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Higher tobacco taxes result in fewer people smoking. It follows that lower liquor taxes will result in more people drinking -- and driving drunk. Lovely.
Tax cuts for booze companies are getting mixed reactions
New York Daily News, Jan 1 2018 1:11 PM
A provision to theRepublican tax reform bill passed late last month slashed taxes on alcoholic beverages including beer, wine and liquor. The two-year reductions will save the industry an estimated $4.2 billion over that time. Not everyone will be popping bottles in celebration, however, as advocates are concerned the reductions will lead to excessive boozing and more drunk driving.
https://www.aol.com/article/news/201...ions/23321027/
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This headline says it all:
Don't be fooled: Wall Street, not Main Street, is the big tax winner
http://www.money.cnn.com/2018/01/14/...law/index.html
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The 42 richest people in the world own as much wealth as the bottom 50% combined. Tell me again why Trump thought the wealthiest Americans needed a huge tax cut.
Richest 1% got 82% of the world's wealth last year, bottom half got nothing
http://www.marketwatch.com/story/ric...ing-2018-01-22
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California is likely to join this lawsuit.
Connecticut, New York and New Jersey to sue federal government over GOP's tax overhaul plan
NBC Connecticut, Jan 26 2018 10:18 AM
Democratic governors Andrew Cuomo of New York, Dannel Malloy of Connecticut and Phil Murphy of New Jersey announced during a conference call today that they will team up to take the Trump administration to court over the federal tax plan that's expected to cost taxpayers in their states billions of dollars. Malloy said he expects other states to join the lawsuit. There's no word on when it will be filed.
Cuomo, a potential 2020 presidential candidate, says the tax overhaul enacted by Washington Republicans unfairly targets Democratic states. In New York, the changes will raise federal taxes for many homeowners by capping a state and local tax deduction at $10,000.
https://www.nbcconnecticut.com/news/...471280904.html
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Trump gave huge tax cuts to banks, corporations, millionaires and billionaires (and, obviously, himself). He's now considering another huge tax cut for millionaires and billionaires (and, obviously, himself). What is sad is the large number of middle-class workers who think Trump cares about them. He doesn't.
Trump administration mulls a unilateral tax cut for the wealthy
https://www.msn.com/en-us/news/polit...htZx?ocid=AMZN
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CBS estimates that two-thirds of the benefits of the latest huge tax-cut-for-the-wealthy being considered by Donald Trump would go to the top 0.1% of income earners. A measly 1% of the benefits would go to the middle class. Trump does not care about the middle class. Not a bit.
How Trump's next tax cut would boost America's richest
https://www.cbsnews.com/news/how-tru...ricas-richest/
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Last year's tax overhaul gave huge permanent tax cuts to banks, big corporations and the wealthiest Americans. The middle class and small businesses got tax cuts that were much smaller -- and temporary. Republicans, who have not seen the error of their ways but have, however, seen the possibility of losing control of the House in November, are hoping to make those temporary tax cuts permanent. (The tax cuts are adding a trillion dollars to our national debt but we can discuss that later.)
House Republicans unveil bills for second round of tax cuts
https://www.cbsnews.com/news/house-r...tax-cut-bills/
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The rich got richer and the poor got poorer. Is anyone surprised?
Few companies using tax cuts for pay hikes
CBS News, Oct 2 2018 5:25 PM
When it comes to reaping the benefits of the windfall from last year's tax cuts, it's better to be a shareholder than a wage earner, new data suggest. Although dozens of companies announced extra pay for workers after the December tax overhaul slashed the corporate tax rate to 21% from 35%, those headline-grabbing moves are proving to be more of an exception than the rule. Eighty-six percent of the CEOs, chief financial officers and other top executives at 152 corporations said they would not raise salaries because of the tax cut, according to global consultancy Korn Ferry. Nine of 10 companies also said they do not plan to offer employees one-time bonuses related to the deal.
Shortly before signing the Tax Cuts & Jobs Act into law in December, President Donald Trump cited his economic advisers in predicting that the bill "would likely give the typical American household a $4,000 pay raise." Korn Ferry's findings jibe with other evidence that most companies are using their tax windfall for other purposes besides boosting employee pay. US companies have repurchased more than $827 billion in stock this year.
https://www.cbsnews.com/news/few-com...for-pay-hikes/
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I just conducted my own informal survey of millionaires and billionaires and discovered that 100% of them are now making more money, thanks to the Republicans' tax cuts. "The rich get richer and the poor get poorer."
Nearly two-thirds of Americans say they've seen no increase in take-home pay from GOP tax cuts: Gallup
https://www.msn.com/en-us/news/polit...cIjh?ocid=AMZN
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Thanks largely to the Republicans' huge tax cuts for banks, big corporations and the wealthiest Americans, the United States will have a federal deficit of one trillion dollars in 2020. Two trillion? Do I hear two trillion? Going once, going twice.......I hear two trillion. Do I hear three trillion? Three?
Trump says team working on tax cut for middle-income earners
Reuters, Oct 20 2018 2:53 PM
President Donald Trump says his administration is studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections. Trump mentioned the proposed tax cut in the same week the US government ended the 2018 fiscal year with a $779 billion deficit as previous Republican-led tax cuts squeezed revenues. The deficit figure was the highest in six years.
https://www.reuters.com/article/us-u...-idUSKCN1MU0X2
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Even if Congress was not in recess, there is no way they could get another tax cut passed in only two weeks. No Democrats would support another tax cut and, considering how the last tax cut added a trillion dollars to the federal deficit, few Republicans would support it either -- but that didn't stop Trump from making another false claim.
