Dueling tax plans

[Rewind]

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/

[Rewind]

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

[Rewind]

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

[Rewind]

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

[Rewind]

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

[Rewind]

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/

[Rewind]

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/

[Rewind]

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/

[Rewind]

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

[Rewind]

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