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Keyword: taxes

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  • Trump Tax Cuts Gain Momentum as Senator Rand Paul Goes 'All In'

    10/20/2017 2:33:48 PM PDT · by drewh · 24 replies
    Reuters/AOL ^ | Oct 20th 2017 11:48AM
    U.S. Republican senator Rand Paul on Friday appeared to back the Trump administration's sweeping tax cut plan, saying he was "all in" for massive tax cuts even as the Senate passed a key budget measure without his support one day earlier. On Thursday, the Republican-controlled Senate approved the budget resolution for the 2018 fiscal year, with Paul casting the lone Republican vote against it. That approval paves the way for their tax-cut proposal that would add up to $1.5 trillion to the federal deficit over the next decade to pay for the cuts. U.S. President Donald Trump on Friday signaled...
  • There’s talk of capping 401(k) contributions at $2,400 per year

    10/20/2017 12:01:10 PM PDT · by NohSpinZone · 24 replies
    MarketWatch ^ | 10/20/17 | Anne Tergesen
    Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry. Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn’t been explicitly ruled out, stirring worry among industry lobbyists.
  • There’s talk of capping 401(k) contributions at $2,400 per year

    10/20/2017 9:58:58 AM PDT · by C19fan · 170 replies
    Market Watch ^ | October 20, 2017 | Anne Tergesen and Richard Rubin
    Proposals floating around Washington to cap the amount that Americans can contribute before taxes to 401(k) plans and individual retirement accounts are unsettling professionals in the retirement industry. Republicans are looking for ways to generate revenue to support broad reductions in individual tax rates. One idea is to limit the amount of pretax money households can sock away for retirement saving. Such a move would likely generate significant political blowback but it hasn’t been explicitly ruled out, stirring worry among industry lobbyists.
  • Senate passes a budget, moving the GOP closer to tax reform (a $4 Trillion Budget Measure)

    10/20/2017 9:00:15 AM PDT · by SeekAndFind · 16 replies
    CNBC ^ | 10/20/2017 | Jacob Pramuk
    Senate Republicans approved a $4 trillion budget measure Thursday, taking a crucial step toward their goal of passing a tax plan this year. The chamber approved the budget resolution by a 51-49 vote. Sen. Rand Paul, R-Ky., was the only GOP senator to vote against it. Senators will now have to reconcile their budget resolution with a separate one passed by the House. The other chamber could simply choose to pass the Senate budget blueprint. Passing a budget unlocks reconciliation, which enables the GOP to pass a tax bill with a simple 51-vote majority in the Senate. Using the tool...
  • Cruz totally outclassed Sanders in last night’s debate

    10/20/2017 8:07:33 AM PDT · by 2ndDivisionVet · 33 replies
    The Washington Post ^ | October 19, 2017 | Ed Rogers
    CNN is to be commended for their sponsorship of the tax debate between Sens. Ted Cruz (R-Tex.) and Bernie Sanders (I-Vt.) last night. It was a serious, informative discussion about an important issue in Washington. Imagine that. During the debate, Cruz did himself — and the Republican Party — a lot of good. He maintained a friendly, informative and nimble presence, effectively outlining the case that GOP tax reform is part of an overall economic plan, whereas Sanders’s call for tax increases for the rich appeared to be knee-jerk and punitive rather than part of a serious economic policy. And...
  • 5 Ways Republicans Could Ruin Tax Reform

    10/19/2017 3:58:39 PM PDT · by Tolerance Sucks Rocks · 10 replies
    The Daily Signal ^ | October 17, 2017 | Rachel Greszler
    Policymakers want to unleash economic growth in America by fixing our broken tax system. Or so they say. Now that the conversation has moved beyond just lowering tax rates, pro-growth tax reform is in danger of losing the stuff that actually makes it pro-growth. That’s because policymakers are caving to big-government advocates and other special interests. Here are the top five worst ideas that would surely dampen pro-growth tax reform. 1. Failing to enact full expensing. Full expensing—allowing businesses to deduct the full cost of their investments when they incur those costs, instead of spreading them out over many years—is...
  • How much more till the rich pay their 'fair share'?

