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Trump Economic Policy Tag

Posted by Mary Chastain on August 22, 2017 13 Comments
While everyone is talking about statues or President Donald Trump taking a glance at the eclipse, America has some serious issues to address once Congress returns from its recess. This includes the debt ceiling. Last month, Treasury Secretary Steven Mnuchin urged Congress to raise the debt ceiling to prevent the government from running out of money to pay its bills. Senate Majority Leader Mitch McConnell (R-KY) provided some comfort to Mnuchin by assuring him there's a "zero chance" Congress will not raise the debt ceiling.

Posted by Mary Chastain on July 31, 2017 19 Comments
After failing to do anything with Obamacare, Congress has gone on recess without addressing the debt ceiling. Treasury Secretary Steven Mnuchin has warned Congress to address the debt ceiling for the past seven months and do something before recess. Mnuchin said the government needs to raise the debt ceiling before September 29 or it will run out of money to pay the bills.

Posted by William A. Jacobson on July 29, 2017 34 Comments
I mentioned the other day how a friend, who is a lifelong Democrat and always has been very anti-Trump, expressed complete disgust at the media, particularly the handling of Russia, Media overplaying its anti-Trump hand – statistics and an anecdote about a lifelong Democrat:
The conversation was with someone I’ve known for almost 20 years. He’s a lifelong Rhode Islander and Democrat who has expressed strong hostility to me toward Trump in the past. We speak every couple of months, and I’ve never heard him say a good word about Trump....

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 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 Leslie Eastman on June 19, 2017 16 Comments
President Trump has faced many opponents during his quest for the White House and the early days of his administration. However, no group seems to be as powerful as the judiciary when it comes to gutting his policies. Legal Insurrection readers will recall that one of Trump's first acts as President was signing the executive order to move forward with the Dakota Access and Keystone Pipelines. The good news is that the Dakota Access Pipeline began shipping oil on June 1.

Posted by Mary Chastain on June 11, 2017 9 Comments
House Freedom Caucus Chairman Mark Meadows (R-NC) and other members have showcased their ambitions:   the caucus wants to add welfare, health care, and tax reform all into one bill and pass it all by the end of the summer. The biggest stars of reform, health care and taxes, have caused the White House and members of Congress to butt heads. The White House wants to accomplish health care reform in the summer and take tax reform into the fall.

Posted by Mary Chastain on June 11, 2017 40 Comments
In May, Treasury Secretary Steven Mnuchin asked Congress to raise the debt ceiling before members take their summer recess in order for America to pay its debts. The ability to borrow money expired on March 16. Now Mnuchin has said that he and the department have started to formulate plans to fund the government until September if Congress does not raise the debt ceiling. From The Wall Street Journal:

Posted by Mary Chastain on June 09, 2017 10 Comments
They did it! The House passed the Financial CHOICE Act, which would roll back regulations established in Dodd-Frank, one of former President Barack Obama's biggest pieces of legislation. From The Hill:
Sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), the CHOICE Act is the most ambitious Republican effort to roll back the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010. Republicans have long targeted Dodd-Frank, saying it has created a crushing regulatory burden that suffocates small businesses and banks while empowering unaccountable bureaucrats.

Posted by Mary Chastain on June 05, 2017 7 Comments
The House of Representatives will vote on the Financial CHOICE Act this week, which will repeal a lot of the Dodd-Frank Reform Act. The Hill reported:
The CHOICE Act is an effort to undo much of Dodd-Frank, a law long panned by Republicans as a burden on the U.S. economy and businesses. The bill, sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas), passed that panel earlier this month with unanimous Republican support and unified Democratic opposition.

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.

Posted by Mary Chastain on May 18, 2017 3 Comments
President Donald Trump has officially alerted Congress that he will begin NAFTA renegotiation talks. This gives Trump's administration, Congress, and businesses a 90 day consultation period before he sits down with Canada and Mexico. From Fox Business:
"Today, President Trump is fulfilling one of his key promises to the American people," U.S. Trade Representative Robert Lighthizer told reporters on Thursday. In a letter to congressional leaders, Mr. Lighthizer said the administration will start talks with Canada and Mexico as soon as 90 days from Thursday, in line with congressional rules on negotiating trade deals subject to expedited consideration by lawmakers.

Posted by Mary Chastain on May 02, 2017 20 Comments
President Donald Trump wants to push through his agenda no matter what it takes. On Tuesday, he proved that when he tweeted out that the Senate change the rules to eliminate the 60 votes needed to avoid a filibuster when it comes to a spending bill. The GOP in the Senate have put down their foot and gave the president a short answer: NO.

Posted by Mary Chastain on April 28, 2017 40 Comments
Democrats in some blue states do not like that President Donald Trump's tax plan includes eliminating the ability to deduct state and local taxes. Just a thought...maybe the states should not tax their citizens so much? Instead, they complain about the burden placed on the citizens from the federal government. From The Wall Street Journal:
At the center of the fight is New York, home of Mr. Trump, Mr. Cohn and Senate Democratic Leader Charles Schumer, who says killing or scaling back the break would be “devastating for middle-class families in New York and elsewhere.”
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