88 results for tag: Tax Reform


Poll: President Trump’s tax plan, Gorsuch confirmation bolsters approval rating

President Donald J. Trump’s recently released tax plan has elicited widespread support among his supporters – that, combined with the successful appointment of now-Justice Neil Gorsuch to the Supreme Court have helped improve our commander in chief’s approval rating, according to a new poll. International Business Times has the details: The IBD/TIPP Presidential Leadership Index — which includes poll results on favorability, job approval, and leadership — climbed 7% to 42.6, marking the first month-over-month increase since Trump became president. "The president's recent achievements in foreign affairs have bolstered Americans' view ...

Trump administration announces ‘once-in-a-generation opportunity’ to overhaul tax code

The White House Wednesday unveiled long-anticipated plans for an overhaul of our tax system that would simplify the tax code and cuts rates for people and businesses. The Washington Times has the story: “This is a once-in-a-generation opportunity to do something really big,” said Gary Cohn, director of the president’s National Economic Council, who presented the plan to reporters at the White House. He said the president was ready to go to the mat to get tax reform enacted... The proposal he outlined would eliminate every tax deduction except those that are most popular among middle-class families — those for home mortgage intere...

Report: Average working American spends a whole week preparing taxes

The effort and expense it takes to file taxes is staggering at 8.1 billion man hours totaling $170 billion in lost time or –  what for the average working American amounts to a week of work preparing tax paper, according to a new Tax Day report. The Washington Examiner has the details: The report from American Action Forum considers the costs associated with all Internal Revenue Service forms, such as those corporations and doctors fill out, often for customers or patients, but it also breaks down the impact of tax season on individuals who face a Tuesday filing deadline. "IRS currently imposes 8.1 billion hours of paperwork and generates ...

It costs lots of money to comply with federal tax law – here’s how much

Tax Day is approaching and Americans nationwide, in an effort to comply with federal tax law, lose $234 billion a year in man hours and direct expenses combined – and those figures are expected to climb even higher in the years ahead. The Washington Free Beacon has the details: Pete Sepp, president of the National Taxpayers Union, said that tax compliance costs taxpayers $234 billion per year in direct costs and lost productivity. "The problem is the status quo—thinking that, well, if we don't do tax reform this year it will just be that bad," Sepp said. "No, the status quo is not the static quo—it's going to get worse." "The paperwork ...

Trump: ‘Lowering the overall tax burden on American businesses’ is ‘coming along very well’

President Donald J. Trump this week said there is a tax-reform plan in the works that aims to alleviate some of the weight pressing on American businessmen and women. The Washington Examiner has the details: "Lowering the overall tax burden on American businesses big-league, that's coming along very well. We're way ahead of schedule, I believe," Trump said in a meeting with airline industry executives Thursday morning at the White House. "And we're going to be announcing something, I would say, over the next two or three weeks that will be phenomenal, in terms of tax," the president said… Congressional Republicans have declined to set a ...

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 ...