TaxDollars
TaxDollars
Appropriations, budgets and other government finances
Saturday 23 March 2019
...amid a 20 percent drop in corporate tax revenue and a boost in spending so far this fiscal year.
Monday 18 March 2019
Most of that total — $540 billion — is the result of legislation passed since 2015
Tuesday 26 February 2019
Powell spoke out against the government’s growing levels of debt, which are spiraling at a much greater rate than GDP growth.
Tuesday 12 February 2019
...a milestone that experts warned is further proof the country is on an unsustainable financial path that could jeopardize the economic security of every American.
Sunday 27 January 2019
That’s darkening a fiscal outlook already made worrisome by rising entitlement-program expenses and higher costs to service America’s nearly $16 trillion in debt.
Friday 25 January 2019
Government Shutdown Day 35
The IRS called back 26,000 staffers to work without pay in a key division during the partial government shutdown, but less than half, around 12,000, actually reported by Tuesday
Friday 11 January 2019
Government Shutdown Day 21
Federal tax revenues declined in 2018 while economic growth accelerated, undercutting the Trump administration’s insistence that the $1.5 trillion tax package would pay for itself.
Monday 7 January 2019
Government Shutdown Day 17
Only about 12 percent of IRS staff is expected to continue working through a shutdown
It’s hard to believe that Norquist, who has dedicated his professional life to tax policy, doesn’t understand how marginal tax rates work, but he is nonetheless misrepresenting it on Twitter.
Thursday 3 January 2019
Government Shutdown Day 13
The IRS will continue to process tax returns, regardless of the ongoing budget fight in Washington. However, when it comes to issuing refunds, that’s not going to happen until the government completely reopens.
The US national debt stood at $21.974 trillion at the end of 2018, more than $2 trillion higher than when President Donald Trump took office
Tuesday 1 January 2019
Government Shutdown Day 11
Saturday 29 December 2018
Government Shutdown Day 8
Trump said he was pursuing the freeze because of the $25-billion price tag of the raises, though his tax reform bill was calculated to add nearly 10 times the cost of the canceled raises.
Sunday 23 December 2018
Government Shutdown Day 2
The mostly forgotten story of Nixon’s tax troubles, long overshadowed by the simultaneous Watergate scandal, is getting a new look from lawmakers and legal experts.
Thursday 20 December 2018
The vote comes after the president said Thursday he would not sign a spending measure that does not include money for a border wall.
If Trump cannot secure the money he is demanding for the wall now, it's unlikely he will see a spending bill that meets his requirement for at least two years as Democrats assume control.
Wednesday 19 December 2018
By a voice vote the Senate approved the stop-gap measure, sending it to the House of Representatives for passage before a midnight Friday deadline
Trump made up a tax cut before the midterms. Steve Mnuchin still won’t say if it was a “real thing.”
Tuesday 18 December 2018
"We have other ways that we can get to that $5 billion" and will "work with Congress" to do so
The reason is simple: Not enough money from the tax cuts has trickled down to employees.
Friday 14 December 2018
The Special Counsel’s Office released new an expenditure report Friday which revealed that the six months between the beginning of April through September cost about $4.5 million.
Tuesday 11 December 2018
An eight-year campaign to slash the agency’s budget has left it understaffed, hamstrung and operating with archaic equipment. The result: billions less to fund the government. That’s good news for corporations and the wealthy.
Saturday 8 December 2018
Wednesday 5 December 2018
And the fact that Republicans increased the tax burden on nonprofits, including those tied to religion, so they could shower money on corporations and the wealthy shows where their priorities lie.
Economic growth increased over the past year [...] but the federal deficit has ballooned as well, in part because the government has taken in less revenue because of the tax cuts. Current forecasts are not too rosy about the future economy.
Thursday 29 November 2018
As speaker, Ryan oversaw the passage of legislation that will add trillions to the deficit.
Sunday 25 November 2018
...the president has flummoxed his own aides by repeatedly seeking new spending while ruling out measures needed to address the country’s unbalanced budget.
Saturday 3 November 2018
Wednesday 24 October 2018
The GOP has a real tax cut for the rich, paid for by health care cuts.
The budget deficit has swollen under Trump’s hand to $782 billion, some $116 billion more than the year before. The wider gap can be attributed entirely to a shortfall in tax revenue; in particular, corporate tax receipts plunged $92 billion year-on-year.
Tuesday 23 October 2018
Trump repeated Monday that he plans to offer a new tax cut plan before the midterms, even though no one seems to know what it will look like or how it might get through a Congress that only barely managed to pass his signature plan last year.
Sunday 21 October 2018
The 2017 Republican tax cuts have been a dud on the campaign trail ahead of the November midterm elections, so President Trump has come up with a new plan: more tax cuts.
Saturday 20 October 2018
Trump said Saturday that Republicans are planning to implement a “very major tax cut” for middle-income earners before next month, even though Congress is out of session until after November’s midterm elections.
Wednesday 17 October 2018
It was a quietly refreshing moment, in which McConnell effectively dropped the entire charade that Republicans are a party that prioritizes fiscal prudence
Republicans have removed all doubt: When it comes to the federal deficit, the problem is Medicare and Social Security — not their own tax cuts for corporations and the wealthy.
Saturday 13 October 2018
Sunday 7 October 2018
...estimate the cost of Pence's visit -- including hotel, travel and additional security measures -- of at least $325,000.
Tuesday 2 October 2018
The reporting makes clear that in every era of Mr. Trump’s life, his finances were deeply intertwined with, and dependent on, his father’s wealth.
