When President Donald Trump gave his inaugural address in the U.S. Capitol on Monday, he included an explanation of his trade policy.
“I will immediately begin the overhaul of our trade system to protect American workers and their families,” he said.
Read the full story
As the Wisconsin Legislature considers sweeping tax cuts, a new report finds a flat tax would yield substantial benefits for all.
The report, published by the Badger Institute, notes single-rate reform to Wisconsin’s costly progressive tax system would spur faster economic growth, creating more jobs and more investment — all while lowering the burden on Badger State taxpayers.
Read the full story
State. Senator Brad Zaun’s bill that would reinstate the death penalty in Iowa for those who sexually assault and then murder children survived the Legislature’s famous Funnel Week.
Zaun, R-Urbandale, joined The Iowa Star Monday on NewsTalk 1040 WHO to talk about the legislation and other bills moving forward in the Legislature.
Read the full story
On Tuesday, Gov. Tony Evers will deliver his fifth State of the State speech before both chambers of the Legislature and the judiciary. Like many governors before him, a pronouncement that the state of the state is strong is all but to be expected. But is this truly the state of affairs in Wisconsin? Is state government serving the needs of its citizens and providing the services that we all expect? With a looming recession, is state government looking at how to help Wisconsinites — or at least not make things worse?
Here is what we hope the governor will say in his address.
Read the full story
Tax reform is top of mind for Republicans this legislative session. But while a flat tax measure has taken center stage, another proposal by one legislative leader to eliminate Wisconsin’s personal income tax has seemingly disappeared from the tax cut discourse.
A new State Policy Network (SPN) survey shows a good deal of support for nixing the state income tax.
Read the full story
Before the pandemic hit, Pennsylvania’s economy had been steadily growing for a decade – but not its population. The population loss has both political and economic consequences.
Federally, Pennsylvania’s influence will lag. The state lost a Congressional district thanks to net emigration from the state. The future of economic growth, too, may fall off as natives and would-be migrants from other states look to growing areas of the South and West.
Read the full story
An Allegheny County legislator indicated last week that he is preparing to offer legislation to iron out complexities in Pennsylvania’s tax system.
State Rep. Robert Mercuri (R-Wexford) has underscored the current lack of conformity between Pennsylvania’s tax rules and those of the federal government. The chief concern the lawmaker said his upcoming bill would address is reforming the Keystone State’s legal treatment of depreciation of corporations’ assets and of property transferred or sold during a taxable year.
“It is essential that we take steps now to make it simple and advantageous to do business within the Commonwealth, positioning our communities for investment and growth as we continue to recover from the economic uncertainty that has arisen as a result of COVID-19 policies,” Mercuri wrote in a memorandum to fellow House members.
Read the full story
Arizona Governor Doug Ducey is expected to sign a budget bill the Arizona Legislature sent to him on Friday that includes a historic tax reform package. HB 2900 implements the lowest flat tax in the country, 2.5%. The average Arizona family will see a 13% income tax reduction, about $350 per year. According to the nonpartisan Tax Foundation, Arizona previously had one of the highest marginal income tax rates in the country.
The budget bill also eliminates taxes on veterans’ retirement pay and prevents a 77% increase on small business taxes. It reduces property taxes by 10% on small businesses and job creators by 10%, capping the maximum tax rate on businesses at 4.5% and reducing commercial property taxes. According to a report by Ducey, 43% of Arizonans in the private sector work for small businesses. HB 2900 increases the homeowner’s rebate so the state covers half of homeowners’ primary property taxes.
Read the full story
GOP gubernatorial candidates Delegate Kirk Cox (R-Colonial Heights), Peter Doran, Sergio de la Peña, and Glenn Youngkin met on Zoom on Thursday evening to answer policy questions about school reform, fixing Virginia’s tax code, improving broadband access, and making Virginia more veteran friendly. The New Mission PAC hosted the forum. PAC founder Daniel Gade and former Delegate Chris Saxman asked the questions in a format designed to allow candidates to demonstrate policy positions without engaging in direct debate.
Read the full story
A group of Ohio lawmakers want to focus on the state’s below average ranking for economic performance by creating a bipartisan Business First Caucus.
The group, headed by state Sens. Mark Romanchuk, R-Ontario, and George Lang, R-West Chester, said it’s aimed at small businesses, staying at the center of major tax and regulatory reform while promoting ideas and legislation that positively impact small business in the state.
