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Taxes Tag

Posted by Mary Chastain on September 27, 2017 11 Comments
Obamacare repeal. Tax reform. Obamacare repeal. Now back top tax reform! President Donald Trump's administration and the GOP in Congress have released a framework for possible tax reform. The framework somewhat mirrors what Trump released in April: slashed corporate tax rate and three tax brackets. The Republicans hope this plan will finally give them a victory after too many failures to repeal Obamacare.

Posted by Mary Chastain on September 26, 2017 16 Comments
We all know that besides healthcare, tax reform is one of the bigger ideas on President Donald Trump's agenda. His administration has been screaming tax cuts while the left cries over lost "revenue." But instead of cutting spending like any sane person would do when caught in a tight budget, the lawmakers have been looking for ways to make up the lost money. Targeting a person's 401(k) has been floated around. A possible change includes taxing the earnings before a person places the money into the retirement fund. This has some worried because it could change your tax bracket once you retire and encourage people not to save as much as they usually do.

Posted by Mary Chastain on September 20, 2017 13 Comments
Sens. Pat Toomey (R-PA) and Bob Corker (R-TN), two members with opposing views on fiscal policy, have announced "a path forward on tax reform" that "would allow for a tax reduction, as scored on a statistic basis, over a 10-year period." They hope to Senate Budget Committee will vote on said plan next week. The senators did not release any details about the plan, but new outlets have stated it will allow tax reductions up to $1.5 trillion. The Wall Street Journal reported that the "agreement would allow Republicans to lower tax rates while making fewer tough decisions on what tax breaks to eliminate to help pay for the cuts."

Posted by Mary Chastain on August 31, 2017 3 Comments
As Congress is scheduled to return from recess next week, President Donald Trump traveled to Missouri on Wednesday to encourage Congress to tackle tax reform and actually get the job done...unlike the ordeal with Obamacare. From Yahoo! News:
“I don’t want to be disappointed by Congress, do you understand me,” Trump said, pointing into a crowd that included much of the state’s GOP Congressional delegation. “Do you understand?” “I think Congress is going to make a comeback,” the president added. “I hope so.”

Posted by Mary Chastain on August 25, 2017 10 Comments
With Congress's recess about to end, eyes have turned to tax reform. But in a surprise twist, the White House has decided not to write its own tax reform plan, according to President Donald Trump's head economic aide. From The Financial Times:
“The ‘big six’ have been meeting and have come up with an outline . . . and we have a good skeleton that we have agreed,” Mr Cohn said in a reference to the lawmakers, himself and Mr Mnuchin. “Now it is Chairman Brady’s time to get the [House] ways and means committee together to put flesh and bone on it, and they will do it next week when the House comes back into session.”

Posted by Mary Chastain on July 29, 2017 18 Comments
Cook County Circuit Judge Daniel Kubasiak dismissed a challenge to the county's beverage tax as unconstitutional, which means the tax will go into effect on Wednesday. From The Chicago Tribune:
In the immediate aftermath of Friday's ruling, retailers and beverage industry groups lamented the setback, while health groups and county officials cheered. Cook County Circuit Judge Daniel Kubasiak also dissolved the temporary restraining order that had halted implementation of the tax, which originally had been set to take effect July 1 and applies to both sugar- and artificially sweetened drinks.

Posted by Mary Chastain on July 28, 2017 11 Comments
Congressional Republicans and President Donald Trump's administration decided to abandon the controversial border adjustment tax (BAT) and concentrate more on corporate tax in their tax reform approach. The joint statement read:
While we have debated the pro-growth benefits of border adjustability, we appreciate that there are many unknowns associated with it and have decided to set this policy aside in order to advance tax reform.

Posted by Mary Chastain on July 12, 2017 30 Comments
Officials in Cook County, the home of Chicago, have threatened to pass out 1,100 layoff notices since a judge delayed implementation of a soda tax. Circuit Judge Daniel Kubasiak placed a temporary hold on the tax until at least July 21. Cook County Board President Toni Preckwinkle said this move has forced her hand to fire people.

Posted by Mary Chastain on July 06, 2017 31 Comments
The Illinois House voted to override Republican Governor Bruce Rauner's veto of the income tax hike and budget bill. This is the first budget Illinois has passed in two years. The House voted 71-42, which is the bare minimum House Speaker Mike Madigan needed, after a security incident delayed the vote for two hours.

Posted by Mary Chastain on July 01, 2017 9 Comments
Healthcare reform has taken center stage once again, but tax reform still lurks in the background. It's yet another issue that Congressional Republicans cannot agree on, mainly on the border adjustment tax. But there's a tax deduction the Republicans may eliminate that could cause problems and possible resistance among lawmakers, including within the party: interest deduction. The Wall Street Journal has pointed out that taking away "the deduction that companies get for interest they pay on debt" affects everyone from those on Wall Street "to wheat farmers in the Midwest looking to make ends meet before harvest."

Posted by Mary Chastain on June 21, 2017 5 Comments
THEY DO EXIST! Yes, Congress still has Blue Dog Democrats within its walls. The group consists of only 18 members, but it could be enough to push tax reform through this year. These Democrats view themselves as ones who can help "broker a bipartisan deal." The Hill reported:
“If it’s constructive, if they’re genuinely interested in ideas and making it a bipartisan effort, then the Blue Dogs are certainly willing to participate,” said Rep. Sanford Bishop (D-Ga.), a member of the group.

Posted by Mary Chastain on June 12, 2017 7 Comments
Cook County in Illinois, home to Chicago, has decided that its soda tax will not apply to food stamps. Purchases made with food stamps cannot have state and local taxes tacked onto them, according to federal law. Cook county tried to bypass that law, but none of the options officials used took off. So this means that the 827,000 people in Cook County who have food stamps will not have to pay the tax. This is the second reversal of the tax, which has caused massive confusion as the bankrupt county and state have tried everything to raise revenue.

Posted by Fuzzy Slippers on June 03, 2017 32 Comments
Connecticut governor Dannel Malloy (D) is facing a situation that may make him reconsider his position on taxing the wealthy.  Aetna insurance company, based in Hartford since 1853, is looking for a new state to call home, a state that is more business-friendly in terms of taxation. Having lost GE to Boston last year due to the massive tax load piled on businesses, Malloy is desperate to keep Aetna in Connecticut, but it may be too little, too late. The Wall Street Journal reports:

Posted by Mary Chastain on May 29, 2017 5 Comments
I think it's safe to assume that a tax reform plan will take a lot longer than Trump's administration thinks, especially when his officials cannot agree on how the plan will work. That's exactly what happened when White House Budget Director Mick Mulvaney and Treasury Secretary Steven Mnuchin testified in front of two different Senate committees. Mulvaney told the Senate Budget Committee that the "tax plan doesn't bank on any revenue stemming from faster economic growth." At the same time, Mnuchin told the Senate Finance Committee that the "tax plan will partly pay for itself with economic growth."

Posted by Mary Chastain on May 24, 2017 11 Comments
Speaker Paul Ryan (R-WI) will not let go of a border adjustment tax (BAT) when it comes to tax reform, which will set up a major showdown with the White House and possibly the Senate. Ryan admitted today that the House could pass a tax bill without the BAT, but he's still trying to sell the idea to his fellow lawmakers and the White House.
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