped Trump's distinctive brand of economic populism.
A substantial majority of Americans believe that rich people ought to pay more taxes. For example, consider public opinion about the “Buffett rule,” named after its most prominent backer, the billionaire investor Warren Buffett.
Is the rise of inequality inevitable? Today’s inaugural World Inequality Report shows that income inequality has increased in nearly every country around the world since 1980 – but at very different speeds.
Conservatism has turned itself into a civic religion and columnist Neal Gabler fears the damages wrought in the Trump era will be permanent and lasting. Sad to say, this will be my last column for billmoyers.com, where I have written for the past two years.
Senator Rob Portman, Republican of Ohio and a member of the congressional conference committee formed to merge the House and Senate tax bills, last month in Washington.Credit...J.
Under the banner of welfare reform, the administration is eyeing changes to health care, food stamps, housing and veterans programs.
Shortly after the 2012 elections, with Kansas Gov. Sam Brownback’s (R) radical economic experiment already underway, then-Senate Minority Leader Mitch McConnell (R-Ky.
It now appears he may have been lying, not just about the timing, but about the work itself.
First Read is your briefing from Meet the Press and the NBC Political Unit on the day's most important political stories and why they matter.
Ryan cited concerns over the federal deficit, which the GOP tax bill would increase by at least $1 trillion over a decade.
Just in time for a potential full Senate vote, we now have significantly more data about what exactly the Senate tax overhaul would do, and whom it would affect. In particular, we want to look at the latest numbers from the Congressional Budget Office.
While a House Republican proposal to tax the tuition waivers of graduate students may not be among the highest-profile Trump-era assaults on people of color, it represents a serious threat to racial equality.
The tax bill moving its way through Congress is routinely referred to as a $1.5 trillion tax cut. And, in some ways, that’s true: On net, it would reduce the amount of taxes collected by the Treasury by about $1.5 trillion over 10 years.
The bill greatly benefits corporate America and the wealthy while delivering mixed blessings to everybody else.
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Senate Republicans started the clock for a final vote on their tax plan Wednesday evening, but among the unresolved demands from GOP waverers is a provision to prevent the bill from adding up to $1.5 trillion to the federal deficit over 10 years.
John McCain’s past lectures on the need for “regular order” in the Senate aren’t stopping him from backing a tax bill that’s being rushed to a vote.Credit...
A law to keep the deficit from growing larger requires cuts to federal spending if the tax bill passes and Congress takes no further action.
Republicans are again sprinting toward an economic cliff.
Republicans who run the country now are giving them a raw deal. Roosevelt pretty much delivered.
The Senate will vote this week on a Republican proposal that reduces taxes by $1.5 trillion over the next decade, with the biggest tax cuts going to the richest Americans.
As more senators show signs of sacrificing their principles and embracing the Republican tax bill for minor and nebulous concessions, it bears looking more closely at the process that produced this terrible legislation and some of its lesser-known provisions.
Millions of senior citizens could see tax increases under the Senate version of the GOP's tax-reform plan, according to an analysis from the AARP. In an article published Wednesday on the group's website, the AARP's vice president and policy director argue that 1 in 5 seniors, about 6.
The Trump Administration claims that the tax cut going through the House and Senate will significantly boost the overall growth rate of the U.S. economy by so much that it will pay for itself through increased revenues. Take that assertion with a grain – or perhaps a barrel – of salt.
A Senate Finance Committee meeting room. The group is working on tax legislation that could prove costly to the middle class and future generations.Credit...
The Senate Republican tax plan would harm the poor while slashing taxes for the rich, according to a report from the nonpartisan Congressional Budget Office published Sunday. The CBO found that negative impact for Americans earning less than $30,000 a year begin as soon as 2019.
A new Congressional Budget Office study shows large, harmful impacts to families earning $30,000 or less from the Senate GOP tax bill.
