Categories for Taxes

27,035. 7/30/2019

ELECTION/TAXES/TRUMP AS PRESIDENT: “Trump administration officials are divided over whether to give investors a big tax cut that would primarily benefit the rich before the 2020 election heats up in earnest. Republican senators and conservative anti-tax groups are increasingly pushing the administration to use executive authority to deliver a tax cut to investors on profits they earn when selling assets like stocks or bonds. Such a move would defy a legal opinion issued in 1992, under President George Bush, and add an estimated $100 billion to the already surging national debt. Supporters of the plan include Larry Kudlow, the director of President Trump’s National Economic Council, who is leading a White House task force examining the proposal. Mr. Kudlow is a longtime champion of the idea, which would provide a tax break on profits known as capital gains. But the move has skeptics, including Treasury Secretary Steven Mnuchin, whose department is bound by a 1992 opinion from the Office of Legal Counsel that determined the Treasury Department does not have the authority to index capital gains to inflation by regulation.”

Alan Rappeport and Jim Tankersley, “Trump Administration Is Divided Over Tax Cut for Investors,” The New York Times online, July 30, 2019

26,750. 7/19/2019

BUSINESS/TAXES/TRUMP AS PRESIDENT: “President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed largely from changes to the corporate rates, which fell to 21 percent from 35 percent under the new law. For years, domestic banks’ effective tax rates had been higher than those of many other companies’, so when they fell, those institutions enjoyed outsize benefits. Foreign-owned banks reaped benefits as well, though the structure and reporting of their global financial operations make them more difficult to quantify. Late last year, they won a potentially lucrative victory in a proposed Treasury Department regulation that puts into effect a part of the 2017 tax law that established a global minimum tax on multinational corporations. Analysts say the proposed regulation, which companies must apply even though it has not been made final, could allow foreign banks to largely avoid the minimum tax.”

Jim Tankersley and Peter Eavis, “Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law,” The New York Times online, July 19, 2019

26,659. 7/17/2019

BUSINESS/ECONOMY/TAXES/TRUMP AS PRESIDENT: “The five largest banks in the United States reaped tens of billions of dollars in profits in the first half of the year, thanks in part to a strong economy and to the lingering effects of President Trump’s tax cuts. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Wells Fargo have all seen their tax rates decline to 22 percent or less as a result of the cuts, compared with rates of around 30 percent three years ago, one of the most consistent sources of strength apparent in quarterly earnings reports issued this week. JPMorgan’s tax rate fell to just under 15 percent in this year’s second quarter, although the bank said it would probably inch higher later in the year. Wells Fargo’s tax rate for the quarter was just over 17 percent, and Bank of America’s was 18 percent. The reduced rates helped offset a general decline in Wall Street trading revenue and added some pep to what would have otherwise been unremarkable quarterly performances by most of the banks.”

Emily Flitter, “Big U.S. Banks Are Earning Billions. Trump’s Tax Cuts Are Helping.,” The New York Times online, July 17, 2019

26,441. 7/11/2019

ECONOMY/TAXES/TRUMP AS PRESIDENT: “Robert Johnson, B.E.T. ‘I give the President a lot of credit for moving the Economy in a positive direction that’s benefiting a large number of Americans. I think the Tax Cuts clearly helped stimulate the Economy. Overall, if you look at the U.S. Economy, and you look at…..”

Donald Trump, Twitter.com, July 11, 2019 6:42 am

26,333. 7/7/2019

ELECTION/JOE BIDEN/TAXES/TRUMP AS PRESIDENT: “Sleepy Joe Biden just admitted he worked with segregationists and separately, has already been very plain about the fact that he will be substantially raising everyone’s taxes if he becomes president. Ridiculously, all Democrats want to substantially raise taxes!”

Donald Trump, Twitter.com, July 7, 2019 8:03 am

26,192. 7/2/2019

NEW YORK/TAXES/TEXAS/TRUMP AS PRESIDENT: “…Texas will defend them & indemnify them against political harassment by New York State and Governor Cuomo. So many people are leaving New York for Texas and Florida that it is totally under siege. First New York taxes you too high, then they sue you, just to complete the job”

Donald Trump, Twitter.com, July 2, 2019 6:21 am

26,161. 7/1/2019

NEW JERSEY/TAXES/TRUMP AS PRESIDENT: “Congratulations to legislators in New Jersey for not passing taxes that would have driven large numbers of high end taxpayers out of the state. Many were planning to leave, & will now be staying. New York & others should start changing their thought process on taxes, fast!” 

Donald Trump, Twitter.com, July 1, 2019 9:47 am

26,048. 6/26/2019

BORDER/CRIME/DEMS/TAXES/TRUMP AS PRESIDENT: “Democrats want Open Borders, which equals violent crime, drugs and human trafficking. They also want very high taxes, like 90%. Republicans want what’s good for America – the exact opposite!”