Read the full story
by Mike Lindell I regret that I won’t be able to be in the Twin Cities area Monday for President Trump’s Tax Day visit. Even though I’ll be in Israel, I’ll be watching from afar as thousands of my fellow Minnesotans show their excitement for the tremendous economic progress and success our country has enjoyed under Donald Trump. As someone who employs over 1,500 Minnesotans, I’ve seen the great American comeback firsthand. Thanks to President Trump’s America First agenda, hope has turned into confidence for business owners and their employees in Minnesota and across the country. Wages are going up, and small business owners like myself are still eager to expand. In fact, small business optimism is now at all-time record levels. Recruiters at job fairs are eager to hire. That’s fantastic news for everyone, because when companies compete for employees, wages go up. It’s the main reason why unemployment in the Twin Cities area has been about 25 percent lower, on average, than it was when President Trump took office. The Clean Jobs Midwest survey found that Indiana and Minnesota led the Midwest in creating new clean energy jobs last year, with Minnesota’s clean energy jobs increasing by…
Read the full story
Ohio House Democrats unveiled a number of proposals Thursday that they claim will “modernize” Ohio’s tax system to “benefit working people, families and small businesses.” They’re calling the set of proposals the “People First Tax Reform,” which will include a “Working Families First” tax incentive. This incentive would reform Ohio’s Earned Income Tax Credit by removing caps and making the credit refundable, according to a press release from the minority caucus. House Democrats claim this incentive could save families up to $212 million each year, and note that similar ideas were included in the biennial transportation budget. “We saw some pieces of the Working Families tax incentive in the transportation budget, so we know there is a bipartisan appetite for these commonsense reforms,” House Minority Leader Emilia Strong Sykes (D-Akron) said. “We need to work together to get our state on the right track so we can start growing again.” Another proposal calls for fixing the “state’s LLC loophole,” which Democrats describe as a “tax giveaway to Ohio businesses that, when designed, was supposed to create jobs.” Ohio’s job creation has consistently lagged behind the national average in recent years. “Years of tax giveaways and loopholes have held our state…
Read the full story
North Carolina has posted a revenue surplus of $188 million, according to a new state economic report, making it the sixth such surplus in a row. The report, produced by the North Carolina Fiscal Research Division, says that “the economy is stronger now than it was a year ago,” and that the data suggests the state’s economy “is growing at a steady, solid pace.” “Our state’s excellent economic reports reflect a rising quality of life for families and businesses in North Carolina as a result of our commitments to their priorities,” North Carolina Speaker of the House Tim Moore said in a press statement. “The General Assembly must maintain our proven economic approach to creating opportunity and prosperity for millions of North Carolinians,” Moore said. According to the economic report, the “collections from corporate taxpayers are a big reason why overall collections are 1.9 percent ahead of target.” Corporate income and franchise taxes together are “$82.9 million above the 6-month target.” The report also stated that corporate income tax collections are up 16.5 percent from last year. The report takes the wind out of the tax rhetoric that has come from Democratic Gov. Roy Cooper, who within days of first…
Read the full story
by Evie Fordham The House of Representatives pushed through a legislation package nicknamed Tax Reform 2.0 that would make individual tax cuts permanent among other proposals Friday. The legislation is expected to stall in the Senate, although its Republican supporters could bring it back at some point after the midterm elections, reported CNBC. The package consists of three bills, which are: The Protecting Family and Small Business Tax Cuts Act of 2018, which would “lock in” the individual tax cuts that Republicans touted when they first passed in December 2017 The Family Savings Act of 2018, which purports to help Americans save for retirement as well as make funds in education accounts more accessible The American Innovation Act of 2018, which lets fledgling businesses “deduct up to $20,000 in start-up expenses” under certain rules, according to CNBC “Tax reform is working,” House Speaker Paul Ryan wrote on Twitter Friday. “The American economy and our workforce are thriving. These Tax Reform 2.0 bills make lower rates for individuals and small business permanent, and help families further plan for the future.” The tax cuts bill would also make certain provisions to save taxpayers money permanent. The bill would make a new child tax credit, a higher…
Read the full story
