|Filed Under:||Business & Finance|
|Posts on Regator:||465|
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|Archived Since:||February 28, 2011|
Once touted by its sponsors as the greatest tax reform in a generation, the latest version of the Senate tax bill is rapidly descending into the mire of political expediency and indefensible tax policy.
The latest House version of the Tax Cuts and Jobs Act would cut taxes for all income groups but mostly benefit the highest-income households.
While the House and Senate measures are, at a high level, much the same -- both are big tax cuts for businesses and small cuts for families -- many details are at odds, and working out those differences will be tough for House and Senate negotiators. Here are some of the possible sticking points.
The tax bill being considered by the House Ways and Means Committee would cut taxes modestly for middle-income households in 2018, but by less over time. And many households would pay higher taxes as a result of the bill, according to the Tax Policy Center.
Among the big takeaways: Many middle-income households are likely to pay more under this plan, not less; it would make filing more complicated for many; and at the end of 10 years, it likely would end up increasing the deficit by far more than the advertised $1.5 trillion.
Sarah Huckabee Sanders thinks the government is like a bar and taxes are like dividing up a beer tab. It's a clever metaphor, but it also illustrates why the White House's favorite measure of tax burden change is misleading.
A new dynamic score of the Big Six tax plan shows it would fall far short of President's Trump's of permanent 3 percent growth. The plan would generate little or economic activity after the first few years and reduce federal tax revenues by $2.4 trillion over 10 years.
President Trump wants the assistant Treasury secretary for tax policy to also run the IRS. It is a terrible idea.
By nearly doubling the standard deduction and repealing state and local tax deductions, the Big 6 tax reform proposal would make the mortgage interest deduction worthless for 96% of households.
Most Americans seem OK with the amount of tax they pay but think corporations and the rich pay too little. Will they embrace a tax plan that may help middle-income families some but mostly benefit business?
President Trump says cutting corporate tax rates would increase worker incomes by $4,000-a-year. It won't. Here's why.
Why do we make it so hard for immir
The Big Six Unified Framework promises a tax plan that “significantly increases the Child Tax Credit (CTC)”. If the Framework is similar to the House Republican “Better Way” plan, the overall impact for most families? Not much.
That's what the White House and congressional GOP are claiming. Here's why it's extremely unlikely.
The Big Six outline would change the way taxes are indexed. Using chained CPI has some advantages, but it would raise taxes, especially for middle- and low-income households.
President Trump has promoted the tax package as a historically large tax cut for the middle class and a tax increase for the highest-income households. A new analysis shows the reality is quite the opposite.
President Trump and the congressional leadership's latest highly promoted tax plan lacks key details, and by saying so little about how the president would pay for big tax cuts, it gives Republican lawmakers no political cover on the many tough choices they face.
Sanders would turn the U.S. health system into Medicare for All. President Trump wants historically large tax cuts for businesses and individuals. Achieving either would require trillions of dollars in new taxes or add trillions of dollars to the federal debt.
America’s business tax system is needlessly complex and economically harmful. Meaningful reforms create winners and losers. And you likely hear more complaints from the latter than praise from the former. At the risk of adding to it, my testimony makes eight points about business tax reform.
Two Democratic lawmakers are leading the way to fundamentally restructure the EITC, shifting it from a program primarily aimed at helping low-income working families with children to a wage subsidy for even middle-income workers.