Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE April 11, 2019, 10:00 AM GMT By Kathryn Kranhold This story was originally published by The Center for Public Integrity, a nonprofit, nonpartisan investigative news organization in Washington, D.C. Taxpayers are scrambling to make last-minute payments due to the Internal Revenue Service in just four days, but many of the country's largest publicly-held corporations are doing better: They've reported they owe absolutely nothing on the billions of dollars in profits they earned last year. At least 60 companies reported that their 2018 federal tax rates amounted to effectively zero, or even less than zero, on income earned on U.S. operations, according to an analysis released today by the Washington, D.C.-based think tank, the Institute on Taxation and Economic Policy. The number is more than twice as many as ITEP found roughly, per year, on … [Read more...] about Twice as many companies paying zero taxes under Trump tax plan
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By SARAH SKIDMORE SELL Published February 21, 2019 Features Associated Press Facebook Twitter Comments Print Image 1 of 2 ▼ In this undated photo provided by H&R Block, Kathy Pickering executive director of The Tax Institute at H&R Block poses for a photo. The tax overhaul is the biggest change to the tax code in 30 years, but how it exactly impacts each person depends entirely on their specific circumstances, Pickering said. (H&R Block via AP) Tax preparation is rarely easy, but this filing season comes with a unique set of complications. Continue Reading Below It's the first year people are filing under the massive overhaul to tax law put in place by Congress in late 2017. Tax season also kicked off days after a partial government shutdown. Still, some taxpayers are feeling a bit confused. The Associated Press enlisted executives from some of the biggest tax preparers to answer questions about this tax season. Questions … [Read more...] about 3 experts explain the changes in the Trump tax law
Glenn Kessler, The Washington Post Published 1:58 pm PST, Saturday, February 16, 2019 "The average tax refund is down about $170 compared to last year. Let's call the President's tax cut what it is: a middle-class tax hike to line the pockets of already wealthy corporations and the 1%." - Sen. Kamala Harris, D-Calif., in a tweet Feb. 11 - - - Harris, who is running for president in 2020, attacked President Donald Trump's tax law after the Internal Revenue Service reported that preliminary data shows that the average tax refund check is down 8 percent ($170) this year compared with last year. Boy, talk about a non sequitur that turns out to be nonsensical and misleading. Let's take a look. - - - The Facts The average tax refund is down, at least according to preliminary data for returns processed through Feb. 1. (That's essentially one week of filing data.) But the size of a refund tells you nothing about a person's tax bill. The tax law required the IRS to change tax … [Read more...] about Sen. Harris leaps to unwarranted conclusions in tweet about Trump’s tax cut
By Steve SchererOTTAWA (Reuters) - Donald Trump is so unpopular in Canada that Prime Minister Justin Trudeau is using the spectre of the U.S. president to attack his conservative rival ahead of a national election set for next year. gi Trudeau, whose ruling Liberals have a 12-seat majority in the 338-seat parliament, calls Conservative Party leader Andrew Scheer a climate change "ideologue" who stokes "fear and division" on immigration. Only 25 percent of Canadians have confidence in Trump, a fraction of the 83 percent garnered by former President Barack Obama two years ago, according to a Pew Research Center survey published last month. Trudeau and Trump have traded barbs. The U.S. president tweeted in June that the Canadian leader was "very dishonest and weak" and later threatened to impose tariffs on Canadian-made cars that he said would be the "ruination" of Canada's economy.The Conservatives led in the polls in March, but the Liberals drew ahead in July after Trudeau's … [Read more...] about Canada’s Trudeau uses Trump card to attack main political rival
Sections SEARCH Skip to content Skip to site index Economy Subscribe Log In Log In Today’s Paper Economy | Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened. Supported by Nearly a year after the tax cut, economic growth has accelerated. Wage growth has not. Companies are buying back stock and business investment is a mixed bag. ByJim Tankersley and Matt Phillips Nov. 12, 2018 The $1.5 trillion tax overhaul that President Trump signed into law late last year has already given the American economy a jolt, at least temporarily. It has fattened the paychecks of most American workers, padded the profits of large corporations and sped economic growth. Those results weren’t a surprise. Economists across the ideological spectrum predicted the new law would fuel consumer spending, in classic fashion: When the government borrows money and dumps it into the economy, … [Read more...] about Trump’s Tax Cut Was Supposed to Change Corporate Behavior. Here’s What Happened.