by Kelsey Harkness Tom Condon has seen Jamison Doors through many of the company’s ups and downs. A factory worker for 28 years, Condon has survived multiple rounds of layoffs, diligently scribing metal and performing other tasks to help piece together the cold storage doors the company’s been making for more than 100 years. Now he’s enjoying the good times of the company, with bonuses given because of tax reform enabling him to take his family, including his two adult children with cerebral palsy, on a nicer vacation than the family could usually afford. Before the election of President Donald Trump, John T. Williams, chairman and chief executive officer of Jamison Doors, said the policies of the federal government “had not been kind to us.” “The economy has not been good to us and we’ve had a pretty rocky road,” he told The Daily Signal. But since then, “the business climate changed in a significantly positive way.” “Now not all of it could be attributed to the election,” Williams explained, “but the general attitude seemed to change because of the prospect of fewer regulations in tax reform and a generally positive attitude toward businesses and building the economy.” Condon, and…
Read the full story
by William Gallo U.S. President Donald Trump touted the economy’s strong second quarter performance Friday, saying “we’re on track to hit the highest annual average growth rate in over 13 years.” The U.S. economy grew at a 4.1-percent annualized rate in the second quarter, its fastest pace in nearly four years, the Commerce Department reported Friday. “As the trade deals come in one-by-one, we’re going to go a lot higher than these numbers, and these are great numbers,” Trump told reporters outside the White House. Trump said the economy is on a growth track of more than three percent this year, and noted that each percentage point “means approximately $3 trillion dollars and 10 million jobs.” The president added the trade deficit, which is “very dear to my heart because we’ve been ripped off by the world,” dropped by more than $50 billion. The growth of the second quarter gross domestic product — a measure of goods and services produced in the U.S. — was its strongest since the 4.9-percent third quarter 2014 growth rate and in line with economists expectations. Analysts anticipated U.S. President Donald Trump’s $1.5 trillion tax cut that went into effect at the beginning of the…
Read the full story
by Julia Cohen House Republicans announced they are working on a second iteration of tax cuts on Tuesday, the same day the Congressional Progressive Caucus announced a proposal for raising taxes. “The tax cuts have been working incredibly well to get this economy moving, to create more jobs, to put more money in the pockets of hardworking families … we’re gonna continue building on that growth,” House Majority Whip Steve Scalise said during a Tuesday press conference. GOP Texas Rep. Kevin Brady, the House Committee on Ways and Means chairman, went to the White House Monday to discuss a second round of tax cuts, Scalise said during the press conference. WATCH: The #TaxCutsandJobsAct has jump-started our economy, created more jobs, and put more money in the pockets of hard-working families. Americans are #BetterOffNow. And there's still more to come—#TaxCuts 2.0 ✂️ pic.twitter.com/9bigUUCtxi — Steve Scalise (@SteveScalise) July 24, 2018 Brady released a listening session framework for the proposed round of tax cuts, which includes making the original individual and small business tax cuts permanent and new tax write-offs for startups, on Tuesday as well. “With this framework, we are taking the first step to change the culture in Washington D.C. where tax reform only happens…
Read the full story
by Rachel del Guidice The overhaul of the tax code by congressional Republicans didn’t produce just crumbs for the business of a popular cookie maker based in Florida. The Tax Cuts and Jobs Act has meant hiring, raises, investment in new equipment, and expanded operations, he says. “It has had a direct impact on us,” Joseph Semprevivo, founder, CEO, and president of Joseph’s Lite Cookies, told The Daily Signal in a phone interview. (pictured, above) “We have added five more positions, we’ve expanded our factory, exclusively for … the sugar-free pancake syrup [and] we are launching into another business, a honey business,” Semprevivo said. [ The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more ] He said the new syrup, branded Joseph’s Sugarfree Pancake Syrup, also is gluten free and approved by weight-loss businesses and groups such as Weight Watchers. “Since the tax cut, though, we were able to invest more money into promoting the [syrup] brand, expanding the brand, and so we decided to increase productivity and move it closer to our corporate offices in … Sebastian, Florida,” Semprevivo said. Republicans’ tax reform package, which passed the…
Read the full story
by Kalena Bruce As we enter the summer, Republicans and Democrats continue to debate the merits of the tax cuts. Lost in this partisan bickering is the genuine and long-overdue relief the tax cuts offer small businesses. Sadly, the media reporting on small business tax cuts has been heavily politicized, complicating rather than clarifying the issue. Even The New York Times couldn’t get it straight in an article earlier this year, leading to an embarrassing correction. As a certified professional accountant, I’ve already started dealing with the new tax code for small business clients who file returns on a quarterly basis. Here’s what they need to know. The new tax structure lowers tax rates and expands the income thresholds for anyone who pays individual income tax, including small businesses that are structured as pass-throughs. These include sole proprietorships, partnerships, LLCs, and S-Corps. The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more >> Under the new tax structure, rates fall to 10, 12, 22, 24, 32, 35, and 37 percent from 10, 15, 25, 28, 33, 35, and 40 percent. Income thresholds under these new rates are also expanded. For instance,…
