Tag: tax cuts

With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp

The following article by Thomas Kaplan was posted on the New York Times website September 28, 2017:

The Republican Study Committee, a group of about 150 conservatives in the House, and other deficit hawks usually malign increases to the national debt. Credit Gabriella Demczuk for The New York Times

WASHINGTON — In 2001, when surging budget surpluses fueled hopes of extinguishing the national debt, a pitched battle broke out over President George W. Bush’s proposed $1.6 trillion tax cut. Never mind that the tax cut’s 10-year tab was supposed to leave behind more than $3 trillion in surpluses — Democrats and some Republicans said that the tax cut was just too large.

Fast forward to President Trump’s Washington, where the budget deficit for this fiscal year is projected to near $700 billion and the federal debt has topped $20 trillion.

A new tax cut is emerging to rival those of the Bush years, and the deficit hawks have hardly peeped. Continue reading “With Tax Cuts on the Table, Once-Mighty Deficit Hawks Hardly Chirp”

The Numbers Are In: Trump’s Trillion-Dollar Tax Cuts Will Take a Stunning Toll on American Society

The following article by Andrea Rosenmann was posted on the AlterNet website May 15, 2017:

Even the administration admits the tax cuts are unlikely to help the middle class.

Vox.com has compiled a list of what President Trump’s $5.5 trillion tax cuts over 10 years could pay for, and it’s nothing short of shocking.

The massive tax cuts are “so one-sided that Trump administration officials have even admitted, publicly, that they’re not even sure if it’s going to help the middle class at all,” “Ring of Fire” co-host Farron Cousins began, in his breakdown of the report. Continue reading “The Numbers Are In: Trump’s Trillion-Dollar Tax Cuts Will Take a Stunning Toll on American Society”

White House unveils dramatic plan to overhaul tax code in major test for Trump

The following article by Damian Paletta was posted on the Washington Post website April 26, 2017:

President Trump on Wednesday proposed a dramatic overhaul of the tax code, calling for sharply lower rates for individuals and businesses but also eliminating key tax breaks.

The proposal is a one-page outline – key details are left incomplete – but it presents an initial offer to begin negotiations with lawmakers, as White House officials believe reworking the tax code is one of their biggest priorities to boost economic growth. Continue reading “White House unveils dramatic plan to overhaul tax code in major test for Trump”