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Taxes Tag

Posted by Mary Chastain on November 02, 2017 26 Comments
The House GOP decided to wait a day to release its tax reform bill to smooth out some disagreements. That plan was finally released Thursday and like the framework President Donald Trump's administration released, it reduces the number of tax brackets, eliminates deductions, and reduces the corporate tax rate. But will it be enough to persuade the House Republicans from high-taxed states to pass the bill?

Posted by Mary Chastain on October 31, 2017 19 Comments
Eyes are on tax reform this week as the GOP controlled House plans to release its tax reform bill on November 1, which may include elimination of state and local tax (SALT) deductions along with changes to 401(k) retirement plans. Both have received proper outrage, especially from representatives in high-taxed states. But if the elimination of state and local taxes pass the House, the Senate GOP said they have a unified front on that issue.

Posted by Mary Chastain on October 27, 2017 5 Comments
Despite two massive hurricanes, the GDP, which is the measure of goods and services produced in America, grew to 3% in the third quarter. Experts estimated a growth of only 2.5% because of the natural disasters, but the "increase in inventory investment and a smaller trade deficit" helped offset the slow spending after the hurricanes. The White House economists have also said that if the proposed changes to corporate taxes go through the GDP could jump between 3 and 5 percent in a few years.

Posted by Mary Chastain on October 26, 2017 7 Comments
The GOP-controlled House passed the budget on Thursday by a slim margin of 216-212. With the House and Senate budgets in sync, the lawmakers have activated a procedure that will allow a tax bill pass the Senate without a filibuster. The majority of Republicans that voted no hail from high taxed states since tax writers are toying with the idea to do away with state and local tax deductions.

Posted by Mary Chastain on October 25, 2017 21 Comments
I've been keeping an eye on tax reform and ideas to make changes to 401(k) retirement funds have caught my eye. At first, tax writers wanted to tax your earnings before you place money in the fund. Then over the weekend they floated the idea of changing the pre-tax limit to $2,400 instead of $18,000. Of course this has caused an uproar, which led President Donald Trump to tweet out on Monday that tax reform will not include changes to your 401(k). House Ways and Means Committee Chairman Kevin Brady (R-TX) has said not so fast and the option remains on the table.

Posted by Mary Chastain on October 20, 2017 12 Comments
The Senate passed a 2018 budget on Thursday night, 51-49, with Sen. Rand Paul (R-KY) being the only Republican who voted no. The biggest part of the budget, though, is that it provides a shortcut to tax reform using reconciliation instructions to protects a tax bill that adds up to $1.5 trillion to the deficit from a filibuster. The GOP Congress has failed to repeal Obamacare and they view tax reform as one way to save their butts. President Donald Trump has said he wants to sign something by the end of the year.

Posted by Mike LaChance on October 19, 2017 21 Comments
This was like a trip down memory lane. Let me begin by saying the debate style of Bernie Sanders hasn't changed since the 2016 Democratic primary. I lost track of how many times he said millionaires, billionaires and Koch brothers in the first 30 minutes.

Posted by Mary Chastain on October 09, 2017 31 Comments
The House passed a 2018 budget resolution last week along with the Senate Budget Committee, two crucial steps to start tax reform. It's an opportunity for President Donald Trump and the Republican lawmakers to hold a promise after they couldn't repeal Obamacare. The GOP has the majority, but just like with Obamacare, there are divisions within the party that could prevent tax reform from happening.

Posted by Mary Chastain on October 03, 2017 10 Comments
Last week, President Donald Trump's administration and the GOP in Congress released a framework for possible tax reform. The details are vague, noting that more will happen once tax reform switches to committees. However, two GOP senators have already voiced doubt over the framework: Kentucky Republican Rand Paul and Tennessee Republican Bob Corker, who recently announced he will not seek reelection next year.

Posted by Mary Chastain on September 30, 2017 5 Comments
Senate Republicans released its 2018 budget, which includes terms to allow the lawmakers to push through tax reform through budget reconciliation. This would protect them from a Democratic Filibuster. The plan gives tax writers until November 13 to submit tax reform plans.

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.
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