Donald Trump, Twitter.com, June 26, 2019 6:13 am

25,060. 5/17/2019

CONGRESS/EDUCATION/TAXES/TRUMP AS PRESIDENT: “A little-noticed provision in President Trump’s sprawling new tax law is treating middle- and low-income college students as if they are trust-fund babies, taxing sizable financial aid packages at a rate first established 33 years ago to prevent wealthy parents from funneling money to their children to lower their tax burdens. Higher-education leaders are calling on Congress to fix the provision, which drastically raised the tax rate on so-called unearned income for children with assets and young adults in school. Students with large financial aid packages are finding their nontuition assistance for items such as room and board taxed by as much as 37 percent, even if their family income tax rates are much lower. The impact on full-time undergraduate and graduate students under the age of 24 went largely unnoticed until the waning weeks of tax season. But word is spreading. About 1.3 million undergraduate students and 15,000 graduate students have scholarships and grant aid that cover nontuition expenses.”

Erica L. Green, “Low-Income College Students Are Being Taxed Like Trust-Fund Babies,” The New York Times online, May 17, 2019

24,732. 5/8/2019

TAXES/TRUMP BUSINESS/TRUMP TAXES: “President Donald Trump on Wednesday [5-8-19] defended the massive losses he racked up in the 1980s and 1990s, saying the tax write-offs from bad deals were all part of the ‘sport’ of business at the time. The New York Times reported Tuesday [5-7-19] that tax figures it obtained from the years 1985 to 1994 show that even as Trump was loudly touting his wealth and dealmaking prowess, he was bleeding money, some years to the tune of hundreds of millions. But the president on Wednesday said there was no problem with those numbers, asserting that ‘almost all real estate developers’ did the same thing…Trump’s finances have been at the center of a fierce battle between congressional Democrats and the White House, with the administration repeatedly stonewalling requests for the IRS to release his tax returns — which lawmakers say could reveal foreign conflicts of interest — and his businesses taking banks to court for complying with congressional requests. Though the tax information uncovered by the Times is not the same as what Democrats are seeking, the peek into the future president’s finances paints a damning picture of the self-made billionaire branding that that shot him to fame and eventually to the White House.”

Caitlin Oprysko, “Trump defends his massive losses on business deals: ‘It was sport’,” Politico, May 8, 2019 8:49 am

24,689. 5/7/2019

CHINA/TARIFFS/TAXES/TRUMP AS PRESIDENT: “U.S. companies are bracing for a huge jump in costs as tariffs on $200 billion worth of consumer products and other goods from China are set to more than double on Friday [5-10-19] per President Donald Trump’s orders…U.S. stocks tumbled for a second day after the president tweeted on Sunday [5-4-19] that he would increase his 10 percent tariff to 25 percent after China tried to renegotiate certain elements of a proposed trade truce. After Friday, roughly half of the $505 billion that the U.S. imported from China would be subject to 25 percent tariffs. That will force American companies to either eat the added costs or be forced to pass it to their customers. Trump also intends to begin steps to slap a 25 percent duty on another $325 billion worth of Chinese goods. If those duties are put into place, that would essentially cover all U.S. imports — including Apple iPhones, toys and many household items — from the world’s second-largest economy.”

Doug Palmer and Adam Behsudi, “Companies scramble to prepare for Trump’s new taxes on Chinese goods,” Politico, May 7, 2019 5:45 pm

24,244. 4/22/2019

TAXES/TRUMP AS PRESIDENT: “RT @MarshaBlackburn: Here’s what #TaxReform has brought to our country: ✅3.2 million new jobs ✅A bigger paycheck for ~90% of taxpayers ✅Lo…”

Donald Trump, Twitter.com, April 22, 2019 6:59 pm

24,243. 4/22/2019

JOBS/TAXES/TRUMP AS PRESIDENT: “RT @SenKevinCramer: Created under the Tax Cuts and Jobs Act, Opportunity Zones help lift low income Americans out of poverty by encouraging…”

Donald Trump, Twitter.com, April 22, 2019 6:58 pm

24,046. 4/16/2019

DEMS/TAXES/TRUMP AS PRESIDENT: “Bernie Sanders and wife should pay the Pre-Trump Taxes on their almost $600,000 in income. He is always complaining about these big TAX CUTS, except when it benefits him. They made a fortune off of Trump, but so did everyone else – and that’s a good thing, not a bad thing!” 