    10/18/2017 7:22:47 AM PDT · by rktman · 13 replies
    wnd.com ^ | 10/17/2017 | Walter Williams
    Politicians exploit public ignorance. Few areas of public ignorance provide as many opportunities for political demagoguery as taxation. Today some politicians argue that the rich must pay their fair share and label the proposed changes in tax law as tax cuts for the rich. Let’s look at who pays what, with an eye toward attempting to answer this question: Are the rich paying their fair share? According to the latest IRS data, the payment of income taxes is as follows. The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about...
  • Cutting SALT From the Federal Tax Diet

    10/19/2017 10:24:31 AM PDT · by SeekAndFind · 7 replies
    Townhall ^ | 10/19/2017 | Veronique De Rugby
    In the quest for a better tax code, it shouldn't be difficult to agree that a tax deduction that mostly benefits rich people and subsidizes high-tax state and local governments must go. That's what the state and local tax, or SALT, deduction does, and it was rightly slated for termination in the tax reform framework by the "Big Six," to the displeasure of some in Congress. Resistance from these lawmakers, however, is misplaced, because a repeal of SALT -- alongside other reforms in the plan -- would most likely leave the vast majority of taxpayers better off and our tax...
  • Oh My: Clinton Foundation's Own Internal Audit Admits They Lied To The IRS (tragic accident alert)

    10/19/2017 5:39:11 AM PDT · by Zakeet · 21 replies
    DC Whispers ^ | October 18, 2017
    An internal audit commissioned by the Clinton Foundation in 2011 revealed that the Clinton's family charity may have misled the Internal Revenue Service (IRS) when it claimed, under penalty of perjury, that it was enforcing a policy against conflicts of interest. [Snip] In short, auditors warned the Clinton Foundation it was likely involved in multiple conflicts of interest violations. That warning was ignored for the entire time Hillary Clinton was Secretary of State as tens of millions of dollars continued to pour into the foundation's coffers. The Clintons knew. The Obama White House knew. Top-ranking members of Congress knew as...
  • Ted Cruz Hits a Home Run Against Bernie Sanders: 'He Fundamentally Misunderstands Robin Hood'

    10/19/2017 12:18:30 AM PDT · by Michael van der Galien · 20 replies
    PJ Media ^ | 10-18-2017 | Michael van der Galien
    We all know that Bernie Sanders is a babbling old man. We can, of course, feel sorry for him and refrain from criticizing him, purely because, well, he simply isn't very smart. Or eloquent. Sadly, however, he does have a large and loyal following, which is why a) he has to be taken seriously nonetheless and b) it's so incredibly important to explain that and why he's full of it. Enter Ted Cruz. On Wednesday evening, Cruz and Sanders debated each other on the GOP's tax plan. Cruz truly slammed the floor with his socialist colleague in the Senate, explaining...
  • Donald Trump: An American Patriot of the Same Stripe as Ronald Reagan

    10/18/2017 11:33:26 AM PDT · by jazusamo · 20 replies
    PJ Media ^ | October 18, 2017 | Roger Kimball
    The policy take-away from President Trump’s remarks last night at the Heritage Foundation centered around tax cuts. The president likes ‘em, and if he has his way (and on this issue, I think he will), we will see a sharp cut to the corporate tax rate (from 35 percent to 20 percent), a simplification and reduction of the individual tax rate, and a big expansion of the individual exemption (to $12,000 for individuals and $24,000 for married couples filing jointly). There is a certain kind of politician who likes high taxes, partly because he likes big government, which is...
  • Who Pays What in Taxes?

    10/18/2017 7:10:45 AM PDT · by Kaslin · 13 replies
    Townhall.com ^ | October 18, 2017 | Walter E. Williams
    Politicians exploit public ignorance. Few areas of public ignorance provide as many opportunities for political demagoguery as taxation. Today some politicians argue that the rich must pay their fair share and label the proposed changes in tax law as tax cuts for the rich. Let's look at who pays what, with an eye toward attempting to answer this question: Are the rich paying their fair share?According to the latest IRS data, the payment of income taxes is as follows. The top 1 percent of income earners, those having an adjusted annual gross income of $480,930 or higher, pay about...
  • Trump’s tax plan will benefit everyone

    10/17/2017 10:40:51 AM PDT · by TBP · 31 replies
    The Hillsdale Collegian ^ | October5, 2017 | Nicole Ault
    Trying to advocate his tax-reform proposal, President Trump insisted: “It’s not good for me. Believe me.” He shouldn’t have said that. His statement offered an easy target for the plan’s opponents, who promptly howled that his nine-page framework is a handout to the rich. “Trump’s tax plan benefits wealthy, including Trump,” cried a New York Times headline. The president missed the point. His plan is good for him. But it’s good for the rest of America, too. Trump’s framework will improve life for everyone: It offers direct benefits to the middle-class, encourages economic activity, and reduces the time citizens will...
  • Meet the New Class Traitors Who Are Coming Out as Rich