Read the full story
by Terry Muns As summer approaches, the already-slow legislative production in Congress is grinding to a halt. Fewer and fewer members are willing to take a potentially controversial vote that could give opponents an opening for attack. But there’s one legislative proposal that should cut through this gridlock and unite Republicans and Democrats: making the recently passed individual and small business tax cuts permanent. As a result of budget gimmicks, these aspects of the tax cuts—which have the most impact on ordinary Americans—are set to expire in 2025 absent congressional action. Leading Republicans have recently proposed “tax cuts 2.0” to make these cuts—and the positive effects that go along with them—permanent. Given their impact on middle-class Americans, this proposal should generate bipartisan support. The tax cuts significantly reduce the individual income tax burden on the middle class. (Contrary to most media reports, the wealthy will actually see their share of the tax burden rise.) [ The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more ] The tax cuts doubled the standard deduction and reduced rates across the board. For instance, the 15 percent tax rate, which used to take effect at just $19,050 of household…
Read the full story
by Rob Bluey and Ginny Montalbano Former RATE Coalition co-chairman Jim Pinkerton spoke to The Daily Signal’s Rob Bluey and Ginny Montalbano about the Tax Cuts and Jobs Act, current economic conditions, and left-wing efforts to repeal the tax cuts. Pinkerton is a former Reagan and Bush White House official. An edited transcript of his interview is below. Bluey: We’re here talk about tax cuts, but I want to begin by having you explain what the RATE Coalition did and what role it played in getting the Tax Cuts and Jobs Act passed. Pinkerton: The RATE Coalition was formed in 2011 as a coalition of Fortune 500 companies, everybody from AT&T to Walmart, dedicated to one proposition, which was getting the United States corporate tax rate down to an internationally competitive level. When we began in 2011, the U.S. corporate rate was 35 percent, and the OECD average—that is the Organization of Economic Cooperation Development, which is the club of most developed economies—their corporate rate was averaging about 24 percent. Over the next six years until the Tax Cuts and Jobs Act was signed into law in December of 2017, the OECD average actually fell two points, went from 24 to 22, leaving us…
Read the full story
by Mark J. Bollman What’s even better than one federal tax cut bill? Two rounds of tax cuts. It just might happen this summer, according to House Speaker Paul Ryan. Tax Reform 2.0, as it’s being called, would aim to make the Tax Cuts and Jobs Act’s individual tax cuts permanent, extending them past their 2025 expiration date. But just as importantly, this second set of tax cuts may focus on America’s economic backbone: small business. Small business tax cuts are the key to expanding a growing economy. When job creators spend less of their hard-earned money on taxes, they in turn invest it in hiring additional staff, expanding operations, and rewarding employees with bonuses. We’ve seen all of the above since the Tax Cuts and Jobs Act passed. Over 500 job creators around the country have announced raises, bonuses, and enhanced employee benefits for current staff, which in total benefited over 4 million hardworking Americans. [ The liberal Left continue to push their radical agenda against American values. The good news is there is a solution. Find out more. ] Just look to MB Financial in my home state of Illinois. MB Financial’s president said that “it is only natural that we share the benefits of tax reform.” He raised the base wage for hourly employees to $15 per hour, in addition to giving…
Read the full story
Representative Diane Black (R-TN-06) joined Charles Payne on Wednesday’s Fox News broadcast of ‘Cavuto Coast to Coast’ to discuss the possibility of a government shutdown, the inevitable blaming of Republicans by the mainstream media for it, and also the breaking news of Apple, Inc.’s decision to invest $350 billion in the United States which they say will create 20,000 new jobs. Payne opened the interview, asking, “Are the Republicans in danger of going into or cutting a deal that they don’t want because of PR pressure?” “We’re going to come out of this just fine,” Black answered. “There are always negotiations, as you know, Charles. Here in Congress we wait until the last minute which I don’t always agree with, but that’s where we are on this continuing resolution. In my opinion, we’re going to get a deal. We cannot, at this point in time, disrupt what you’ve already indicated, which is that the stock market is doing well.” Pivoting to the substance of the continuing resolution that the Democrats are balking at over the DACA non citizens, Black said, “We also need to fund our military, and this is very, very important that we don’t disrupt that. Right now, we have…
Read the full story
Rep. Rodney Davis said Friday that he plans to introduce a bill to make the tax changes for individuals permanent. “We’re going to introduce a bill to make them permanent and I hope that many of the Democrats who talk about making them permanent will join me in supporting this legislation,” Mr. Davis, Illinois Republican, said on Fox News. “We’ll see. Time will tell if that’s going to be the case.”