The plan would impose a 1.4 percent excise tax on college endowments at private universities….double the standard individual tax deduction, meaning much weaker incentives for charitable contributions to colleges….end student loan interest rate deductions….
No doubt many of you read the above headline and immediately started to tweet that the GOP tax bill can't be the end of economic sanity in Washington because there never was any to begin with. First...please do tweet that, and link to this post when you do.
Republicans have been selling their tax overhaul plan as a major booster for the U.S. economy. In fact, they have argued that it would grow the economy so much that cuts would largely pay for themselves. But on both counts, top economists are doubtful.
The new analysis from the Urban Institute's and Brookings Institution's Tax Policy Center found that by 2027, 28% of Americans would see an increase in their tax burden due to the tax code overhaul proposed in the TCJA.
Not so long ago, conservative thinkers and Republican leaders were strong champions of private charity. George HW Bush talked about a “thousand points of light”, while his son created a new White House office to engage nonprofits.
Musicians have been asking me if the new tax bill passed by the House yesterday will have any impact on us. Yes, the legislation, if passed in the Senate, will greatly reduce the ability of professional musicians to deduct many of the expenses we incur in our work.
John Bowlby is the father of attachment theory, which explains how humans are formed by relationships early in life, and are given the tools to go out and lead their lives.
The House Republican tax plan includes a $1.5 trillion corporate tax cut and a giant tax hike on graduate students. Tamar Oostrom, who is currently earning her Ph.D.
Chris Collins is saying the quiet part loud. The House Republican tax overhaul has already made a lot of enemies.
Finance support from basic accounting to complex financial oversight. Seasoned financial guidance, regardless of stage, industry or project scope.
Imagine if you, like President-elect Donald Trump, didn’t have to pay a nickel to support the government he’s now preparing to lead. Trump, who has refused (unlike every other presidential candidate in recent history) to release his tax returns, made his last known payment to the IRS in 1977.
Teachers benefit from a $250 tax deduction that would be eliminated under the tax reform bill.
House Republicans’ determination to slash tax deductions for taxpayers and homebuyers in blue states has commanded most of the public’s attention since the unveiling of the GOP’s tax bill Thursday.
Alimony payments mandated by divorce agreements could lose their beneficial tax treatment. The Tax Cuts and Jobs Act, unveiled on Thursday, includes a provision to kill the deduction that taxpayers get for making such payments to an ex-spouse.
The party had some legitimately good ideas. They’re not in this bill. I’m not the target audience for the Republican tax bill.
Kansas Gov. Sam Brownback is notorious for what is known as the Kansas experiment, a bold effort to assert the power of limited government. In 2012, the Republican governor pushed reforms through the state Legislature that dramatically cut income taxes across the board.
It’s really not very hard. Both as a candidate for president and again as recently as mid-September, Donald Trump promised that his tax program wouldn’t help rich people “at all.” His Treasury Secretary Steve Mnuchin vowed as much in January.
If there's one thing President Trump's critics want from him, and he refuses to give up, it's his tax returns. The returns didn't come up during Wednesday's hearing in U.S. District Court for the Southern District of New York in Manhattan.
Financial industry groups and Democratic lawmakers are concerned that Republicans’ forthcoming tax-reform bill could make a big change to the taxing of retirement funds.
President Trump and Mitch McConnell speaking to reporters on Monday.Credit...Tom Brenner/The New York TimesAccording to a new CBS News poll, almost 60 percent of the American public believes that the current Republican tax plan favors the wealthy.
A full-blown humanitarian crisis is still underway in Puerto Rico after Hurricane Maria devastated the island last month. More than 80 percent of the island is still without electricity, there’s a daily shortage of 1.
In the last 30 years, income inequality has grown at a rate that hasn't been seen since just prior to the Great Depression. As Occupy Wall Street sought to remind us, the top 1 percent of the US earns 40 times more than the bottom 90 percent on average.
