Glenn Kessler, The Washington Post Published 1:31 pm PST, Saturday, December 1, 2018 REP. DAVID N. CICILLINE, D-R.I.: We need a tax cut for middle-class families, not 83 percent of it going to the top 1 percent, richest people in this country, and the most powerful corporations. MARIA BARTIROMO: Well, I have got to push back on that, because 80 percent of the tax cut plan didn't go to the top 1 percent. As you know, congressman, the tax cut plan lowered all income levels, and they double the standard deduction. So that talking point . . . CICILLINE: Maria, that's just not true. BARTIROMO: No, it is true. CICILLINE: Maria, that's just not true. An independent outside group said 83 percent of that tax cut goes to the top 1 percent, the richest people in this country, the most profitable corporations. That is a fact. BARTIROMO: Congressman, it's just not true. - exchange on Fox News' "Sunday Morning Futures," Nov. 11, 2018 - - - This is a classic Washington moment - a … [Read more...] about Does the Trump tax cut give 83% of the benefits to the top 1%?
The trump tax plan
By Jim Tankersley, New York Times Published 2:38 pm CDT, Thursday, July 26, 2018 Photo: DOUG MILLS /NYT Image 1of/1 CaptionClose Image 1 of 1 President Donald Trump signs tax legislation into law in the Oval Office, at the White House in Washington, Dec. 22, 2017. Corporate taxes collected by the federal government have plunged to historically low levels in the first six months of 2018, pushing up the federal deficit much faster than predicted. less President Donald Trump signs tax legislation into law in the Oval Office, at the White House in Washington, Dec. 22, 2017. Corporate taxes collected by the federal government have plunged to historically low ... more Photo: DOUG MILLS /NYT Analysis: How the Trump tax cut is helping to push the federal deficit to $1 trillion 1 / 1 Back to Gallery The amount of … [Read more...] about Analysis: How the Trump tax cut is helping to push the federal deficit to $1 trillion
Keith Laing The Detroit News Published 3:54 p.m. UTC Jun 27, 2018 Washington — Uncertainty surrounding President Donald Trump's plans for infrastructure funding is making it difficult for Michigan to plan long-term construction projects. Trump has called for federal spending of $200 billion over 10 years that administration officials say can be used to “incentivize” up to $800 billion in private, state and local spending on infrastructure. At the plan’s core is the assumption that private companies would enter into “public-private” partnerships with local and state governments. Michigan typically receives about $1 billion per year from the transportation department's Highway Trust Fund, which has to be renewed each time the law known in Washington as the highway bill is set to expire. The highway fund is supported by the 18.4-cents-per-gallon federal gasoline tax. The Michigan Department of Transportation says it … [Read more...] about Michigan frets as Trump infrastructure plan idles
Sections SEARCH Skip to content Skip to site index Politics Subscribe Log In Subscribe Log In Advertisement Supported by ByJim Tankersley June 1, 2018 WASHINGTON — Andy Marsh’s New York factory is trapped in the Trump trade wars. As Mr. Trump threatens tariffs on America’s economic allies and its adversaries, many of the domestic businesses that the president says his policies are meant to protect are finding themselves victims of his aggressive approach. Prices are rising for imported goods, other nations are erecting retaliatory trade barriers, and companies like Plug Power, the manufacturing business that Mr. Marsh runs outside Albany, are facing crippling uncertainty from Mr. Trump’s fickle approach. It is not the first time Mr. Marsh has felt firsthand the impact of decisions made hundreds of miles away in Washington. In February, Congress and Mr. Trump gave Plug Power an injection of optimism, by … [Read more...] about This Factory Was Ready to Expand. Then Came the Trump Trade Wars.
Another complication is that a donation to the state fund can only reduce taxpayers' income tax payments, not property taxes, which are paid locally. For instance, if a taxpayer owes $15,000 in property taxes but only $5,000 in state income taxes, that taxpayer's state and local tax obligation would be $10,000 over the new cap on those deductions, and a donation could only help offset the income tax portion of the bill. … [Read more...] about California’s effort to dodge President Trump’s tax plan faces political and practical challenges