Read the full story
Advance Financial’s Chief Experience Officer Tina Hodges sent a welcome email on Friday to employees in all 84 of the company’s locations in Tennessee. The email announced that due to President Trump’s successful passage of tax reforms and cuts, the company will be sharing the considerable corporate tax savings with its employees in the form of increased 401(k) contributions, profit sharing, and for their local communities, increases in donations to their charity, the Advance Financial Foundation. The combined effect of the changes announced Friday morning will include an additional $500,000 to employees and more than $550,000 to community organizations, for a total of a little more than $1 million annually. Advance Financial is not alone in their decision to raise worker benefits in response to the tax cuts. Companies around the country have announced similar programs since the passage of President Trump’s signature economic program this week. Banking giant Wells Fargo announced earlier this week that they will use their tax savings to ratchet their employees’ starting wage to $15 an hour, and next year, they would increase their charitable giving by $400,000. Fifth Third Bank announced they will follow suit with a $15 an hour starting wage. AT&T, Comcast, Boeing, and other companies…
Read the full story
President Donald Trump signed Republican’s tax reform bill into law Friday, solidifying the president’s first major legislative victory of 2017. The president said Friday he was originally waiting to sign the bill after New Years, but he decided to expedite the signing after media outlets questioned the timing.
Read the full story
After a slight procedural snag, the House on Wednesday voted again on Republicans’ $1.5 trillion tax-cut plan, officially sending the measure to President Trump for his signature and following through on the GOP’s push to enact the most sweeping tax reform in three decades.
Read the full story
Gubernatorial hopeful Rep. Diane Black’s (R-TN-06) ‘day job’ as the House Budget Committee Chair has put her in the center of President Trump’s successful bid to pass meaningful tax reform for the first time in more than 30 years. Black appeared on Fox News’ Outnumbered Tuesday to cheer the effort, releasing this statement: Diane Black joined Harris Faulkner on Fox News yesterday to talk about the Tax Cuts and Jobs Act, which lowers taxes for job creators and American families across all income levels. “We’re going to pass a monumental tax reform for the American people…The American people are going to be the ones to be the judge at the end of the day. The proof is in the pudding, and the pudding will be this upcoming year when we see the economy growing and more money in people’s pockets.” Fox News Insider also covered Representative Black appearance on the popular afternoon news show: Rep. Diane Black (R-Tenn.) is confident that the Senate will pass the Republican tax bill, and President Trump will be able to sign it into law and give the American people a “big Christmas present.” “We’re going to pass a monumental tax reform for the American people,”…
Read the full story
Sen. Orrin Hatch, R-Utah, on Monday admitted he crafted a controversial tax provision, which could personally enrich Sen. Bob Corker, House Speaker Paul Ryan, President Donald Trump, and top Republican lawmakers directly overseeing the bill. The provision could additionally benefit the real estate industry — which has been one Hatch’s largest sources of campaign donations.
Read the full story
Near the end of his first year in office, President Donald Trump could be on the verge of his first major legislative victory: an overhaul of America’s tax code and a partial repeal of former President Barack Obama’s signature health care law. “As a candidate, I promised we would pass a massive tax cut for the everyday working American families who are the backbone and the heartbeat of our country,” Trump tweeted Sunday. “Now, we are just days away.”
Read the full story
US Senator John McCain will miss a key vote on the Republican tax bill, further narrowing the already-thin margin of support for the controversial measure, US media reported Sunday. The legislation, which will slash corporate taxes as well as cutting those for individuals, has been criticized as primarily benefiting the wealthy.