Friday 28 September 2018
The Senate has no plans to take it up.
Wednesday 26 September 2018
The lack of cash for the project has frustrated Trump, who last week called the bill "ridiculous"
Thursday 20 September 2018
Tuesday 18 September 2018
...which also includes a short-term stopgap bill to fund the rest of the government through Dec. 7 and prevent a shutdown that would start Oct. 1.
Saturday 15 September 2018
“History will show you there’s no country in history that’s been strong and free and bankrupt”
Thursday 13 September 2018
...if Trump refuses to sign it, much of the government, including parts of the Pentagon, would shutter.
The GOP’s “tax reform 2.0” would make permanent many of the individual and estate tax provisions in the tax law Republicans passed last fall
Tuesday 11 September 2018
This increase was due mostly to the new Republican tax law and Congress' routine decision to increase spending
Republicans rolled out a new tax reform package just ahead of the midterms.
Monday 10 September 2018
...hoping to draw a sharp contrast between themselves and Democrats ahead of the Nov. 6 congressional elections.
Sunday 9 September 2018
The White House and GOP House leaders are pushing a second tax reform before the midterms.
Thursday 30 August 2018
‘In light of our nation’s fiscal situation, federal employee pay must be performance-based,’ the president wrote
Wednesday 29 August 2018
The House has passed legislation making no mention of a raise, effectively endorsing the freeze that Trump originally proposed in February.
Friday 24 August 2018
"We have seen no clear signs of an acceleration above 2%, and there does not seem to be an elevated risk of overheating"
Thursday 23 August 2018
On an overwhelmingly bipartisan vote, the Senate voted 85 to 7 to pass a package of bills to fund the Department of Defense, Department of Health and Human Services and other agencies.
The Senate easily defeated an attempt by Sen. Rand Paul (R-Ky.) on Thursday to strip money from Planned Parenthood
Monday 20 August 2018
The Trump deficits are the result of changes in federal spending and revenues that will continue to be in place until some president and Congress decide to reverse them, that is, to increase taxes and make cuts to popular programs.
Friday 17 August 2018
The Treasury Department says the government is on track to have a total budget deficit of about $850 billion in the current fiscal year that ends Sept. 30.
Friday 3 August 2018
Monday 30 July 2018
The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.
The insider sales feed the narrative that corporate tax cuts enrich executives in the short term while yielding less clear long-term benefits for workers.
Wednesday 18 July 2018
The attorney general’s lawsuit accused the foundation of violating campaign finance laws, self-dealing and illegally coordinating with the Trump presidential campaign.
Tuesday 17 July 2018
This is a striking acknowledgement following almost two years of claims that economic growth unleashed by these policies will wipe deficits away.
Plaintiffs say last year’s law was designed to harm blue states
...a move that will allow some political groups to shield their sources of funding from government scrutiny.
Tuesday 26 June 2018
The White House promised '70 percent' of the tax cut would go to workers. It didn't.
Wednesday 6 June 2018
The Social Security program’s costs will exceed its income this year for the first time since 1982, forcing the program to dip into its nearly $3 trillion trust fund to cover benefits.
Tuesday 5 June 2018
Monday 4 June 2018
Saturday 2 June 2018
Friday 1 June 2018
Monday 28 May 2018
Friday 4 May 2018
The Congressional Budget Office projects that new federal borrowing over the next 10 years will total $12.4 trillion and that at the end of 2028, the debt will be $28.7 trillion — 96 percent of gross domestic product, up from 39 percent in 2008.
Tuesday 17 April 2018
Even if Democrats won't support the proposal, such a vote may have political utility after Senate Democrats opposed last year's tax measure. Ten Democrats are up for reelection this year in states that President Donald Trump won, and voting against tax cuts a second time could be fodder for Republicans looking to pick up Senate seats.
Wednesday 11 April 2018
For years and years, Rep. Paul Ryan’s self-projected “thing” was that he was a geeky budget wonk who was gravely, gravely concerned about the American government’s unsustainable fiscal future.
Monday 9 April 2018
The national debt, which has exceeded $21 trillion, will soar to more than $33 trillion in 2028, according to the budget office. By then, debt held by the public will almost match the size of the nation’s economy, reaching 96 percent of gross domestic product, a higher level than any point since just after World War II and well past the level that economists say could court a crisis.
Friday 30 March 2018
The richest 1 percent will see its tax burden drop by 1.5 percent, while middle earners see theirs drop by 1.2 percent. The poorest Americans see the smallest change, as their taxes drop by 0.3 percent
Saturday 24 March 2018
No wonder Trump is threatening a veto—Democrats are getting most of what they wanted.
Friday 23 March 2018
And only after a hard press from administration officials and congressional leaders did Trump grudgingly sign the bill “as a matter of national security.“
Thursday 22 March 2018
The 2,200-page must-pass bill, which was released late Wednesday, includes some wins for both parties, but it still has to pass the Senate and be signed by the president before the government shuts down at the end of Friday.
The 2,232-page bill, which was released just before 8 p.m. Wednesday, would keep government agencies operating through September.
Wednesday 21 March 2018
...rejecting her attempt to spend more than $1 billion promoting choice-friendly policies and private school vouchers.
Tuesday 20 March 2018
...hopes of finalizing a $1.3 trillion spending bill Monday before midnight fizzled due to ongoing policy quarrels over border security, infrastructure spending and other issues.
Friday 16 March 2018
It had hit $20 trillion in September. President Donald Trump signed a debt-limit suspension in February, allowing unlimited borrowing until March 1, 2019.
