tax cuts

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Truss Fires Treasury Chief, Does 180 on Tax Cuts

Kwasi Kwarteng is out after just over 5 weeks on the job, as PM tries to keep her own

(Newser) - Embattled British Prime Minister Liz Truss sacked her Treasury chief and reversed course on sweeping tax cuts Friday as she tried to hang on to her job after weeks of financial-market turmoil. At a hastily arranged news conference, she said she was acting to "reassure the markets of our...

A 'Dramatic' 180 on UK's Plan to Give the Wealthy a Tax Cut

Plan has been scrapped

(Newser) - The British government has dropped plans to cut income tax for top earners, part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows , the AP reports. In a dramatic about-face, Treasury chief Kwasi Kwarteng said Monday that he would abandon...

Biden Reportedly Offers Concession to Republicans

He's willing to keep 2017 tax cuts in place as part of infrastructure deal

(Newser) - President Biden and Republicans continue to haggle over the scope of the president's massive infrastructure proposal , and new reports say Biden is willing to make a key concession. The Washington Post says the president is willing to forgo his demand that the top corporate tax rate rise from 21%...

Republicans' Tax Plan Has 'a Dirty Little Secret'
Republicans
Have 'a Dirty
Little Secret'
opinion
Nov 1, 2020 12:30 PM CST

Republicans Have 'a Dirty Little Secret'

Economist Joseph Stiglitz isn't impressed with their tax plan

(Newser) - President Trump has "a dirty little secret," an economist says: Republicans are about to start raising taxes. That's because the 2017 tax cuts signed by Trump will begin to fade in 2020, at least for people earning $75,000 and under. "For most, in fact, it'...

Trump on Tax Cuts: 'We Don't Need It'
Trump Flip-Flops
on Tax Cut Plan
Aug 22, 2019 1:03 AM CDT

Trump Flip-Flops on Tax Cut Plan

'We don't need it,' he says

(Newser) - A day after considering cutting taxes to promote economic growth, President Trump on Wednesday changed course and said he would abandon the idea because the nation already had "a strong economy." Trump's flip-flop came after recent market volatility and economic uncertainty, and amid a debate about whether...

Trump: 'I Am the Chosen One'
Trump: 'I Am the Chosen One'
the rundown
Aug 21, 2019 3:14 PM CDT

Trump: 'I Am the Chosen One'

The president also lands verbal blows outside the White House

(Newser) - President Trump got a little temperamental with reporters Wednesday and appeared to compare himself—however casually—with the savior in the Christian tradition, the Hill reports. The exchange outside the White House was fueled by criticism of his thoughts on the economy and gun control, his remarks about Jewish Democrats...

Trump: I'm Mulling Tax Cuts, But R-Word Is 'Inappropriate'

The president says he's looking at capital gains and payroll tax cuts

(Newser) - President Donald Trump says his administration is a looking at tax cut proposals but not as a response to a potential recession, the AP reports. "I'm looking at that all the time anyway," he explained. Trump talked about the economy and trade with China during a meeting...

White House Plans Bold Move on Taxes

Treasury might change how capital gains are figured, benefiting wealthiest Americans

(Newser) - The wealthiest Americans may be getting some good news on taxes from a big shift under consideration by the Treasury Department. The change would affect how capital gains taxes are figured in regard to inflation, with the upshot being that the amount owed to the government would be less, reports...

Trump to Mar-a-Lago Friends: 'You All Just Got a Lot Richer'

Friends tell CBS he made comment while dining with friends at his resort

(Newser) - Just hours after signing a tax reform bill into law, President Trump told friends at his so-called "Winter White House" estate of Mar-a-Lago that "You all just got a lot richer," reports CBS News , citing "two friends at a table near the president's." The...