Read the full story
WASHINGTON — Key holdouts on the GOP tax bill fell in line Friday, boosting momentum as Republicans finished the final version of their tax overhaul before next week’s vote. Leaders won over Sen. Bob Corker, R-Tenn., who had been the lone GOP opponent in the Senate of the $1.5 trillion package earlier because he feared it…
Read the full story
Congressional Republicans appear to have Sen. Marco Rubio (R-Fla.) back on board, ready to vote for the biggest tax reform since 1986. Rubio had been threatening to vote “no” on the final conference bill that both the House and Senate have to approve before it goes to President Donald Trump’s desk.
Read the full story
Representative Diane Black (R-TN-06) joined Neil Cavuto on Fox News to talk about the final steps in completing tax reform for the American people. “We have got to get this done. The American people are just not going to accept the fact that we do not get our job done. We’ve talked about this for years. I’ve been here for 7 years and we’ve been working on this for 7 years. We need to get this over the line and it’s going to be great Christmas present for all the American people, especially those in the middle income and they’ll see that at the first of next year – I think in February is what the IRS says is they can put these in place. And they’re actually going to see that money in their pocket.” Watch the full segment here:
Read the full story
by State Senator Dr. Mark Green Last November, Americans all across the country went to the polls to cast their ballots for the most unconventional of choices – someone who’s never held office before – to be President of the United States. Rejecting the political elites of both parties, Americans spoke loudly for change – change from a Washington that has become a swamp, filled with career politicians, unaccountable bureaucrats, and some 10,000 lobbyists. Politicians have made promises to reform our tax code for the last thirty years, yet the last major changes to the tax code took place in 1986, when Ronald Reagan was president. It’s no surprise since the status quo preserves the power of the elites. The more onerous the tax code, the more clients are dependent on their high-powered lobbyists. Bureaucrats have more power than ever before with their unchecked rule-making authority, and career politicians are happy because the campaign contributions keep coming from special interests seeking carve-outs. It’s fitting that today we are on the eve of a major tax reform victory thanks to another outsider beholden to no one in the swamp, President Donald Trump. Every bill has good and bad components. The Senate’s tax reform…
Read the full story
NBC News’ “Meet the Press” host Chuck Todd appeared on Sunday to take sides: In particular, he asked Sen. Bernie Sanders (I-Vt) if he thought Democrats had “done enough” to “stop” the GOP’s tax reform bill that is moving toward final passage. “I know you’re not a fan of this bill at all. OK. I know where you believe the priorities are all wrong,” Todd said to Sanders. “[Has] the Democratic Party collectively done enough, you think, in the institutions of the House and the Senate to stop this bill?”
Read the full story
House Majority Leader Kevin McCarthy said Sunday that congressional Republicans are hopefully on track for final passage of their tax bill next week, which would be in line with President Trump’s Christmas deadline for a final deal. “The House and Senate have two different bills – structurally they’re pretty similar,” Mr. McCarthy, California Republican, said on…
Read the full story
Sen. Susan Collins said Sunday she plans to wait until the final conference report on the tax bill is released before she makes a decision on how she’ll vote, after having voted for the Senate’s $1.4 trillion tax-cut plan this month. “There are major differences between the House and Senate bills, and I don’t know where the bill is going to come out,” the Maine Republican said on CBS’ “Face the Nation.”
Read the full story
It’s one of the stranger whodunnits in Washington right now: The GOP tax cut bill substantially altered a non-controversial provision adopted by the House that excludes illegal immigrants from benefiting from a program for the working poor.