Wednesday 14 March 2018
Trump is floating a short-term deal protecting some young immigrants facing deportation in exchange for border wall funding in next week’s government spending bill
The bill, which passed 67 votes to 31, would free more than two dozen banks from the toughest regulatory scrutiny put in place after the 2008 global financial crisis.
Sunday 11 March 2018
The legislative blitz that rocketed the $1.5 trillion tax cut through Congress in less than two months created a host of errors and ambiguities in the law that businesses big and small are just now discovering and scrambling to address.
Friday 9 March 2018
“Although not a legal requirement, this voluntary donation fulfills our pledge to donate profits from foreign government patronage at our hotels and similar business during President Trump’s term in office”
Saturday 24 February 2018
The trillions fly by so fast these days, we can’t even see them anymore. And afterwards we wonder: What was that? Where did it go?
Monday 19 February 2018
Mr. Cohen cautioned that the bill still was not particularly popular, and opposition among Democrats remained strong. Still, support has grown even among Democrats, from 8 percent just before the bill passed in December to 19 percent this month.
Thursday 15 February 2018
They have gathered information from people who lent money and assembled investors for some Kushner Cos. real estate projects in New York and New Jersey, the person said. Those projects involve deals dating back to 2010.
Tuesday 13 February 2018
In a year of controlling power in Washington, President Trump and Republicans in Congress have run up federal spending, approved deficit-swelling tax cuts and presided over a marked increase in “policy uncertainty” in the economy. They still talk about the importance of fiscal discipline, but they have yet to enforce it.
Monday 12 February 2018
"Does it balance? No it doesn't," Mulvaney told reporters on Monday. "I couldn't tell you using solid numbers that we could balance the budget in 10 years."
"I will always be a deficit hawk," said Mulvaney. "I am today, I was yesterday, I am tomorrow...these are the cards we've been dealt."
Saturday 10 February 2018
So much for all that sanctimony about fiscal responsibility.
Friday 9 February 2018
Trump’s signature came quickly after the House gave final approval early Friday to the deal, h ours after a one-man blockade by Senator Rand Paul of Kentucky delayed the votes and forced the government to briefly close.
Thursday 8 February 2018
Republicans propelled themselves to power in Washington by promising an end to fiscal recklessness. They are now embracing the kind of free spending and budget deficits they once claimed to loathe.
Both conservative Republicans and liberal Democrats were balking in the hours after the deal was unveiled Wednesday — the former angry about the spending jolt, the latter fuming about the lack of protections for young immigrants at risk for deportation under the Trump administration.
Saturday 3 February 2018
Wednesday 24 January 2018
But House Democrats have signaled they are not ready to go along with a long-term budget deal without a fix to the Deferred Action for Childhood Arrivals program that President Donald Trump is ending.
Saturday 20 January 2018
Government Shutdown Day 1
Republicans accused Democrats of prioritizing “illegal immigrants" over American citizens
Democrats countered that the situation is a product of President Donald Trump’s constantly shifting positions, chaotic leadership and embrace of the most hard-line stance on immigration.
Friday 19 January 2017
Tuesday 16 January 2018
Monday 15 January 2018
The growing reliance on the debt-driven mode of economic development will continue to erode the solvency of the U.S. federal government
“Deficiencies in the current U.S. political ecology make it difficult for the efficient administration of the federal government, so the national economic development derails from the right track,” Dagong said.
The truth is we just don’t know: It’s way too early to determine whether the law has had a significant impact on the economy.
The most closely watched data point will be wage growth. Republicans have promised that the corporate tax cuts will filter down into larger paychecks for workers, which are sorely needed
A strong signal that the tax law isn’t working as Republicans hoped would be increased shareholder returns, in the form of either share buybacks or dividends.
Thursday 11 January 2018
Walmart is also following Target, which boosted its starting wage last fall.
Thursday 28 December 2017
Behind the scenes, according to aides, lobbyists and fellow lawmakers, Toomey played a major role in shaping the Republican tax overhaul — pushing not only for a cut in the top individual rate but also helping slash rates for corporations and repeal a key provision of the Affordable Care Act.
There is, however, a catch: To be eligible, foreign companies must invest those earnings in sectors encouraged by China’s government — including railways, mining, technology and agriculture
Tuesday 26 December 2017
The sliver of America that did get ahead was, you guessed it, the one at the tippy top: the richest Americans, those in the highest 1 percent of the income distribution. Their earnings grew by about 6 percent a year.
Sunday 24 December 2017
Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner where he told friends, "You all just got a lot richer," referencing the sweeping tax overhaul he signed into law hours earlier.
Friday 22 December 2017
During the signing ceremony, Mr. Trump said, “Corporations are literally going wild over this.”
Trump on Friday signed the landmark $1.5 trillion tax overhaul legislation in the Oval Office, forgoing a public signing ceremony as he prepared to leave Washington for his Christmas vacation in Florida.
Thursday 21 December 2017
They can, however, be roused to political anger when they think others will end up doing better in comparison to people like them—that is, when they experience what social scientists refer to as “relative deprivation.”
The House passed the measure, which would keep federal agencies open through Jan. 19, on a 231-188 vote. The Senate cleared it 66-32 soon after
Wednesday 20 December 2017
Puerto Rico is considered part of the United States in all realms except taxes — meaning that island residents don’t pay federal income taxes but do pay into Social Security. Companies based on the island are treated as if they were located in other Caribbean tax havens not under an American flag.
