Tag: Trump wealthcare

Trump, House GOP Talk More Tax Cuts

NOTE:  Rep. Erik Paulsen is a member of this committee. The tax cut bill last year that gave the majority of benefits to the top 1% of people and cut corporate taxes massively has done major damage to the national debt. Here’s an article detailing this from Forbes.

The following article by Fred Lucas was posted on the Daily Signal website July 17, 2018:

President Trump meets with members of Congress, including Chairman of the House Ways and Means Committee Kevin Brady of Texas, Credit: Newscom

Following up on the economic growth spurred by their first tax reform package, President Donald Trump and House Republicans want to see another round.

“We are going to start a meeting on tax reduction, and we are going to be putting in a bill,” Trump said Tuesday in the Cabinet Room of the White House, just before a meeting with House Republicans.

House Ways and Means Committee Chairman Kevin Brady, R-Texas, talked about making the individual income tax cuts permanent.

View the complete article here.

Meet the Republicans who want ‘Tax Reform 2.0’ as Russia controversy rages on

The following article by Tana Ganeva was posted on the RawStory.com website July 17, 2018:

President Trump and Russia’s President Putin shake hands in Helsinki, Finland July 16, 2018. Credit: Kevin Lamarque, Reuters

On Tuesday, as the controversy continued to rage over President Donald Trump’s meeting with Russian President Vladimir Putin, some Republicans are going back to business as usual: pushing forth tax reforms most likely to benefit corporate interests and the wealthy.

According to the White House pool report, President Trump is slated to meet with Republican members of Congress today to discuss “tax reform 2.0.”

The President plans to meet with the following congresspeople, many of whom, like Rep. Diane Black (R-TN), have previously issued soft critiques of the President on issues like trade policy but nevertheless signal their support for most of Donald Trump’s agenda:

Chairman Kevin Brady (R-TX)
Rep. Mike Bishop (R-MI)
Rep. Diane Black (R-TN)
Rep. George Holding (R-NC)
Rep. Jim Renacci (R-OH)
Rep. Peter Roskam (R-IL)
Rep. Erik Paulsen (R-MN)

View the complete article on the RawStory.com website here.

Paychecks Lag as Profits Soar, and Prices Erode Wage Gains

The following article by Patricia Cohen was posted on the New York Times website July 13, 2018:

Job seekers at a career fair in Los Angeles on March 8. Employers complain of labor shortages, but many are reluctant to pay higher wages. Credit: Patrick T. Fallon, Bloomberg

Corporate profits have rarely swept up a bigger share of the nation’s wealth, and workers have rarely shared a smaller one.

The lopsided split is especially pronounced given how low the official unemployment rate has sunk. Throughout the recession and much of its aftermath, when many Americans were grateful to receive a paycheck instead of a pink slip, jobs and raises were in short supply. Now, complaints of labor shortages are as common as tweets. For the first time in a long while, workers have some leverage to push for more.

Yet many are far from making up all the lost ground. Hourly earnings have moved forward at a crawl, with higher prices giving workers less buying power than they had last summer. Last-minute scheduling, no-poachingand noncompete clauses, and the use of independent contractors are popular tactics that put workers at a disadvantage. Threats to move operations overseas, where labor is cheaper, continue to loom.

View the complete article on the New York Times website here.

‘Not what we expected’: Trump’s tax bill is losing popularity

The following article by Heather Long was posted on the Washington Post website June 29, 2018:

Pres. Trump in the White House Cabinet Room. Credit: Getty, Win McNamee

In a packed arena in Fargo, N.D., this week, President Trump’s most ardent supporters roared with approval when he talked about protecting the U.S. borders, beating the Democrats and “respect for our great, beautiful, wonderful American flag.” When Trump pivoted to the tax bill, his top legislative accomplishment, the crowd clapped — but without the fervor they had shown for many of his other applause lines.