Key Differences Between House, Senate Tax Bills

2 chambers will have to craft a compromise

(Newser) - The Senate passed a nearly $1.5 trillion tax overhaul early Saturday after some late changes were made to the bill. The House passed a nearly $1.5 trillion tax bill two weeks ago that differs in key respects, and the two chambers will have to craft a compromise to...

On Trump's Desk by Christmas? Senate Passes Tax Bill

On a 51-49 vote

(Newser) - It passed in the wee hours, and by a wee margin: The Senate passed the biggest tax overhaul in more than 30 years Saturday morning 51-49. Tennessee's Sen. Bob Corker was the only Republican to side against the bill. With the House having passed its bill in November, Congress...

GOP Senator: We've Got the Votes to Pass Tax Bill
McConnell on Tax Bill:
We've Got 50 Votes
UPDATED
Dec 1, 2017 12:45 PM CST

McConnell on Tax Bill: We've Got 50 Votes

Senate majority leader says GOP leaders convinced enough holdouts

(Newser) - "We have the votes." So declared Mitch McConnell Friday on the GOP's bid to push a $1.4 trillion tax bill through the Senate. The final vote in the chamber is expected to come later Friday. The Senate majority leader's comment came soon after the No....

McCain Could Have Another Thumbs-Down Moment

Senate vote on tax bill might be a close one

(Newser) - Perhaps not for the first time , President Trump may be regretting his digs at John McCain, given that the Arizona senator could decide the fate of the GOP tax bill. In order to pass the Senate, all GOP senators but two need to vote yes. Though vocal critics Bob Corker...

Second Republican Opposes Senate Tax Plan

Steve Daines joins Ron Johnson

(Newser) - As the Republican leadership in the Senate races to pass a sweeping tax reform bill this week, they're running into opposition from their own members. Two weeks ago, Wisconsin Senator Ron Johnson came out against the bill in its present form, saying it favors large corporations over small businesses,...

House Passes GOP Tax-Cut Bill
Trump Gets
Big Win on Taxes
Nov 16, 2017 4:19 PM CST

Trump Gets Big Win on Taxes

House passes Republican tax-cut bill

(Newser) - In a victory for President Trump, the House successfully passed its version of the Republican tax-cut plan Thursday, the Los Angeles Times reports. All Democrats and 13 Republicans voted against the bill, giving it a 227-205 win. "Passing this bill is the single biggest thing we can do to...

Do You Win or Lose? 8 Things in GOP Tax Plan

Your 401(k) is safe

(Newser) - The name "Cut, Cut, Cut Act" has been, well, cut, and that's not all. GOP House leaders are releasing what the Washington Post reports will be called the "Tax Cuts and Jobs Act," and details are emerging on precisely what's in it. Here are 8...

House GOP Won't Cut Taxes for Wealthiest Earners

But corporate tax rate will be slashed from 39% to 20%

(Newser) - Furiously working to finish a tax bill, House Republicans have decided to keep the income tax rate for the wealthiest earners in the face of Democratic criticism that the overhaul pushed by President Trump would benefit the rich. The GOP blew past its self-imposed deadline for public release, with the...

Trump Says No One Will Lay a Hand on Your 401(k)

President seemed to be responding to a 'NYT' report that suggested otherwise

(Newser) - President Trump promised Monday there will be "no change" to tax incentives for the popular 401(k) retirement programs. "This has always been a great and popular middle class tax break that works, and it stays!" Trump tweeted . The AP reports the president appeared to be responding to...

Dow Makes History
Dow Makes History
Oct 17, 2017 10:45 AM CDT

Dow Makes History

It reaches 23K for the first time

(Newser) - Expect some presidential tweets after this: The Dow reached 23,000 for the first time in its history Tuesday morning. President Trump has been boasting of late about the stock market's rise during his presidency, and MarketWatch reports that the most recent surge seems to be tied to Wall...

Trump's Possible Savings With New Tax Plan: $1B

'NYT' runs some numbers, finds tax proposal might prove very good for Trump

(Newser) - It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump'...

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