“We won this battle, but the war is still to come. However, if we carry on with the same vigor demonstrated today in our widely opposed tax overhaul, I know that we will prevail over Americans time and time again.”
...the open contempt for democracy displayed in the Senate’s slapdash rush to pass the tax bill ought to trouble us as much as, if not more than, what’s in it.
Tuesday 19 December 2017
The tax bill soaks some of rich Americans — but it does not soak the richest.
The Senate approved the Republican the tax bill, 51-48.
The House will have to vote again after the Senate parliamentarian rejected three provisions in the Senate bill. Both chambers must pass identical bills.
Trump’s corporate tax cuts will likely generate enormous deficits, even if the administration’s rosiest economic forecasts come true, setting Republicans up to claim that it is time to cut Social Security, Medicare, and welfare
Opposition to the bill has grown 10 points since early November, and 55% now oppose it. ... Two-thirds see the bill as doing more to benefit the wealthy than the middle class
Monday 18 December 2017
Pence was mindful that Senator John McCain, Republican of Arizona, was returning to his home state for cancer treatment, leaving Republicans with only 51 votes for the tax bill. The vice president wanted to make sure that he was in place to break a tie if it were necessary
“My concern here is it’s going to hurt the individual. And so, effectively, individuals are carrying the water for these corporations — they get that great tax cut on the corporate side, but people are not gonna get it on the individual side.”
The final House-Senate tax compromise did nothing to reduce the measure’s trillion-dollar-plus increase of the federal deficit, which Corker cited as a chief reason for rejecting an earlier version of the bill.
In its last year, the bill raises taxes on more than 53 percent of Americans.
Sunday 17 December 2017
McCain, who is battling brain cancer, has returned home to Arizona and is likely to miss the Senate’s vote this week to approve a sweeping tax overhaul
Saturday 16 December 2017
Corker, the lone Republican to vote against the original Senate bill, which didn't include the provision, also admitted he has not read the final tax bill he announced he will support.
Thursday 14 December 2017
Tuesday 12 December 2017
Sunday 10 December 2017
Friday 8 December 2017
"Frankly, it's the health care entitlements that are the big drivers of our debt, so we spend more time on the health care entitlements, because that's really where the problem lies, fiscally speaking."
The government’s fiscal year started on Oct. 1. That’s the legal deadline for Congress and the president to have enacted into law the 12 appropriations bills that fund the government’s discretionary programs.
Back in September, the president struck a deal with “Chuck and Nancy” for a three-month CR — a deal that expires today, Dec. 8.
During the three months, Congress was supposed to finish the 12 spending bills. But that didn’t happen
The new CR expires Dec. 22, which means that Congress just gave itself a two-week extension to get a spending deal done for the rest of the fiscal year.
Republicans must resolve the differences between the House and Senate versions of their tax overhaul bill before they can pass a final version. Both versions include substantial overall tax cuts for individuals and businesses, but the details vary, resulting in different outcomes for different groups.
Thursday 7 December 2017
Congress passed a two-week funding bill Thursday, staving off a government shutdown a day ahead of the deadline. But lawmakers face a turbulent next few weeks as they try to clinch a broader budget deal by the end of the year.
Wednesday 6 December 2017
“The more you read, the more you go, ‘Holy crap, what’s this?'” said Greg Jenner, a former top tax official in George W. Bush’s Treasury Department. “We will be dealing with unintended consequences for months to come because the bill is moving too fast.”
The problem involves the corporate alternative minimum tax, which the GOP initially planned to repeal, but tossed back into their stew at the last second in order to raise some desperately needed revenue.
Tuesday 5 December 2017
“I think not having the estate tax recognizes the people that are investing,” Grassley said, “as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.”
“I have a rough time wanting to spend billions and billions and trillions of dollars to help people who won’t help themselves, won’t lift a finger, and expect the federal government to do everything.”
Monday 4 December 2017
On Friday, Senate Republicans rewrote the American tax code over lunch — and passed their (partially handwritten) legislation around 2 a.m. the following morning.
The Senate bill brings the normal corporate rate down to 20 percent — while leaving the alternative minimum rate at … 20 percent. The legislation would still allow corporations to claim a wide variety of tax credits and deductions — it just renders all them completely worthless. Companies can either take no deductions, and pay a 20 percent rate — or take lots of deductions … and pay a 20 percent rate.
Those promises materialized in the frantic final hours of the tax debate last week, as Senate Majority Leader Mitch McConnell (R-KY) gave Sens. Susan Collins (R-ME) and Jeff Flake (R-AZ) assurances that some of their personal legislative priorities would be dealt with in exchange for their votes.
Moving the Collins and Flake deals through the House was always going to be an uphill climb, with a conservative bloc sharply opposed to both measures ... On Monday, those conservatives railed against McConnell for making promises on legislation that they have long opposed.
Sunday 3 December 2017
This week, Senator Orrin Hatch (R-UT) helped push a tax bill through the Senate that will cost about $1 trillion. At the same time, he lamented the difficulties of finding the money to fund the Children’s Health Insurance Program (CHIP), which pays for healthcare for nine million children and costs about $14 billion a year — a program Hatch helped create.
Saturday 2 December 2017
While the tax bills approved by the House and the Senate diverge in significant ways, the same forces that rocketed the measures to passage appear likely to bond Republicans in the two chambers as they work to hash out the differences.
Friday 1 December 2017
Mere hours ahead of the Senate’s tax vote, Republicans have yet to release an official copy of the tax bill. The only legislative text that has been internally circulated ... includes large swaths of policy changes in handwriting, filled between the lines and in the margins of a previous copy.