NEW YORK — The message from the billionaire-led Koch network of donors to President Trump and the Republican Congress it helped to shape couldn’t be more clear: Pass a tax overhaul, or else. As the donors mixed and mingled for a policy summit at the St.
Randi Lynn Williams assumes she will never be able to afford to vote again. The 38-year-old resident of Dothan, Alabama, lost her right to vote in 2008, when she was convicted of fraudulent use of a credit card.
Here’s a question for you: How do you spell boondoggle? The answer (in case you didn’t already know): P-e-n-t-a-g-o-n.
Nestled between a hair weave shop and Chinese fast-food joint in a South Side shopping center is a narrow storefront with a cardboard placard inside a glass door.
President Donald Trump’s chief economic adviser — Gary Cohn, the former Goldman Sachs president worth an estimated $266 million — appears to be completely clueless about what the average American family spends on a car, vacation or home improvement project.
President Trump on Tuesday said that Republicans' forthcoming tax plan will include "nearly doubling" the standard deduction and increasing the child tax credit. "We will cut taxes tremendously for the middle class.
Updated at 5:00 p.m. ET President Trump and GOP congressional leaders have outlined their plan for the most sweeping overhaul of the federal tax code in more than three decades.
An invoice from the president’s Palm Beach property surfaces, showing that the government was charged for someone to spend the weekend.
He gathered his cabinet at Camp David and said there was no time to waste. With Hurricane Irma set to potentially devastate huge swaths of Florida, Georgia, South Carolina, and North Carolina, now was the time, he said, to rush through massive … tax cuts. Yes, that’s right.
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Some prominent Republicans are getting more vocal in their criticism of Donald Trump. Yet from the other side of their mouths, they continue to push for tax "reform" amid the growing chaos.
In the 1940s, ’50s, and ’60s, incomes for the poor and middle class grew faster than those of the rich. Then, in the 1970s and 1980s, something changed. In recent decades, the typical American has seen their income grow by 1 percent per year, often less, barely keeping up with inflation.
Politico has gotten hold of a transcript of Donald Trump’s interview with the Wall Street Journal a few days ago. It started out with a question about the Republican health care bill: MR. BAKER: What have you been doing, Mr. President, sort of behind the scenes?
At first blush, basic income — a proposal where every American gets a regular stipend from the government, just for being alive — sounds like a radical, even absurd, idea.
Editor’s Note: Makers versus takers. It’s the cliche dividing line between those of us who contribute to the economy and those who supposedly leach off it. The assumption is simple and stark. The former pay taxes; the latter don’t, and live off those who do.
A new report predicts that we’re on the edge of an incredibly rapid transition to an entirely new transportation system–where it will be so much cheaper and easier to not own a car, you’ll get rid of it as soon as you can.
Tee Miller’s clothing shop in Georgetown, South Carolina, survived the city’s worst fire since 1841, a massive blaze that received national media attention and nearly leveled an entire city block on the historic waterfront.
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If President Trump and his supporters want to know how his proposed tax cuts will play out, they should look at what’s happened in Kansas since 2012. That year, Gov. Sam Brownback pushed through aggressive tax cuts very similar to what Trump wants Congress to do.
More than 35 American economists surveyed last week disagree with a basic element of President Trump’s proposed tax plan: whether it will pay for itself.
The House GOP health plan would repeal, starting in 2018, two Medicare taxes in the Affordable Care Act (ACA) that fall only on high-income filers: the additional Hospital Insurance (HI) payroll tax on high earners and the Medicare tax on unearned income.
Most rich countries besides the US have hit on a surprisingly simple approach to reducing child poverty: just giving parents money. This idea, known as a child benefit or child allowance, exists in almost every EU country as well as in Canada and Australia.
YOU HAVE REACHED YOUR FREE ARTICLE LIMIT FOR THE MONTH.
Lawmakers in about a dozen states are considering a bill that would block pornography from all new phones and computers unless consumers pay up. Backers of the porn tax plan to introduce it on the federal level this month.
