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President Donald Trump on Wednesday proposed the biggest U.S. tax overhaul in three decades, offering to cut taxes for most Americans but prompting criticism that the plan favors the rich and companies and could add trillions of dollars to the deficit. The proposal, which the Republican president said was aimed at helping working people and creating jobs, faces an uphill battle in Congress with Trump's own party divided and Democrats hostile.
How President Trump's tax plan affects you, and what we still don't know about it Plan makes dramatic changes to individual and corporate tax codes, but key details are still to be determined. Check out this story on northjersey.com: https://usat.ly/2yt4mFw The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek.
President Trump and top Republicans will promise a package of sweeping tax cuts for companies and individuals, people briefed on the planning said, but the GOP leaders will stop short of labeling many of the tax breaks they hope to strip away, putting off controversial decisions that threaten to sink the party's tax effort. Republicans' "unified" framework, which they will release and promote Wednesday during speeches and meetings, aims to cut taxes by more than $5 trillion over 10 years and recoup more than half of that lost revenue by eliminating numerous tax breaks.
Tax reform has been a major component of the Trump administration's domestic policy agenda, and after numerous distractions, the White House and lawmakers on Capitol Hill are starting to talk more seriously about the Trump tax plan and potential ways to achieve the goal of bolstering economic growth. Yet one fundamental obstacle to tax reform remains the difference in priorities between the two major political parties.
While the headlines scream DACA, DACA, DACA - Deferred Action for Childhood Arrivals , as if all reading America doesn't already know - another work authorization program that stumping presidential candidate Donald Trump criticized rolls on. The H-1B visa made national headlines last year when major corporations fired Americans workers, and forced them to train their foreign-born visa replacements or lose their severance packages.
When Barack Obama was president, congressional Republicans were deficit hawks. They opposed almost everything Obama wanted to do by arguing it would increase the federal budget deficit.
Beware the conventional wisdom. The futures markets have priced in a 50 percent probability that Federal Reserve policy makers will deliver a third consecutive holiday-season rate hike, up from a scant 20 percent two weeks ago.
President Trump and GOP leaders are cutting the top tax rate from 39.6% to 35%, according to details leaked to Axios . This will help small businesses as well because they pay the same tax rates as individuals.
The head of the House's tax-writing committee is putting forward legislation to give temporary tax relief to victims of hurricanes Harvey, Irma and Maria. The bill proposed Friday by Rep. Kevin Brady, R-Texas, chair of the House Ways and Means Committee, would ease requirements for deducting individual property losses and allow people to draw on their retirement funds without penalty.
Secretary of State Brian Kemp said that if he is elected to be the next governor of Georgia, he will put an emphasis on supporting farmers, agri-business and small town startups. Secretary of State Brian Kemp said that if he is elected to be the next governor of Georgia, he will put an emphasis on supporting farmers, agri-business and small town startups.
Wyoming's congressional delegation should work to find a bipartisan solution to the rift over the Deferred Action for Childhood Arrivals policy, using the legislation as a starting point for immigration reform. In its five years DACA has served roughly 800,000 young Latino adults, most of them brought to the U.S. as children by their parents.
The letters "CFPB" may not be much more than alphabet soup to your average student loan borrower. They stand for Consumer Financial Protection Bureau, a new-ish federal agency - created in 2011 - with a unique mission.
Republicans straining to find about $1 trillion to finance sweeping tax cuts are homing in on two popular deductions that are woven into the nation's fiscal fabric - the mortgage interest deduction that millions of homeowners prize and the deduction for state and local taxes popular in Democratic strongholds. About 30 million Americans, or about 20 percent of taxpayers, deduct mortgage interest from their income taxes, a deduction Realtors and homebuilders argue is a catalyst to home ownership in the United States.
LAWMAKERS in the U.S. Senate and House of Representatives blasted credit reporting firms in the wake of the Equifax hack revealed last week, scheduling hearings and calling for an overhaul of the sector and its cybersecurity requirements. Credit reporting agency Equifax suffered a cybersecurity breach in May that persisted until its discovery in July.
While there is currently no evidence to suggest that any information has been misused, out of an abundance of caution, Morehead Hospital is notifying potentially affected individuals and offering free identity monitoring services. Upon learning about a potential incident, the hospital's IT staff cut off access to the affected accounts, issued a network-wide password reset, and engaged top-tier forensic consultants to conduct a full investigation.
How much government should be involved in the lives of Americans is an ongoing and evolving debate, as "progressives" such as Sen. Bernie Sanders, I-Vt., seem to believe that there is basically nothing that big brother shouldn't provide for its citizens. The left has completely lost the idea of personal responsibility, and its definition of safety-net programs has expanded to a list of entitlements that grows unchecked as the years go by.
Former U.S. Rep. Anthony Weiner and his estranged wife, Huma Abedin, have appeared before a New York City judge to ask for privacy in their divorce case. Former U.S. Rep. Anthony Weiner and his estranged wife, Huma Abedin, have appeared before a New York City judge to ask for privacy in their divorce case.
The largest threat to our prosperity is government spending that far exceeds the authority enumerated in Article 1, Section 8 of the U.S. Constitution. Federal spending in 2017 will top $4 trillion.