Senate Republicans’ $1.5 trillion tax cut would not pay for itself, according to a report released on Thursday by the nonpartisan Joint Committee on Taxation.
The data sheds new light on the secretive process lawmakers use to settle workplace complaints against them and their aides.
But Republican leaders are still rewriting the multi-trillion-dollar measure hours before a potential vote.
Contrary to Trump’s suggestion on Twitter, Democrats have laid out a series of complaints about the bill, most notably that it is not the middle-class tax cut that the GOP claims but would cut taxes for the wealthiest Americans while increasing taxes on some middle-class Americans.
“It’s just a reference point — it’s not going to influence my decision on the bill,” Sen. Thom Tillis (R-NC) said.
“Oh, that’s the one that doesn’t believe that there’s going to be economic growth? Yeah, I ignore that,” Barrasso said.
Thursday 30 November 2017
He raised some general concerns about ballooning the deficit — one reason he voted against the Bush tax cuts in 2001 and 2003 — but stressed in his statement that he believed the tax measure would ultimately boost the economy and ease deficit issues.
Wednesday 29 November 2017
...lawmakers voted 52 to 48 to move the legislation forward toward a showdown vote on final passage by week’s end.
Tuesday 28 November 2017
Some hurdles still exist, including aligning the Senate version with the House bill and ensuring that the changes some senators want don’t rankle other lawmakers.
Monday 27 November 2017
With several Republican senators not yet committed to supporting the $1.5 trillion tax plan, the week is expected to be punctuated by behind-the-scenes arm twisting and deal-making as Republican leaders work to find enough votes to pass the bill along party lines.
Sunday 26 November 2017
For years, a coalition of well-funded groups on the religious right have waged an uphill battle to repeal a 1954 law that bans churches and other nonprofit groups from engaging in political activity.
Among the changes in the tax bill that passed the House this month is a provision to roll back the 1954 ban
Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans.
In pushing so hard, Republicans are betting they can sell this plan to the skeptical public once the legislation is signed into law
Friday 24 November 2017
The problem ... is that the Senate Republicans’ tax bill would increase federal debt by more than advertised, and increased debt accumulation would counteract much — or potentially all — of the positive growth impact of tax cuts.
Thursday 23 November 2017
Wednesday 22 November 2017
Only one economist — Stanford's Liran Einav — said that he was “uncertain” if the bills would exacerbate America's debt-to-GDP ratio. But after the survey's release, Einav said his response had been a mistake, and that he actually agrees with the economists who expect the debt ratio to soar. ... “I did it too fast and didn't read the question properly,” Einav said in an email.
Sunday 19 November 2017
“If we can repeal part of Obamacare as part of a tax bill and have a tax bill that is still a good tax bill, that can pass, that’s great,” ... “If it becomes an impediment to getting the best tax bill we can, then we are okay with taking it out.”
Friday 17 November 2017
A recent distributional analysis from the Joint Committee on Taxation found that the Senate’s proposal ... would raise taxes for families who earn less than $75,000 when these cuts sunset.
"What you said was not right! That's all I'm saying," Hatch said. "Now I come from the lower middle class originally. We didn't have anything. So don't spew that stuff on me. I get a little tired of that crap! … I like you personally very much. But I'm telling you this bullcrap that you guys throw out here really gets old after a while. And then to do it right at the end of this is just not right."
Thursday 16 November 2017
This means that M.I.T. graduate students would be responsible for paying taxes on an $80,000 annual salary, when we actually earn $33,000 a year. That’s an increase of our tax burden by at least $10,000 annually.
The House passed its version of the $1.5 trillion tax bill by a vote of 227 to 205.
Thirteen Republicans voted against the bill, and no Democrats voted for it.
Fewer than a dozen of the 240 House Republicans said they were opposing the bill or had lodged strong objections as of Wednesday morning. The GOP can lose up to 22 votes and still pass the bill if all 434 sitting members vote Thursday.
Wednesday 15 November 2017
The existing rule imposes a higher bar on legislation that raises federal income tax rates, imposing a three-fifths threshold for such legislation to pass, rather than a simple majority.
Tuesday 14 November 2017
As Cohn sat comfortably onstage, a Journal editor asked the crowd to raise their hands if their company plans to invest more if the tax reform bill passes. Very few hands went up.
Repealing the mandate, a longstanding Republican goal, would save hundreds of billions of dollars over the next decade. That would free up money that is earmarked to expand middle-class tax cuts.
Monday 13 November 2017
One recent poll found that one-third of the public support it and half oppose it. Sixty percent believe it favors the rich. Majorities of the public believe corporations and high-income individuals should pay more in taxes. They believe the Republican plan would do the opposite, and they’re right.
Thursday 9 November 2017
Senate Republicans outlined their vision on Thursday for overhauling the tax code, proposing a one-year delay in President Trump’s top priority of cutting the corporate tax rate while reinstating some prized tax breaks used by middle-class families.
Wednesday 8 November 2017
And given the party’s epic collapse on repealing Obamacare earlier this year, there’s a pervasive anxiety among lawmakers that they’d better do something big before voters sour on them for good.
The Senate bill diverges from the House legislation currently under consideration in several key ways, starting with the provision to completely eliminate, rather than limit, the ability of individuals to deduct state and local income, sales and property taxes on their federal tax returns.
Tuesday 7 November 2017
While most taxpayers — 61 percent — would see their taxes fall in the next two years, almost one-fifth would pay higher taxes by 2027
“We haven’t repealed Obamacare, so if we don’t get tax reform done, we are in trouble”
Saturday 4 November 2017
The 400-plus-page bill released Thursday includes changes that would codify the rights of unborn children, allow tax-exempt religious organizations to engage in political activities and impose hurdles for immigrants seeking to claim refundable tax credits.