Trump is already backtracking on his promise for a 'very major tax cut' before the midterm elections
https://www.businessinsider.com/trum...romise-2018-10
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Dean Martin sang, "Promise her anything but give her love." A French perfume had a slogan, "Promise her anything but give her Arpège." In 2018, President Trump thinks, "I'll promise the voters anything if it will help me get votes."
Trump's bewildering new tax cut proposal is an admission the GOP tax law has failed politically
Bob Bryan, Business Insider, Oct 28 2018
The Republicans were counting on the GOP tax law passed in December to be a cornerstone of their midterm election strategy. But the bill is wildly unpopular and most Americans believe it benefits the wealthy and corporations. Many analysts believe President Donald Trump's unexpected promise that another tax cut is on the way is an admission that the first tax bill "has failed politically."
As the GOP tax law was set to pass in December 2017, Senate Majority Leader Mitch McConnell declared that the Tax Cuts & Jobs Act would be a centerpiece of the party's messaging strategy for upcoming elections. "If we can't sell this to the American people, we ought to go into another line of work," McConnell said. They might want to start looking around.
As the midterm elections approach, economists and policy analysts say the tax law has become a political dud. Perhaps the most prominent evidence: President Donald Trump's stunning promise of a new 10% tax cut for the middle class.
Trump said last weekend that Republicans would pass a tax cut aimed directly at the middle class before the midterms. Since then, Trump and congressional Republican leaders have backtracked on both the timeframe and the scope of the cut. Chris Krueger, a policy analyst for Cowen Washington Research Group, said of the new proposal, "It's a pretty clear indication that the GOP's tax bill is not paying the dividends that were promised — quite the opposite, in fact. Seems only Democrats are really talking about it — and all in a negative fashion."
The TCJA does not poll well. Even Republican voters think that the bill mostly benefits wealthier Americans and corporations. Republican candidates and political action groups have largely declined to employ the bill in campaign ads as a tool to rally voters.
Greg Valliere, chief global strategist at Horizon Investments, said the new proposal is a "clear admission by Trump" that the TCJA "has failed politically."
While Trump's proposal may serve as an admission of political failure, the next question becomes just how seriously to take the promised second round of cuts. Short answer: not seriously. Congress is out of session until after the midterms. And for at least the foreseeable future, Republicans do not have a path to getting another major tax cut through Congress. While the GOP had little problem overlooking the TCJA's $1.5 trillion price tag, adding another lump of debt on top of the previous round would likely give GOP deficit hawks heartburn.
https://www.businessinsider.com/trum...ctions-2018-10
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But.....but.....didn't the President promise the huge tax cuts for the wealthiest Americans would pay for themselves by stimulating the economy? Golly gee, it appears he was mistaken.
The US will issue $1.34 trillion in debt in 2018, the highest amount since the depths of the Great Recession in 2010
https://www.msn.com/en-us/money/mark...52xb?ocid=AMZN
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Trump thought he could punish heavily Democratic states such as California, Virginia and New Jersey by imposing a limit on federal deductions for state and local taxes. His plan backfired. Those states have very high taxes and voters were not happy to see their taxes climb even higher as a result of Trump's tax-cuts-for-the-wealthy legislation. Thus, they elected Democrats in several Congressional districts that were longtime Republican strongholds. Cheer up, Donald -- the wealthiest 1% of Americans will continue to vote Republican.
A tax increase tucked into Trump's tax cut came back to bite Republicans
https://www.msn.com/en-us/money/mark...SNO1?ocid=AMZN
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Trump and the Republicans assured us that their 2017 Tax Cuts & Jobs Act would lead to the creation of hundreds of thousands of jobs. It didn't. They assured us the Tax Cuts & Jobs Act would not benefit the wealthiest Americans. It did. Trump and the Republicans are now upset with General Motors' decision to close five plants and fire 14,000 workers. Oh, boo-hoo. Cry me a river. They can blame themselves.
GM layoffs show Congress played Americans with its corporate tax cut
https://thehill.com/opinion/finance/...porate-tax-cut
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Today, the second anniversary of Donald Trump's swearing-in as President, Business Insider explains why Trump's huge tax cuts for banks, big corporations and the wealthiest Americans (including Trump) didn't really benefit anyone other than banks, big corporations and the wealthiest Americans (including Trump).
Trump said tax cuts would be 'rocket fuel' for the US economy. Here's why they weren't.
https://markets.businessinsider.com/...9-1-1027881117
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On the bright side, Trump will get a lot of nice Valentine's Day cards from all the banks, big corporations and billionaires whose taxes he cut.
$1.5 trillion tax cut had no major impact on business spending
The White House had predicted that the massive fiscal stimulus package would boost investment and job growth.
https://www.nbcnews.com/business/eco...siness-n963411
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Trump told us his $1.5 trillion in tax cuts -- which mostly benefited banks, big corporations and the wealthiest Americans (including Trump) -- would stimulate the economy by leading to hundreds of thousands of new jobs and investments in new factories and expansions. That didn't happen. In fact, US companies spent a combined $1.05 trillion on stock buybacks in 2018 -- and the rich keep getting richer.
Just 4% of US companies boosted hiring because of tax cuts
https://www.cnn.com/2019/01/28/busin...abe/index.html
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Trump bragged that giving huge tax cuts to banks, big corporations and the wealthiest Americans would be like "rocket fuel" to boost the economy. It should surprise no one that the "boost" is turning out to be somewhat of a "bust."
Trump tax cuts won't power the growth he predicts, officials concede
https://www.msn.com/en-us/news/us/tr...ede/ar-BBUYV2c
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Here is where Trump's $1.5 trillion in tax cuts have brought us -- and it's obvious the record-high $22 trillion federal debt is going to get even higher.
US posts largest-ever monthly budget deficit as corporate tax receipts plunge
https://www.latimes.com/business/la-...322-story.html