Trump signed the tax cut legislation just before Christmas. Six months later, it is losing popularity. Continue reading “‘Not what we expected’: Trump’s tax bill is losing popularity”

Trump Tax Law Gives Big Banks Enormous Second-Quarter

America’s biggest banks reported earning enormous second-quarter profit margins, largely because of the Trump tax law. Meanwhile, workers’ wages have decreased.

Big banks are the biggest beneficiaries of  the Trump tax law.

  • Bank of America earned a second-quarter profit of $6.78 billion, a 33 percent jump from a year earlier.
  • JPMorgan Chase earned a second-quarter profit of $8.32 billion, an 18 percent jump from a year earlier.
  • Citigroup earned a second-quarter profit of $4.49 billion, a 16 percent jump from a year earlier.

Continue reading “Trump Tax Law Gives Big Banks Enormous Second-Quarter”

The Trump Economy

Trump and the Republican Party sold Americans out. This is Trump’s scheme – to keep America great for the rich and powerful, while making it harder for everyone else to succeed.

Trump fuels corporate greed and will always empower wealthy special interests. Trump’s most consistent policy is to help CEOs and rich corporations while hurting workers and families. Look at all he’s done so far:

  • TRUMP TAX: Trump and Republicans passed a tax bill that gives massive new tax breaks to big corporations and more than 80% of the benefits to the top 1% by the end of the decade. CEOs have used these massive giveaways to further enrich themselves, but not to benefit their workers.

Trump and GOP Still Trying to Sell Their Tax Cut for the Rich as Good for Everyone Else

Credit: Getty/NurPhoto, Bastiaan Slabbers

Trump and the Republican Party sold Americans out. This is Trump’s scheme – to keep America great for the rich and powerful, while making it harder for everyone else to succeed.

Trump fuels corporate greed and will always empower wealthy special interests. Trump’s most consistent policy is to help CEOs and rich corporations while hurting workers and families. Look at all he’s done so far:

  • TRUMP TAX: Trump and Republicans passed a tax bill that gives massive new tax breaks to big corporations and more than 80% of the benefits to the top 1% by the end of the decade. CEOs have used these massive giveaways to further enrich themselves, but not to benefit their workers.

Continue reading “Trump and GOP Still Trying to Sell Their Tax Cut for the Rich as Good for Everyone Else”

The Finance 202: There is something very strange about the GOP tax plan

The following article by Tory Newmyer was posted on the Washington Post website November 22, 2017:

President Donald Trump talks to reporters Tuesday before departing with his family to Mar-a-Lago for Thanksgiving. Credit: Jabin Botsford/The Washington Post

Here’s one way to tell whether a tax code rewrite is headed in the right direction: Corporate lobbyists should be whining that their private breaks are getting squeezed too hard, and economists should be cheering because the trashing of those preferences is paying for lower overall rates that could fuel new growth.

Neither of those things is happening. And the Republican push to overhaul the code is far enough along that it’s raising alarms from economists across the country. The latest came Tuesday, when only one of 42 top economists surveyed by the Initiative on Global Markets at the University of Chicago Booth School of Business thought the tax proposals moving through Congress would meaningfully expand the economy over a decade (22 disagreed or strongly disagreed, 15 were uncertain and the rest didn’t answer). And none of those economists, a sampling spanning the ideological spectrum, disagreed the measures would leave the nation saddled with a substantially heavier debt load relative to the size of the economy.  Continue reading “The Finance 202: There is something very strange about the GOP tax plan”

Republican Tax Plan is a Bad Deal for Working Families

The following column was written by State DFL Chair Ken Martin:

As Congress turns to tax reform, details surrounding the Republican tax plan remain blurry. But we know one thing for sure: The plan balances massive handouts for the wealthy on the backs of working Americans.

The Republican tax proposal is written by Wall Street, for Wall Street. Literally. President Donald Trump tapped two former Wall Street executives—Steven Mnuchin and Gary Cohn—to secretly craft a tax plan and force a partisan vote without the American people knowing how much they’ll be harmed. Continue reading “Republican Tax Plan is a Bad Deal for Working Families”