    10/16/2017 8:27:57 PM PDT · by nickcarraway · 36 replies
    The Guardian ^ | Monday 16 October 2017 | Alissa Quart
    For many, talking about money, especially their own, is a social taboo. But now wealthy progressives are opening up about a system that is skewed in their favor They are a minority in this country. Their rituals are often secretive. They have their own lingo, etiquette, schools, neighborhoods, and certain places they visit, seasonally. Typically, they partially hide their identities. But in the last five years, some have started to “come out”, not necessarily in pride but simply out of civic-mindedness. What they are revealing is surprising. They are coming out as rich. Eric Schoenberg is one of them. “I...
  • Trump, McConnell say they want tax bill passed this year and quash talk of a rocky relationship

    10/16/2017 12:26:21 PM PDT · by Innovative · 63 replies
    CNBC ^ | Oct. 16, 2017 | Jacob Pramuk
    President Donald Trump and Senate Majority Leader Mitch McConnell reiterated Monday that they want to see a tax bill passed by the end of the year. "I really believe that we have a very good chance of getting the taxes done ... hopefully fairly long before the end of the year," the president said in a hastily scheduled, roughly 40-minute news conference following a lunch with the Kentucky Republican. McConnell added: "The goal is to get it done by the end of the year."
  • Obamacare Tax to Raise Premiums in 2018, Cost $270 Billion Over Next Decade

    10/15/2017 10:55:24 AM PDT · by Kaslin · 15 replies
    The Washington Free Beacon ^ | October 15, 2017 | Ali Meyer
    Tax could potentially affect 156,000 Americans who could see premiums rise even furtherAn Obamacare tax that will be imposed in 2018 will raise premiums even further and is estimated to cost $270 billion over the next decade, according to a report commissioned by UnitedHealth Group. The report was commissioned to examine how a tax imposed by Obamacare would impact premiums. Under Obamacare, health insurers that offer coverage are required to pay a fee on health insurance premiums they earn, which is also considered a tax by the IRS. Congress imposed a moratorium on collecting these taxes in 2017, but that...
  • Billionaire Sam Zell: I see 'very significant' positive change for business under Trump

    10/15/2017 4:49:13 PM PDT · by 2ndDivisionVet · 6 replies
    CNBC ^ | September 26, 2017 | Matthew J. Belvedere
    •Corporate America is willing to invest money on a longer-term basis under President Trump, real estate mogul Sam Zell says. •Zell points to deregulation and promises of tax cuts and massive infrastructure spending as major positives for business. •Continued improvement in underlying economic growth continues to "surprise," he says. Corporate America is willing to invest money on a longer-term basis under President Donald Trump than the previous "anti-business administration" of Barack Obama, real estate mogul Sam Zell told CNBC on Tuesday. "Bluntly, the only way I can square anything is I focus on what gets done, not what's said," the...
  • America needs Trump’s tax reform plan (don’t believe the media scare tactics)

    10/15/2017 1:00:47 PM PDT · by Innovative · 5 replies
    Fox News ^ | Oct. 15, 2017 | Dan Weber
    We’re more than two weeks from Halloween, yet the mainstream media is already itching to give the American people a mighty good fright, spinning President Trump’s desperately needed tax reform framework as rash, ill-conceived and even dangerous. At the same time, the president has been barnstorming across the rust belt and his tax reform plan has been met with enthusiastic approval by energized audiences. This show that our country’s elites still – nearly on year after the election – don’t have a darn clue what matters to real, hardworking Americans.
  • It Would Take A 50% Hike in Income Tax to Fund Our Current Deficit

    10/14/2017 12:24:49 PM PDT · by SeekAndFind · 21 replies
    Mauldin Economics ^ | 10/13/2017 | BY JOHN MAULDIN
    Authored by John Mauldin via MauldinEconomics.com,The projected total US debt will be $30 trillion within 10 years, using the CBO’s own numbers. But the CBO also makes the rosy assumptions that there will be no recessions and that GDP will grow at a 4% nominal rate.Now, that’s possible; I'm inclined to haircut it a bit.If you asked me to bet the “over/under” on the debt in 2027, I would bet the over at $35 trillion.After the next recession the deficit will be $30 trillion within 4–5 years and then grow from there at a rate of anywhere from $1.5...
  • No Room for “Buffetnomics” in the GOP

    10/13/2017 4:02:01 PM PDT · by Sean_Anthony · 6 replies
    Canada Free Press ^ | 10/13/17 | Megan Barth
    These GOP members who are contemplating raising taxes are playing with fire. Failure to act in a way that pleases the base will ensure they are the ones who get burned Make no mistake about it: if Congress, particularly the United States Senate, fails to send a tax bill to the president’s desk, it will imperil the congressional majority, do lasting damage to the Republican Party, and potentially threaten the American economy. The clock is ticking.