Read the full story
Sen. Pat Toomey said Wednesday that there will likely be more changes to state and local tax deductions as the House and Senate move to a conference on the tax bill. “I think it’s likely that there will be some changes to SALT, but it would be premature for me to suggest exactly what form the…
Read the full story
President Trump hailed the Senate’s passage of tax cuts early Saturday, saying Americans “are going to be very, very happy.” “They’re going to get tremendous tax cuts. That’s what we need,” he told reporters at the White House. The Senate voted 51-49 early Saturday to approve the tax-cut plan of more than $1.4 trillion for businesses…
Read the full story
Saying a flawed deal was better than no deal at all, Senate Republicans rallied around their leadership Saturday morning and voted to approve a $1.4 trillion tax-cut package, taking the biggest step yet toward delivering a tax code overhaul to President Trump this year. The bill, which passed on a 51-49 vote, came together after Republicans…
Read the full story
In a move he telegraphed for weeks, retiring junior Senator Bob Corker of Tennessee announced Friday afternoon he will not vote for the tax reform package heading to the floor of the Senate, citing concerns for the government’s mounting deficits and debt. “This is yet another tough vote. I am disappointed. I wanted to get to yes,” Mr. Corker said in a statement, released on Twitter. “But at the end of the day, I am not able to cast aside my fiscal concerns and vote for legislation that I believe, based on the information I currently have, could deepen the debt burden on future generations,” he said. My statement on the tax reform legislation: pic.twitter.com/LdTQRezdlO — Senator Bob Corker (@SenBobCorker) December 1, 2017 Senator Corker pushed hard for the bill to include a “trigger” that would undo reforms, should the American economy not meet certain benchmarks after the plan was implemented. Republican leaders rejected the idea, instead adopting other Senators’ suggestions on SALT (state and local taxes) and small business tax provisions – along with their votes. “While I support a number of the provisions included in this legislation and continue to believe it would have been fairly easy to…
Read the full story
Sen. John McCain (R-Ariz.), whose thumbs-down famously killed the GOP’s Obamacare repeal effort, may have ensured the party’s historic tax cuts will pass the Senate this week. The maverick senator had been considered one of the Republicans most likely to defect on the Tax Cuts and Jobs Act. He was one of the few Republicans who…
Read the full story
By CHQ Staff In its blind failure to recognize its dire peril, Capitol Hill’s Republican establishment is beginning to look a lot like the unfortunate souls at Jonestown who “drank the Kool-Aid” and committed mass suicide as the authorities closed in on the cult at its remote compound in Guyana. However, in a rare moment of lucidity, Senator Lindsey Graham spelled out for CNN’s Dana Bash that failure to pass tax reform means political death for the GOP establishment: For every Republican senator, the fate of the party is in our hands, as well as that of the economy. The economy needs a tax cut, and the Republican Party needs to deliver. Yet, with this imperative two Republican Senators have already come out in opposition to the bill and between six and eight others have expressed reservations about the House-passed plan. Sen Steve Daines (R-MT) joins Sen. Ron Johnson (R-WI) in publicly rejecting the current version of the bill. According to reporting by The Hill’s Naomi Jagoda, the two senators are pushing for lawmakers to do more to help “pass-through” businesses whose income is taxed through the individual tax code. Pass-throughs can take the form of sole proprietorships and…
Read the full story
Sen. John Thune said Wednesday that Republicans have reached out to their colleagues who are unsure of whether to support the tax reform bill. He was specifically asked about Sens. Susan Collins of Maine and John McCain of Arizona, who are both still uncertain about whether they’ll support the bill when it comes to a full…
Read the full story
As president of the State Financial Officers Foundation, I have the privilege of working with some of the nation’s sharpest financial officers. They are not merely treasurers. They are thought leaders, experts, and fighters who, day-in and day-out, serve on the front lines of fiscal policy and intimately understand their state budgets, cash flow, and state…
Read the full story
U.S. Rep. Marsha Blackburn (R-TN-7) released a video Tuesday in which she discussed her efforts to bring tax relief to Tennessee families and small businesses. Blackburn is running for the Senate seat being vacated by the retiring Bob Corker (R-TN), who also issued a news release Tuesday morning on efforts by Republicans in Congress to pass a tax reform plan. The House has passed the plan and the Senate is expected to vote this week. A key element in the plan is lowering the corporate tax rate from 35 percent to 20 percent. The U.S. currently has the highest corporate tax rate in the world among countries with advanced economies. In her video, Blackburn said: Government never gets enough of the taxpayers’ revenue. The appetite, the insatiable appetite that government has for your money never ceases. To achieve tax relief is vital. And I think that keeping it to a focus of flatter rates for individual filers. Fairness in business taxes. And small businesses being able to use the rate that is there for corporations. That lower rate. 20% rate. That gives them more money to spend on that business to build their dream. And then also simpler, it is…
Read the full story
With control of the U.S. Congress up for grabs next year, the Senate is days away from an expected vote on a major tax bill that Republicans say will make American corporations more competitive globally but that Democrats say will force the United States to borrow even more from China and other foreign creditors. …
Read the full story
With spines stiffened by a presidential pep talk, House Republicans easily approved a $1.4 trillion tax cut Thursday, taking the first big step toward a decades-overdue overhaul that the GOP hopes will send the economy soaring. Desperate for a legislative win, Republicans linked arms and plowed ahead, brushing aside Democratic warnings that the bill will be…
Read the full story