Friday 3 November 2017
The rapid pace set out by Republican leaders is by design: They want to prevent the kind of arm-twisting that has long bedeviled previous tax overhaul efforts by leaving little time for outside groups to blitz lawmakers with concerns.
...the tax bill could include a measure to do away with the health law’s mandate that most Americans have health coverage.
Thursday 2 November 2017
The plan establishes three tax brackets, 12, 25 and 35 percent, and also keeps a top rate of 39.6 percent for the highest-earners, collapsing the total number of brackets from seven.
No Changes to 401(k) retirement plans
Changing the mortgage interest deduction ... Under the Republican plan, existing homeowners can keep the deduction, but future purchases will be capped at $500,000.
One of the biggest flash points will be how the bill treats the state and local tax deduction, which lawmakers are proposing to limit to property taxes and cap at $10,000.
Wednesday 1 November 2017
At the center of the problem were questions about how to pay for the proposed $5.5 trillion in tax cuts, since any major revenue-generator is certain to antagonize some powerful lobby or group of lawmakers who could defeat it.
The president wants to pay for tax cuts by increasing the uninsured.
Thursday 26 October 2017
Still unresolved were several questions: whether the legislation would moderate the expected benefits for the wealthy; whether it would cap or eliminate popular middle-class tax breaks like the state and local tax deduction or the tax benefit of 401(k) retirement plans; and how dramatically it would expand a child-care tax credit that helps working-class families.
Budget legislation passed Thursday will allow the GOP to pass its tax plan without Democratic help, but the close 216-to-212 House vote reflected ongoing tensions about the tax push among Republicans
Monday 23 October 2017
With passage, Republicans would unlock the powerful legislative tool known as reconciliation, which replaces the Senate's 60-vote threshold with a simple majority in some circumstances.
Overhauling the tax code was never going to be easy given that it requires targeting lucrative and politically popular tax breaks to mitigate the magnitude of cuts Republicans are envisioning.
Saturday 21 October 2017
Friday 20 October 2017
Thursday 19 October 2017
Wednesday 18 October 2017
The reason the tax cut bill is a danger to Trump is that it’s the one last thing keeping the bulk of his own party in line behind him.
Saturday 14 October 2017
A full-blown humanitarian crisis is still underway in Puerto Rico after Hurricane Maria devastated the island last month. More than 80 percent of the island is still without electricity, there’s a daily shortage of 1.8 million meals, and hospitals are running low on medication
But the selling of tax cuts under Trump has taken things to a whole new level, both in terms of the brazenness of the lies and their sheer number.
Friday 13 October 2017
“Obviously, the estate tax, I will concede, disproportionately helps rich people,” Mr. Mnuchin said
Thursday 12 October 2017
At this point, Trump has publicly made this claim at least 20 times. And it's still not true.
Trump falsely claimed Wednesday that, "in one sense," the stock market rally since his election reduces the $20 trillion national debt.
Tuesday 10 October 2017
Saturday 7 October 2017
Cutting spending to balance the budget was almost religion to the Republican Party for much of the past eight years. But all year long, despite their control of the White House and Congress, Republicans have not taken steps to balance the budget, to overhaul entitlement programs such as Medicare and Medicaid, or to arrest the growth of the country’s $20 trillion in debt.
Sunday 1 October 2017
Kansas’ 2012 tax cuts led to a budget deficit that forced the state to cut funding for schools and infrastructure, Schumer said. Facing a major budget deficit, Kansas lawmakers in June approved legislation that rolled back many of Gov. Sam Brownback’s tax cuts.
Thursday 28 September 2017
The plan’s scant details make it hard to know what, exactly, is on the chopping block. But within hours of the plan’s unveiling on Wednesday, flash points emerged over measures that supporters said could hurt the housing market, raise borrowing costs and increase the tax burden on families in high-tax states.
Wednesday 27 September 2017
...the president offered no measure of the plan’s cost and scant detail about how working people would benefit from a proposal that has explicit and substantial rewards for wealthy people and corporations
Tuesday 19 September 2017
Senate Republicans, abandoning a key fiscal doctrine, agreed on Tuesday to move forward on a budget that would add to the federal deficit in order to pave the way for a $1.5 trillion tax cut over the next 10 years.
Wednesday 13 September 2017
Tuesday 12 September 2017
The comments come as the White House and Republicans in Congress are working to release the outlines of a plan to overhaul the tax code sometime later this month.
Friday 8 September 2017
There’s a palpable fear that the Big Six will release a plan and try to jam conservatives — just as they did with health care.
As the rift between the president and Republican lawmakers widened, the president argued that he had no choice but to collaborate with the Democratic minority to get business done
The House vote, 316-90, with only Republicans voting no, came a day after the Senate passed the measure, and came about 48 hours after President Trump sided with Democratic congressional leaders in support of a short-term debt limit extension, surprising Republicans on Capitol Hill.
Wednesday 6 September 2017
The next debt ceiling crisis will hit around December 15, just before the holidays. Democrats might not come to Trump's aid then, forcing an even bigger standoff among Republicans ahead of the 2018 mid-term elections.
In a surprising blow to his own party’s congressional leadership, the president on Wednesday struck a deal with Democrats to package nearly $8 billion in Hurricane Harvey relief with a three-month extension of government funding and increase in the debt ceiling.
