Categories for Taxes

31,040. 11/26/2019

BUSINESS/FRANCE/TARIFFS/TAXES/TRUMP AS PRESIDENT: “A brief truce in what had been an escalating battle between the United States and France over taxing digital services has expired, but President Trump gave no indication this week whether he planned to return to his threats to impose new tariffs on imported wine and other French products as a result. French leaders voted this year to impose a new tax on economic activity that takes place online and crafted it in such a way that it would largely hit large American tech companies like Amazon and Facebook. In response, the Trump administration opened an investigation into whether the tax posed a threat to national security and should be met with American tariffs on French products. Mr. Trump vocalized the threat of tariffs in July. Soon after, the countries reached a 90-day agreement that paused the American retaliation, while leaders from wealthy countries including France and the United States pursued negotiations toward an international agreement on digital taxation.”

Jim Tankersley and Alan Rappeport, “Trump’s Tax Truce With France Expires, but the Path Ahead Remains Unclear,” The New York Times online, November 26, 2019 

30,113. 10/31/2019

ELECTION/TAXES/TRUMP AS PRESIDENT: “House Ways and Means ranking member Kevin Brady said Thursday [10-30-19] that he doesn’t expect any new tax cut proposals from White House officials this year, though one is likely to come as the 2020 election season heats up…The Washington Post reported earlier today that White House officials and Republicans on the Hill have started discussions about a tax cut and other plans to boost the economy. President Donald Trump has previously said he plans to pursue a follow up to 2017’s Tax Cuts and Jobs Act and one of his top aides recently talked up the possibility of more tax cuts. At a dinner last week, National Economic Council Director Larry Kudlow repeatedly mentioned the 1986 tax overhaul, noting it reduced the number of individual tax rates to two, an attendee told POLITICO. There are currently seven rates, ranging from 10 percent to 37 percent.”

Aaron Lorenzo, “GOP tax writer expects Trump to roll out tax plan next year,” Politico, October 31, 2019 3:49 pm

29,189. 10/7/2019

TAXES/TRUMP AS PRESIDENT: “….doesn’t even include the almost $2000 that the families got from the Trump Tax Cut.’ Stephen Moore, Freedomworks That means $5000 to $6000 more in disposable yearly income that Americans have right now because of President Trump!”

-Donald Trump, Twitter.com, October 7, 2019 9:01 am

28,493. 9/18/2019

LEGISLATION/TAXES/TRUMP AS PRESIDENT: “RT @WhiteHouse: Thanks to President @realDonaldTrump’s historic tax reform legislation, 879 Opportunity Zones will stimulate investment in…”

Donald Trump, Twitter.com, September 18, 2019 6:47 am

28,059. 9/2/2019

ECONOMY/TARIFFS/TAXES/TRUMP AS PRESIDENT: “‘When you put everything together, the pro growth Tax & Regulation Cuts, help to retrain workers, the Tariffs which encourage manufacturers to come back to America, along with President Trumps tough approach on immigration (strong stance on illegals, promoting Merit Based), it…”

Donald Trump, Twitter.com, September 2, 2019 6:36 am

27,940. 8/30/2019

ECONOMY/TAXES/TRUMP AS PRESIDENT: “President Donald Trump on Friday [8-30-19] again flirted with the idea of easing capital gains taxes, after swearing off the idea last week because it could be seen as ‘elitist.’ Trump retweeted an article co-authored by Sen. Ted Cruz (R-Texas) and conservative anti-tax crusader Grover Norquist calling for the capital gains tax to be indexed to inflation, a move that would effectively cut taxes on the sale of assets like stocks. He also shared a tweet from Club for Growth, another conservative group focused on slashing taxes, asking him to index capital gains to inflation…Trump has publicly floated the idea of various tax cut proposals as signs have emerged that the economy could be veering toward a recession. Such a move, which conservatives have pushed for in the past, is still a possibility, a senior administration official said this week, though the official cautioned that nothing immediate was happening.”

Caitlin Oprysko and Arren Kimbel-Sannit, “Trump again flirts with easing capital gains taxes,” Politico, August 30, 2019 11:40 am

27,781. 8/24/2019

DEMS/TAXES/TRUMP AS PRESIDENT: “‘Face It, You Probably Got A Tax Cut!’ This was a New York Times headline, and it is very true. If Republicans take back the House, and keep the Senate and Presidency, one of our first acts will be to approve a major middle income Tax Cut! Democrats only want to raise your taxes!”

