83 results for tag: Tax Reform


Trump policy adviser: ‘That’s the plan: Try to pass a tax cut’

Conservative-leaning Heritage Foundation Fellow and Economist Stephen Moore Wednesday during a Politico forum says he would tell President-elect Trump to first focus on slashing business taxes and then follow up later with reforming individual tax rates. Reuters has the details: Trump's proposal would reduce the official corporate tax rate to 15 percent from 35 percent, allow corporations to repatriate overseas profits at a 10 percent rate and reduce the top individual tax rate to 33 percent from 39.6 percent. Moore estimated that the cuts would lead to a revenue loss of about $3 trillion over 10 years, for which Trump would compensate with ...

Stocks jump to near-record highs on heels of Trump victory

Stock prices jumped Wednesday following President-elect Donald Trump’s election victory and are holding steady after dropping on Election Day amid uncertainty. USA Today has the story: Traders also appear to be evaluating the potential economic benefits from Trump's plans to cut taxes and spend money on infrastructure projects that would put Americans to work, Martin Gilbert, CEO of Aberdeen Asset Management, said via email. "The increased prospect of tax cuts and a generally pro-growth set of policies from Trump, aided by the Republican clean sweep of Congress, has seen some of the initial (kneejerk) reaction (to sell stocks) to reverse," ...

2016 tax receipts soon will reach record high

The federal government will have raked in almost $3.3 trillion in revenue after fiscal 2016 tax receipts reach a new high, according to the Congressional Budget Office. The Washington Examiner has the details: The feds raked in more than $3.268 trillion for the year, the agency reported in its monthly budget review, $19 billion more than the previous record set in 2015. The fiscal year, which runs from Oct. 1 to Sept. 30, ended on Friday. The difference is negligible, at less than one percent, and if inflation is taken into account, the titleholder is still 2015. The feds collected $3.301 trillion in inflation-adjusted receipts that year. ...

Tax-policy expert: Tax reform needed to ‘revive the slow-growing economy’

Heritage Foundation Tax-and-Economy Research Fellow Curtis Dubay Tuesday explained why Congress must come up with a common-sense tax-reform plan that addresses our lethargic economy and gives it the jump-start it needs to get Americans working again. The Daily Signal has the commentary: Tax reform is badly needed to revive the slow-growing economy and increase job creation and wages for American families. The current tax system is a large weight holding the economy back from growing as strongly as it could, thereby suppressing opportunity for Americans at all income levels. To free the economy to grow larger, tax reform must lower marginal tax ...

Americans ready for tax reform, survey says

  U.S. tax-policy reform is on the forefront of Americans minds this year, according to a recent survey – which is not surprising as real-unemployment numbers remain abysmal and Americans continue to tighten their belts. CNBC has the story: That's the finding of a recent survey of 1,040 individuals conducted by WalletHub, a provider of free credit scores and reports. Nearly 57 percent of participants said that "tax fairness" — what people should pay and how much — was more important than "whatever is best for the economy," which garnered close to 23 percent… "Consumers are spending more than they should over the past few ...

Iowa farmer, former state rep: ‘[N]avigating the cumbersome tax code takes time away from our livelihood’

Former Iowa state representative and third-generation family farmer Annette Sweeney in a recent opinion piece says members of Congress need to join together and fix our unnecessarily intricate tax code. Lawmakers in Washington, D.C. have no excuse for not simplifying what should be a simple process, she says. The Des Moines Register has the details: I proudly represented the people of Iowa in the state Legislature for four years and I heard many complaints about our outdated tax system. Throughout the year, taxes are of major concern for Iowans; farmers file on March 1, individuals on April 15, and small business owners pay taxes every quarter. ...

Conservative House caucus recommends ‘flatter, fairer and simpler tax code’

The U.S. tax code – at nearly 75,000 pages in length, according to The Washington Examiner – is exactly the type of bureaucratic web Congress needs to unweave. And, while Americans are bright enough to negotiate the ins and outs of the convoluted system, we shouldn’t have to spend time and resources navigating an agency continually used to target Americans for their political beliefs. Fortunately, the Republican Study Committee in a recent statement called for an overhaul of the wayward agency. “The RSC’s recommendations seek to create a flatter, fairer and simpler tax code. Recommendations include developing a business tax code that is ...

House Ways and Means Chairman: We plan to lay out ‘comprehensive blueprint on where we want the tax code to go’

House Ways and Means Committee Chairman Kevin Brady during The Atlantic Summit Wednesday told Bloomberg View columnist Margaret Carlson that his committee is exploring numerous pro-growth tax plans to roll out by the close of 2016. The Daily Caller has the scoop: “What we expect to do is to lay out, later this summer, a comprehensive blueprint on where we want the tax code to go with a number of details,” [Brady] said. ” And also, sort of lay out how we can get there.” The panel has seen a number of proposals varying from flat taxes, consumption taxes to cash-flow taxes in recent months. Brady praised former Chairman Dave Camp, ...

Columnist: ‘Work should be rewarded, not punished’

A writer and activist lobbying for right-to-work laws in Michigan criticized the status quo at the IRS and is pushing for a simpler tax code – one that doesn’t bog down hardworking American taxpayers. The Detroit News has the commentary: It’s a complex and corrupt system, now consisting of thousands of pages of instructions and explanations. But it doesn’t have to be this way. As government’s appetite for spending continues to grow, so do the taxes on workers and job providers. Why does Washington penalize workers and employers for earning and creating wealth? … If you are not an accountant, a professional lobbyist, or a politi...

Report: Americans in 2016 will pay Uncle Sam more than they’ll spend on clothing, food, housing

  The Tax Foundation in its annual report released Wednesday says by April 24 Americans will have earned enough money to pay their taxes for the year and that – collectively – Americans this year will spend more paying Uncle Sam than they will on clothing, food and housing combined. The Washington Examiner lists some of the key findings: — Collectively, Americans will spend more on taxes in 2016 than they will on food, clothing, and housing combined. — Americans will pay $3.3 trillion in federal taxes and $1.6 trillion in state and local taxes, for a total bill of almost $5.0 trillion, or 31 percent of the nation's income. ...