...over the objections of Speaker Paul Ryan and Senate Majority Leader Mitch McConnell, who had wanted a longer increase in the debt ceiling to prevent Republicans from having to take multiple, politically painful votes to raise it in the coming months.
Trump confounded his own party’s leaders when he cut a deal with Democratic congressional leaders — “Chuck and Nancy,” as the president informally referred to them — on a short-term plan to fund the government and raise its borrowing limit this month.
Sunday 3 September 2017
Trump and congressional Republicans return to work this week facing enormous pressure to achieve major policy victories and carry out such basic acts of governance as providing disaster relief in the wake of Hurricane Harvey, avoiding a default on the nation’s debt and keeping federal agencies open.
Thursday 31 August 2017
GOP leaders had tentatively laid plans to pair a popular disaster relief package with a tough vote to raise the debt ceiling and keep the government open at month’s end. But their strategy is already running into headwinds, as the damage from the storm appears far too large for Congress to wait weeks to act.
Wednesday 30 August 2017
The president laid out several principles for tax reform, including cleaning the code of tax breaks and offering tax relief to middle-class families.
Trump also spoke repeatedly about the need to lower the statutory corporate tax rate
Thursday 24 August 2017
Monday 21 August 2017
...more than 1,000 agents have already hit the federally mandated caps for salary and overtime allowances that were meant to last the entire year.
...the latest example of how GOP political committees are generating a steady income stream for President Trump’s private business
Friday 11 August 2017
When Congress returns in September the House will have just 12 legislative days to raise the federal borrowing limit to avoid default — and the same amount of time to approve a spending deal to avert a government shutdown.
Wednesday 9 August 2017
While the last thing Republicans on the Hill need is another example of their total incompetence, the White House seems to be cheering on a confrontation.
Democrats have vowed to oppose funding for a border wall, making it probably the biggest threat to an early October closure.
Thursday 3 August 2017
Trump administration officials ... are imploring Congress to raise the $19.8 trillion debt limit with no strings attached by the end of September.
Monday 31 July 2017
The Trump administration insisted on Monday ... that its plan to rewrite the tax code would be a collaborative and ultimately successful process.
Wednesday 5 July 2017
The straggling health bill has backed up other major priorities, setting the stage for a government shutdown or even a default in the fall if the debt ceiling is not raised in time.
Wednesday 28 June 2017
"...if the ... bill that passed the House with 217 votes had been in effect this year, I would have saved — I can give you the exact figure. I would have saved $679,999, or over 17% of my tax bill."
Sunday 25 June 2017
The Senate bill still faces hurdles to passage. But if it passes, it will remove an issue that otherwise might complicate Republicans’ work on tax reform.
Wednesday 21 June 2017
While there is no indication that Trump himself was involved in the decision, it is nonetheless a stark illustration of how his financial interests can directly rise or fall on the policies of his administration.
Monday 19 June 2017
Once upon a time, Republicans almost uniformly claimed that large and growing loads of debt were an urgent economic crisis that required immediate action. But of course, back then, Obama was president.
Tuesday 6 June 2017
With Trump in the White House, there’s seemingly not much point in Republicans trying to pick a fight over this, and it should have been pretty smooth sailing. Except the White House can’t even agree on what it’s doing.
Thursday 1 June 2017
“Our tax bill is moving along in Congress, and I believe it’s doing very well”
Tuesday 23 May 2017
Presidential budgets, especially in times of divided government, are traditionally labeled dead on arrival.
The numbers looked great because the White House left out something essential: the cost.
Monday 8 May 2017
...a quintet of critical deadlines in the early fall will force either a furious round of deal-making or brinkmanship that could have dire effects on the economy.
In total, there is not one economist in the Chicago poll who believes that Trump's cuts would pay for themselves
Saturday 6 May 2017
"The net effect of that act is that my federal income taxes would have gone down, down 17%, last year," Buffett said.
Friday 5 May 2017
“We’re just starting down the path of taxes. And unlike health care, we are out talking to all the groups that are gonna be interested in our tax plan”
Tuesday 2 May 2017
As Mulvaney attempted to answer questions, open phone lines featuring a crying baby, an intermittent hacking cough, and patriotic hold-music quickly drowned him out.
Monday 1 May 2017
...reprising the approach that has failed them in their efforts to pass a new health law.
The budget agreement includes several provisions designed to rein in the president.
But what we don’t need — and can’t afford — is another round of huge, unpaid-for tax reductions that saddle us with large amounts of new debt without producing the growth levels being predicted.
1. There are explicit restrictions to block the border wall.
4. Trump fought to cut the Environmental Protection Agency by a third. The final deal trims its budget by just 1 percent, with no staff cuts.
5. He didn’t defund Planned Parenthood.
8. To keep negotiations moving, the White House already agreed last week to continue paying Obamacare subsidies.
Sunday 30 April 2017
Congressional negotiators reached an agreement late Sunday on a broad spending package to fund the government through the end of September
“I’m going to end up paying more than I pay right now in taxes, all right? I will pay more than I pay right now”
Friday 28 April 2017
Unless revised in actual legislation, the plan would give millions of Americans the opportunity to cut their taxes by essentially turning themselves into small business entities.
The House voted 382 to 30 on Friday to approve the deal and the Senate unanimously approved it a short time later.