Donald Trump, Twitter.com, April 16, 2019 8:11 pm

24,000. 4/15/2019

FEDERAL RESERVE/TAXES/TRUMP AS PRESIDENT: “President Donald Trump played up the benefits of his tax cuts on Monday’s [4-15-19] tax filing day in a state where he’s aiming to turn a narrow defeat in the 2016 presidential race into a victory in his re-election bid next year…The $1.5 trillion, 10-year package of tax cuts Trump signed into law in 2017 helped accelerate economic growth in 2018 to a rate of 3 percent, based on the administration’s preferred measure of comparing the fourth quarter of 2018 to the same period in 2017. Most economists — including at the Federal Reserve — anticipate growth will slump this year to just above 2 percent as the stimulus from the tax cuts wanes. The White House insists growth will again top 3 percent this year, saying the benefits from a reduced corporate tax rate and other reductions will boost performance. Larry Kudlow, director of the president’s National Economic Council, pushed back against critics who argue the reductions benefited corporations more than average Americans. Minnesota U.S. Sen. Amy Klobuchar, a 2020 Democratic presidential candidate, said Sunday the tax cuts had added trillions of dollars to the nation’s debate and disproportionately helped the wealthy.”

Associated Press, “Trump Seeks Mileage for Tax Cuts at Truck Company Appearance,” The New York Times online, April 15, 2019

23,936. 4/11/2019

TAXES/TRUMP TAXES: “Two tax stories, progressing on non-parallel tracks and in seemingly alternate universes, are in the news, both moving full-steam ahead. One story is about all of us, or rather almost all of us: Ordinary workers getting ready this Monday, April 15, for the first tax day after the Trump-inspired Tax Cut and Jobs Act of 2017. We are about to learn first-hand that Trump’s promise to fix our broken tax code was not quite kept. The other story — the one sucking up all of the oxygen in the media, as per usual — features our reality-TV-host, Taxpayer-in-Chief, President Donald J. Trump, who is embroiled in a battle with House Dems over the release of his tax returns. His minions are vowing that the American people will never see them, even though the law giving Congress the power to obtain them seems as crystal clear as laws can seem these days. These concurrent storylines underscore a basic and important fact of life in America today. There are two tax systems in our country: One for the many of us who work regular jobs for a living, and a second for those who have wealth and can live off of it, without bothering much about ordinary work. Trump lives in the second world.”

Edward J. McCaffery, “As America files its taxes, Trump’s only worry is disclosure,” CNN Politics, CNN.com, April 11, 2019 9:28 pm

23,930. 4/11/2019

ELECTION/TAXES/TRUMP AS PRESIDENT: “President Donald Trump is expected to travel to Minnesota on Monday, the April 15 tax filing deadline. Trump is hoping to win Minnesota in the next election and has been citing tax cuts and his work on trade deals as positives that will help Republicans win in 2020. The Federal Aviation Administration sent an advisory to pilots on Wednesday [4-10-19] saying Trump would travel to the Minneapolis area. The White House hasn’t confirmed the trip. Trump lost Minnesota to Democratic nominee Hillary Clinton in 2016 by 1.5 percentage points. Minnesota has not voted for a Republican for president since Richard Nixon in 1972.”

Associated Press, “Trump Expected to Visit Minnesota on Tax Filing Deadline Day,” The New York Times online, April 11, 2019

23,929. 4/11/2019

DEMS/STEVE MNUCHIN/TAXES/TREASURY/TRUMP AS PRESIDENT: “The Latest on President Donald Trump’s tax returns (all times local): 10:45 a.m. Treasury Secretary Steven Mnuchin says his department intends to ‘follow the law’ and is reviewing a request by a top House Democrat to provide President Donald Trump’s tax returns to lawmakers. Mnuchin told a House panel that he has not had any communications with the president or his top staff about the department’s decision whether or not to provide Trump’s tax returns under a nearly century-old statute that says the Treasury Department ‘shall furnish’ them when requested. Acting White House chief of staff Mick Mulvaney said in a Sunday [4-7-19] show appearance that lawmakers will ‘never’ see Trump’s returns. Ways and Means Committee Chairman Richard Neal requested the returns last week in a letter to Mnuchin that set a deadline of Wednesday to provide them. Mnuchin says he ‘looks forward to responding.’”

Associated Press, “The Latest: Treasury Reviewing Request for Trump Tax Returns,” The New York Times online, April 11, 2019

23,909. 4/11/2019

AUTO INDUSTRY/CONGRESS/TAXES/TRUMP AS PRESIDENT: “President Donald Trump has proposed ending tax credits to encourage the purchase of electric cars but a bipartisan group in Congress moved to stop him. U.S. Sens. Debbie Stabenow and Gary Peters, both D-Mich., as well as Sens. Lamar Alexander, R-Tenn., Susan Collins, R-Maine, and U.S. Rep. Dan Kildee, D-Flint Township, instead proposed legislation Wednesday that would expand the credits…Under the current regulations, consumers purchasing eligible electric-powered vehicles can receive a tax credit of up to $7,500. The Trump administration has said getting rid of that credit could allow the U.S. Treasury to bring in another $2.5 billion. …Eliminating or changing the credits, however, would take an act of Congress, and the program has enjoyed bipartisan support in the past. In the current proposal, rather than eliminating the credit it would expand it, raising the limit at which it currently begins to phase out. Current law says that once an auto manufacturer sells 200,000 vehicles, the credit begins to phase out entirely over the next calendar year.” 

