Job creation in November bounced back, with 227,000 jobs created, after coming to a standstill in October.
This solid jobs report is due to one factor: President Trump’s reelection. The Republican victory has renewed confidence among Main Street job creators. The tough economic times of the Biden-Harris administration are ending, and the strong Trump economy is returning.
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Friday’s jobs report reveals accelerating weakness in the American economy. Only 142,000 jobs were created last month, below expectations. Half of new positions were created in the unproductive government or quasi-government healthcare and social services sectors.
A record 8.2 million Americans have second jobs. So far this year, the number of unemployed Americans has increased by one million.
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The Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump on Dec. 22, 2017, provided across-the-board income tax cuts for all income levels as well as significant tax relief for American taxpayers. However, most of the tax relief expires on Dec. 31, 2025, which will result in significant tax hikes for most Americans in 2026.
Republican presidential candidate Donald Trump and Republicans in Congress are calling for new legislation in 2025 to make the TCJA tax cuts permanent. But this will only be possible with three election results this November: (1) Trump wins the presidency; (2) Republicans gain majority control of the Senate; and (3) Republicans maintain majority control of the House of Representatives. Failure to achieve a victory sweep for the presidency and both houses of Congress would be devastating for Americans’ pocketbooks, given Democrat animus towards extending the TCJA tax cuts.
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The Supreme Court rejected Thursday a challenge to a 2017 tax law passed by Congress.
The case, Moore v. United States, considers whether the 16th Amendment permits taxing unrealized gains. Kathleen and Charles Moore sued for a refund in 2019 after they were hit with a $14,729 tax bill for their investment in an overseas company, though they never received any payment in earnings from the company.
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Ignore the May jobs report‘s topline establishment survey number and the media’s celebratory reporting. It’s not to be trusted.
A new analysis by the Daily Caller News Foundation shows that payrolls were overstated by 1.3 million last year after accounting for the constant downward revisions. A new Bloomberg Economics report finds monthly job gains were overstated by 730,000 last year. Bloomberg says a surge of business closures is to blame.
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The State of the Union is not strong. Americans are facing a cost-of-living crisis, high crime, and an unsecured southern border as a direct result of Democrats’ failed policies led by perpetrator-in-chief Joe Biden.
Instead of taking accountability for these pressing national challenges, Biden promised more of the same in his State of the Union address Thursday night.
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Virginians won’t have to pay income tax on forgiven federal student debt recently announced by the White House, thanks to efforts in previous years to make sure Virginians weren’t taxed on COVID-19 relief.
“[T]he amount of student loan debt that was forgiven will be left out of federal adjusted gross income, and, by extension, Virginia taxable income, without any further action by the General Assembly,” Virginia Division of Legislative Services Stephen Kindermann said in an email Delegate Vivian Watts (D-Fairfax) shared with The Virginia Star.
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Democrats have argued that the tax reforms implemented through the 2017 Tax Cuts and Jobs Act (TCJA) only benefited the rich, and that the Build Back Better Act (BBBA) will help middle-and working-class Americans the most.
But several nonpartisan groups found that the TCJA reduced the tax burden for the middle- and working-class by up to 87% and, they argue, the $2.4 trillion BBBA – before the U.S. Senate this week – would increase taxes on the middle- and working-class by up to 40%.
A new analysis published by the Heartland Institute found that the TCJA reduced the average effective income tax rates for taxpayers in every income tax bracket – but the lower- and middle-class saw the greatest benefits – with the lowest-income filers receiving the largest tax cuts.
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Diane Black has been selected to join the board of directors for the National Taxpayers Union, the organization announced in a press release.
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If you’re looking for a job, employment search website Indeed has a suggestion: Advance Financial. Nashville-based Advance Financial recently ranked eighth on an annual nationwide list of top workplaces for compensation and benefits, placing ahead of companies like Apple, GEICO, Comcast, AT&T, Boeing, Starbucks and ALDI. Indeed’s list of top employers is available here. “They say money can’t buy you happiness … but it’s still a crucial consideration whenever you’re looking for a job,” Indeed says in its announcement. Indeed compiled the list by analyzing more than 100 million employer reviews and ranking the companies based on their average rating and number of reviews in the last two years. This is the first year Advance Financial has been selected. “What an unbelievable honor to be ranked among some of the most successful companies in the world for our compensation and benefits package,” said Tina Hodges, chief executive and chief experience officer of Advance Financial. “It may sound cliché, but we truly wouldn’t be where we are without our employees.” Advance Financial’s employee benefits include: 40 hours paid time off to volunteer in the community, an onsite nurse, gym, weekly yoga classes, above market starting hourly rates, 401(K) matching plans,…
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Former Tennessee governor Phil Bredesen could soon become one of the wealthiest members of Congress, but the 74-year-old candidate has declined to release his income tax returns. Bredesen did recently file financial disclosures, which all candidates are required to do, revealing that he had an income of between $3.3 million and $20.1 million from January 2017 to February 2018. As governor, Bredesen maintained the practice of releasing his tax returns until he departed office in 2011, when he founded his solar energy company Silicon Ranch with two former top aides. The booming solar power producer has platforms in ten different states and has received investments of $100 million from Partners Group and $217 million from Shell. As a solar energy provider, Silicon Ranch is eligible for a 30 percent federal tax credit under the Solar Investment Tax Credit (ITC), which was created after the passage of the Energy Policy Act of 2005 and maintained under the 2017 Tax Cuts and Jobs Act. In his first bid since launching Silicon Ranch, Bredesen is now declining to release his tax returns, calling the financial disclosures “much more comprehensive.” “I’m doing what the law requires,” he added. According to The Tennessean, financial disclosure…
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by Rachel del Guidice Fast-food icon McDonald’s will supersize its 3-year-old education benefits program for hundreds of thousands of employees. McDonald’s Corp. will allocate $150 million over five years to its global Archways to Opportunity education program, tripling its reach, the restaurant giant announced Thursday. “This investment will provide almost 400,000 U.S. restaurant employees with accessibility to the program as the company will also lower eligibility requirements from nine months to 90 days of employment and drop weekly shift minimums from 20 hours to 15 hours.” McDonald’s is one of 472 companies, and counting, that have announced benefits such as pay raises, bonuses, utility rate cuts, or 401(k) hikes since Congress passed the tax cuts supported by President Donald Trump, according to Americans for Tax Reform. The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >> Among other changes, the Republican tax overhaul, which went into effect Jan. 1, reduced the federal corporate tax rate from 35 percent to 21 percent. The Archways to Opportunity program gives eligible McDonald’s employees in the U.S. a path to obtain a high school diploma, acquire assistance for college tuition, learn English as a second language, and access education…
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The dream of tax reformers for decades has been to transform the maddeningly complex federal tax code into a system simple enough for Americans to file their tax returns on a postcard. Republican leaders who the Tax Cuts and Jobs Act on Thursday said that dream would become reality for 90 percent of taxpayers. Meeting with…
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