Tag: Reaganomic

GOP digs in on preserving Trump tax cuts

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Republicans are signaling a determination to protect their 2017 tax-cut law and prevent President Biden from making good on campaign pledges to partially undo the measure.

The tax law, enacted after GOP lawmakers sought for years to slash rates for individuals and businesses, was one of former President Trump’s biggest legislative accomplishments. But with Democratic control of Congress, Biden has new avenues for delivering on his 2020 promises.

Biden has called for rolling back the Trump tax cuts on people making above $400,000 a year and to partially reverse the reduction in the corporate tax rate. And even though he has indicated tax increases are not his most immediate priority, Biden has noted they could be a way to finance his spending priorities down the line. Continue reading.

New Data: Rich Got Richer, But Most Americans Fared Worse Under Trump

The first data showing how all Americans are faring under Donald Trump reveal the poor and working classes sinking slightly, the middle class treading water, the upper-middle class growing and the richest, well, luxuriating in rising rivers of greenbacks.

More than half of Americans had to make ends meet in 2018 on less money than in 2016, my analysis of new income and tax data shows.

The nearly 87 million taxpayers making less than $50,000 had to get by in 2018 on $307 less per household than in 2016, the year before Trump took office, I find. Continue reading.

Deficit widens, economic growth slows in new CBO outlook

Repeal of health care taxes the largest driver of 10-year deficit increase, according to projections

The Congressional Budget Office projects higher deficits for this year and the coming decade, with a fiscal 2020 deficit of $1.015 trillion — $8 billion higher than the agency estimated last August.

The fiscal 2019 deficit was $984 billion, by comparison.

Over the next decade, the cumulative deficit outlined in the agency’s latest budget and economic outlook released Tuesday is estimated at $12.4 trillion, $160 billion more than the earlier projection. Continue reading.

Company insiders are selling stock during buyback programs and making additional profits when stock prices jump. And it’s legal.

Washington Post logoIn February 2017, the company behind the hit games Candy Crush and Call of Duty signaled optimism in its future and announced a $1 billion program to buy back its own shares — and investors responded by buying heavily.

But few of them could know that as they were buying, insiders at the mobile gaming titan Activision Blizzard were selling, and taking home additional profits as the stock price jumped.

On Feb. 10, a day after the company announced the buyback plan, Bobby Kotick, Activision’s chief executive, sold nearly 4 million shares for $180.8 million. The average share price of his sales was 15 percent higher than he would have gotten before the stock rose on the news.

View the complete November 6 article by Gary Putka on The Washington Post website here.