Undeterred by their failure to repeal the Affordable Care Act (ACA), Republicans look set to move on to the next item in Paul Ryan’s “Better Way” agenda—tax reform.
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I’m an American living in Sweden. Here’s why I came to embrace the higher taxes. I was visiting the Apostle Islands National Lakeshore, a 23-island archipelago in Lake Superior, when suddenly I found myself pining for Stockholm.
Democrats are unified, the GOP divided on the issue. Americans’ top concern about the tax code is that they want corporations and wealthy individuals to pay more taxes. Even among rank-and-file Republicans, soaking the rich is at least moderately popular.
But, oh boy, does it ever not work that way. Examples of stupendously wealthy people paying hilariously low percentages of their income in taxes aren't hard to track down.
It’s springtime, which means the start of the budgeting process for Congress and a mad dash for many Americans to file their income taxes. That makes it a good time to look at the federal government’s spending habits in a broader context than just this year’s battles.
The richest will reap 80% of the rewards from the tax and benefit changes that start to come into effect this week, while the poorest will become worse off, according to detailed analysis by the Resolution Foundation.
The House of Representatives is preparing to vote on a health care bill that would take away insurance from 24 million Americans in 2025—the same year that it would give a tax cut of $57,570 to the average household making more than $1 million per year.
Before taxes on the rich are cut and social programs decimated, uninformed conservatives should consider who really benefits from U.S. tax laws and assistance programs. When ALL forms of taxes and income are considered, poor Americans pay higher tax rates than the richest 1%.
, 1969, Treasury Secretary Joseph W. Barr presented Congress’s Joint Economic Committee with a project years in the making: the first list ever compiled of all the tax code’s loopholes and exemptions. If they were eliminated, Barr said, government revenue would increase by about one-third.
Your browser is no longer supported. You can still use the site, but some features may not work as expected. Please consider upgrading to one of the following browsers. Chrome, Firefox, Safari, Opera or Edge / Internet Explorer. Following in Reagan's misstep.
The bill also gives less generous tax credits to low-income Americans than Obamacare did. One group that will really lose out with the Republican health care bill to repeal and replace Obamacare: the poor.
Protecting Donald Trump’s immediate family is costing American taxpayers millions and his sons' business travels are quickly racking up the bill.
For years, federal investigators have been scrutinizing Caterpillar’s overseas tax affairs with no resolution to the examinations of the complex maneuvers involving billions of dollars and one of the company’s Swiss subsidiaries.
After seven years of grandstanding and hand-wringing, this is the best Republicans could come up with? The GOP answer to the Affordable Care Act was unveiled only yesterday, and it’s already about as big a hit as New Coke.
Most analysis of the American Health Care Act, the new House Republican plan for repealing and replacing Obamacare, has focused on the fact that it will take away health insurance from millions of Americans, including, eventually, millions of poor, elderly, and disabled Americans currently on Medica
The Affordable Healthcare Act (AHCA), unveiled by House Republicans Monday night, dismantles (pdf) major provisions of the ACA, or Obamacare, and puts in place a system of age-based tax credits for individuals to buy insurance. It would "end Medicaid as we know it," as per Sen. Ron Wyden (D-Ore.
It cuts marginal tax rates for low-income families — by giving them less health care. One feature of the American Health Care Act — Paul Ryan’s proposed alternative to the Affordable Care Act — is that, relative to Obamacare, it helps the poor less and the middle class more.
Our story so far: President Trump got good reviews for his speech to Congress on Tuesday, and that made him happy. Then it all blew up thanks to revelations the next day that Attorney General Jeff Sessions had met twice with the Russian ambassador during the campaign.
We now know the reason why Republicans tried to keep their Obamacare replacement bill a secret. The leaked bill would take away health care for millions of Americans and taxes health insurance. Politico reported on the secret House Republican plan: The latest draft, dated Feb.