Thursday 27 April 2017
Trump’s proposal ... would amount to a multitrillion-dollar shift from federal coffers to America’s richest families and their heirs
The short-term spending measure, which would extend current funding levels beyond the end of this week, comes as negotiators are nearing an agreement on a budget
Wednesday 26 April 2017
“It seems the administration is using economic growth like magic beans: the cheap solution to all our problems”
Regardless of the plan’s fate, Mr. Trump has already sent a strong message about where his sympathies really lie. They lie not with the working people who elected him, but with the plutocracy that envelops him.
Mr. Trump’s skeletal outline of a tax package, unveiled at the White House in a single-page statement filled with bullet points, was less a plan than a wish list.
Tuesday 25 April 2017
...it faced immense pushback from influential companies including Walmart and Toyota.
Trump is almost certainly not going to get his money for a wall on the border with Mexico this week.
Monday 24 April 2017
The 100-day mark falls on Saturday, the same day government could shut down without a budget deal.
Friday 21 April 2017
His announcement surprised Capitol Hill and left Mr. Trump’s own Treasury officials speechless
“While we do not expect a lapse, prudence and common sense require routine assessments will be made”
Thursday 20 April 2017
Mulvaney also told The Associated Press that “elections have consequences” and Trump must receive funding for the planned border wall in the spending bill.
Saturday 1 April 2017
...they are among a host of conservative organizations mounting a furious campaign against a new tax on imports proposed by House Republicans, imperiling what is supposed to be a centerpiece of the Republican tax overhaul effort.
Wednesday 29 March 2017
...when asked ... if Trump has "any concerns about the pushback" from Florida residents and taxpayers about those costs. "No, he feels great," Spicer said.
The petition calls for her to either move to the White House or personally pay for her New York City security expenses.
Congress has to come to an agreement before the government runs out of money April 28. Raising the stakes? Congress is on recess for two weeks in mid-April.
Monday 27 March 2017
One can reasonably argue that it wasn’t a health care bill so much as a tax cut for high earners that used cuts to Medicaid, and reduced subsidies on the insurance exchanges, to pay for itself.
Thursday 23 March 2017
He said ruefully this week that he should have done tax reform first when it became clear that the quick-hit health care victory he had hoped for was not going to materialize on Thursday
Thursday 16 March 2017
...his own newsletter is completely incapable of discerning real reportage from an obvious joke.
BUT HOW WILL I SURVIVE ON THIS BUDGET? you may be wondering. I AM A HUMAN CHILD, NOT A COSTLY FIGHTER JET. You may not survive, but that is because you are SOFT and WEAK, something this budget is designed to eliminate.
"For someone who says he wants to invest in infrastructure, I don't see any evidence of it in this budget"
The proposed cuts at the Education Department include plans to ax several programs that aid primarily low-income and minority students, while increasing spending for school-choice programs in elementary and secondary education.
...some of the budget losers, it turns out, may be some of the very constituencies that have been most supportive of the new president during his improbable rise to power.
Key GOP senators expressed concerns this week about who would foot the bill for the wall, with some bluntly voicing doubts that Mexico will cover it, as Trump has vowed.
Every dollar of proposed cutbacks to domestic, diplomatic and international aid programs that Trump makes in the spending plan will go to boost defense and law enforcement funding.
Trump’s first budget proposal ... would increase defense spending by $54 billion and then offset that by stripping money from more than 18 other agencies.
Some would be hit particularly hard, with reductions of more than 20 percent at the Agriculture, Labor and State departments and of more than 30 percent at the Environmental Protection Agency.
It would also propose eliminating future federal support for the National Endowment for the Arts, the National Endowment for the Humanities and the Corporation for Public Broadcasting.
Wednesday 15 March 2017
According to the budget office, the Obamacare markets will remain stable over the long run, if there are no significant changes.
Tuesday 14 March 2017
We’re not sure what Mulvaney has been smoking, except his own propaganda.
Monday 13 March 2017
Much of the new model and data assimilation development work occurs at NOAA's OAR (Office of Atmospheric Research). Guess what organization is slated to take a 26% reduction in the proposed budget plan?
The much-anticipated judgment ... did not back up President Trump’s promise of providing health care for everyone
Sunday 12 March 2017
...one that prioritizes the military and homeland security while slashing many other areas, including housing, foreign assistance, environmental programs, public broadcasting and research.
Thursday 9 March 2017
“If you’re looking at the C.B.O. for accuracy, you’re looking in the wrong place”
Wednesday 8 March 2017
It’s the latest evidence that the administration is following through on President Trump’s goal to cut domestic spending by $54 billion to bolster the defense budget.
...a move that lawmakers and security experts say defies logic if the White House is serious about defending against terrorism and keeping out undocumented foreigners.
Tuesday 7 March 2017
In the old days, legislatures used pork to try to please everybody. This bill seems exquisitely designed to please nobody—except for rich people who want a tax break.
Wednesday 1 March 2017
Trump is tearing into the EPA’s budget by a reported 24 percent
Tuesday 28 February 2017
That means the money will come from schools, housing, health, agriculture, environment—just about everything else the government does. And also foreign aid, according to the OMB official.
Friday 17 February 2017
...costing far beyond what has been typical for past presidents — a price tag that, based on past assessments of presidential travel and security costs, could balloon into the hundreds of millions of dollars over the course of a four-year term.
Thursday 26 January 2017
Spicer dodged reporters' questions about the impact of the border tax on American consumers
It’s not like she made them a pot roast or taught their kids algebra, for heaven’s sake.
Tuesday 24 January 2017
What, then, would the reported cuts accomplish? The answer appears to be defunding a number of projects seen as liberal darlings -- including groups aimed at preserving and supporting the environment, civil rights protections, the arts, minority-owned businesses, and public broadcasting.