Todd Spangler, “Trump wants to end $7,500 electric car tax credits, members of Congress move to stop him,” USA Today, April 11, 2019 10:42 am

22,217. 1/27/2019

MILITARY/TAXES/TRUMP AS PRESIDENT/WALL: “After all that I have done for the Military, our great Veterans, Judges (99), Justices (2), Tax & Regulation Cuts, the Economy, Energy, Trade & MUCH MORE, does anybody really think I won’t build the WALL? Done more in first two years than any President! MAKE AMERICA GREAT AGAIN!”

-Donald Trump, Twitter.com, January 27, 2019 8:09 pm 

22,056. 1/21/2019

ECONOMY/GOP/REGULATIONS/TAXES/TRUMP AS PRESIDENT: “Investors did not know what to expect from a Trump presidency. Would they get a traditional pro-business Republican who promised tax cuts, or an unpredictable populist who would disrupt trade? So far, they’ve gotten both in President Trump, who sees the stock market as a barometer of his success. Stocks are up 25 percent in the two years since his election, but it has not always been a smooth ride. Stocks around the world tumbled overnight after Mr. Trump’s victory. But by the start of trading in the United States on Nov. 9, investors had begun to embrace the idea of a Republican-controlled White House and Congress. The chaotic first year of the Trump presidency would feature policy missteps, White House firings, tensions with North Korea and developments in the Russia investigation. But investors focused on the promise of tax cuts and deregulation, pushing markets up and up, and Mr. Trump spent much of 2017 crowing about the market’s gains.”

Peter Eavis, Stephen Grocer, Keith Collins and Karl Russell, “Trump Loves the Stock Market. Sometimes It Loves Him Back.,” The New York Times online, January 21, 2019

21,965. 1/18/2019

TAXES/TREASURY/TRUMP AS PRESIDENT/TRUMP BUSINESS: “Shrugging off the limitations of the partial government shutdown, the Trump administration finalized rules on Friday [1-18-19] governing who can claim a new 20 percent tax deduction for business owners. Officials said the rules would allow millions of businesses to file their 2018 taxes with certainty over whether they qualify for the break. The deduction for so-called pass-through businesses was a central feature of the sweeping tax-cut legislation that President Trump signed at the end of 2017. The vast majority of American small businesses are organized as pass-throughs, whose profits are divided up among owners and taxed as individual income. Many financial firms and real estate companies — including hundreds that are under the umbrella of the Trump Organization — are also set up as pass-throughs. The regulation includes several changes from a proposal the Treasury Department issued in August. It now allows certain mutual-fund holders to benefit from the deduction if they have holdings in a real estate trust. It also provides far greater detail on the type of service businesses that are excluded from claiming the deduction above a certain income threshold.”

Jim Tankersley, “Trump Administration Spells Out Who Wins and Loses From New Tax Break,” The New York Times online, January 18, 2019

21,646. 1/7/2019

GOVERNMENT/IRS/TAXES/TRUMP AS PRESIDENT: “Americans can still expect to get their tax refunds even though the Internal Revenue Service has been swept up in the federal government shutdown. ‘Tax refunds will go out,’ acting director of the Office of Management and Budget Russell Vought told reporters on Monday. He added that the Trump administration is working to make the shutdown ‘as painless as possible, consistent with the law.’ The decision marks a reversal of a long-standing policy that refunds due to millions of American taxpayers go unpaid during shutdowns. A senior administration official said that OMB is relying on a 2011 IRS memo that argued tax refunds can be paid out during a shutdown. At the time, the OMB’s general counsel disagreed with the IRS chief counsel’s position and said tax refunds could not be paid out during a shutdown. Faced with the latest shutdown, the Treasury Department last week asked the current OMB general counsel to revisit the 2011 memo and a supplemental memo was submitted to OMB this past Friday.”

Donna Borak, Jim Acosta and Jeremy Diamond, “White House says tax ‘refunds will go out’ amid shutdown,” CNN Politics, CNN.com, January 7, 2019 7:29 pm

21,586. 1/1/2019

TAXES/TRUMP AS PRESIDENT: “Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut!”

-Donald Trump, Twitter.com, January 1, 2019 6:39 pm

20,964. 12/4/2018

FRANCE/TAXES/TRUMP AS PRESIDENT: “RT @charliekirk11: There are riots in socialist France because of radical leftist fuel taxes Media barely mentioning this America is boom…”

-Donald Trump, Twitter.com, December 4, 2018 11:24 am