During his address before a joint session of Congress earlier this week, President Donald Trump paused to introduce Denisha Merriweather, a graduate student from Florida sitting with first lady Melania Trump. Merriweather “failed third grade twice” in Florida’s public schools, Trump said.
Congressional Democrats are hoping that growing concerns about Russian interference in American politics might get them a peek at President Donald Trump’s tax returns. Trump refused to release his tax returns during the campaign because, he said, he was undergoing an audit.
It turns out, members of Congress are flying around the globe a whole lot more. Veuer's Nick Cardona tells us just how much it's costing taxpayers. Buzz60
It turns out that EMAC deployments are not only opportunities for law enforcement to study up on counter-demonstration tactics, but are also pretty expensive.
House Republicans voted en masse to block a resolution that would have forced Trump to turn his tax returns over to Congress on Monday night. The measure was introduced by Rep. Bill Pascrell (D-NJ), a member of the House Ways and Means Committee.
President Trump will once again spend the weekend at his Florida private club, as his 4th straight taxpayer funded trip will set a record by spending more money on travel in a month than former President Obama spent in a year.
Despite the fact that it’s 2015, over the weekend the KKK marched down the streets of South Carolina, towards its statehouse, to show support for the confederate flag, a supposed symbol for the backwards heritage of idiot cowards nationwide.
Donald Trump’s regular jaunts to his Mar-a-Lago club in Florida appear to be costing taxpayers a small fortune.
An ambitious effort by a Republican governor to drastically cut his state’s taxes is crumbling—and that’s a bad omen for Donald Trump and Republicans in Congress who are hoping to slash tax rates at the national level.
UPDATE: Ten people were arrested, and one protester was injured during confrontation with North Dakota police during evictions Wednesday. Forty-six more were arrested Thursday in a police sweep of the main protest camp.
The widely-popular Federal programs account for less than 0.0625% of the total budget. Security for the Trumps in the White House, Trump Tower, and Mar-a-Lago is estimated to cost more than the entire proposed budget for the NEA in 2017.
It’s possible that robots will take over some human jobs. In fact, it seems like it could be only a matter of time before they do. Increasing automation will lead to massive job displacement, and less people working means less employed citizens paying taxes.
The 2016 presidential election featured a lot of talk about our tax system—and especially about making the rich pay their fair share.
Federal ethics laws would allow top officials to not pay taxes on investment profits.
Donald Trump’s family’s trips have cost taxpayers nearly as much in a month as Barack Obama’s cost in an entire year. The US President’s three visits to his Mar-a-Lago club in Florida since his presidential inauguration, combined with his sons’ business trips, reportedly cost $11.3m (£9.
Americans voted for Donald Trump for a wide variety of terrible reasons. Some thought that the government should be run like a business.
From the White House to Trump Tower, Mar-a-Lago and beyond, local and federal governments stretch to meet the demands.
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Early last month, two weeks before he’d watch his father be sworn in as president, Eric Trump travelled to a seaside town in Uruguay to help sell condos that bear his family’s name.
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Repealing Obamacare wouldn’t just end health coverage for 20 million people. It would also mean a significant tax cut for the wealthiest Americans. These tax figures are important for understanding why Republicans are so committed to Obamacare repeal.
President-elect Donald Trump campaigned hard on the ways in which he was going to help the middle class. But it’s the 0.2 percent of the country that pay the estate tax who are counting on him to get done what others could not: kill the “death tax.”
Tax-deadline season isn’t many people’s favorite time of the year, but most Americans are OK with the amount of tax they pay. It’s what other people pay, or don’t pay, that bothers them.
Basic income is having a moment. The governments of Finland, Ontario, and Utrecht are all launching tests of the policy proposal, under which everyone in a given country would get a set amount of money every year, no strings attached.
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Tesla and SpaceX CEO Elon Musk called for a carbon tax during a speech to students at the Sorbonne in Paris.
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