Donald Trump, Twitter.com, August 24, 2019 10:15 am

27,751. 8/23/2019

CHINA/TAXES/TRUMP AS PRESIDENT: “…Additionally, the remaining 300 BILLION DOLLARS of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%. Thank you for your attention to this matter!”

Donald Trump, Twitter.com, August 23, 2019 4:00 pm

27,740. 8/23/2019

ECONOMY/ELECTION/TAXES/TRUMP AS PRESIDENT: “The Trump administration is studying tax cuts to buttress long-term U.S. economic growth that could be rolled out during the 2020 election campaign but is not looking at action to counter any perceived economic weakness now, the White House economic adviser said on Thursday —8-22-19]…Kudlow’s remarks came as he tried to clear up confusion over the administration’s tax policies, fueled in part by President Donald Trump’s comments on taxes over the past few days. The Washington Post reported earlier this week that several senior White House officials had begun discussing a temporary cut to the payroll tax used to fund income and health payments for retirees. It said they also were studying other measures that could be rolled out in the event the economy faltered. The White House initially denied the tax cuts were being considered, but Trump said on Tuesday payroll taxes were being studied. Trump also said he was seriously considering indexing capital gains taxes to the inflation rate. On Wednesday [8-21-19], he said he was not studying that.”

Reuters Staff, “White House mulling tax cuts but not to counter short-term weakness: adviser,” Reuters, August 23, 2019 9:30 am

27,731. 8/23/2019

CHINA/FEDERAL RESERVE/TARIFFS/TAXES/TRUMP AS PRESIDENT: “President Trump said he would increase taxes on all Chinese goods and demanded that American companies stop doing business with China as his anger toward Beijing and his Federal Reserve chair boiled over on Friday [8-23-19]. Twelve hours after China said it would retaliate against Mr. Trump’s next round of tariffs by raising taxes on American goods, Mr. Trump said he would bolster existing tariffs on $250 billion worth of Chinese goods to 30 percent from 25 percent on Oct. 1. And he said the United States would tax an additional $300 billion worth of Chinese imports at a 15 percent rate, rather than the 10 percent he had initially planned. Those levies go into effect on Sept. 1…In a series of angry tweets earlier in the day, Mr. Trump called for American companies to cut ties with Beijing and said the United States would be economically stronger without China. Those comments sent stocks plunging, helping push the market to its fourth straight weekly loss. The president also called the Fed chair, Jerome H. Powell, an ‘enemy’ of the United States and compared him to President Xi Jinping of China, his trade nemesis, after Mr. Powell declined to signal an imminent cut in interest rates.”

Alan Rappeport and Keith Bradsher, “Trump Says He Will Raise Existing Tariffs on Chinese Goods to 30%,” The New York Times online, August 23, 2019

27,673. 8/21/2019

ECONOMY/TAXES/TRUMP AS PRESIDENT: “‘Tax cuts, deregulation, and an Administration dedicated to growing business have allowed the U.S. economy to flourish. The resulting surge in job creation and record low unemployment has put the American worker in the driver’s seat.’ @SecretaryRoss https://t.co/nN2bhDycq5

Donald Trump, Twitter.com, August 21, 2019 4:42 pm

27,670. 8/21/2019

ECONOMY/TAXES/TRUMP AS PRESIDENT: “President Donald Trump on Wednesday [8-21-19] backed off his public support for a payroll tax cut or a reduction in capital gains taxes, just 24 hours after saying he would ‘love to do something’ on both fronts…White House officials in recent days have been discussing a broad package of measures to reduce the risk of an election year recession. The proposals include a cut of 1 or 2 percentage points in the corporate tax rate, a payroll tax cut and a move to index capital gains to inflation, which potentially could be done through an executive order. But on Wednesday, Trump insisted such moves are not on the table, saying he thinks the U.S. ecocomy is strong and that indexing capital gains is ‘not something I love’ because it would be perceived as only for the rich.”

Shawna Chen, “Trump reverses himself on tax cut ideas,” Politico, August 21, 2019 1:40 pm

27,609. 8/19/2019

ECONOMY/TARIFFS/TAXES/TRUMP AS PRESIDENT: “White House officials have begun preparing options to help bolster the American economy and prevent it from falling into a recession, including mulling a potential payroll tax cut and a possible reversal of some of President Trump’s tariffs, according to people familiar with the discussions…Officials inside the administration have drafted a white paper exploring a payroll tax reduction, which would seek to boost the economy by immediately injecting more money into workers’ paychecks. In 2011 and 2012, the Obama administration employed a two-year payroll tax cut in an effort to stimulate what was a sluggish recovery from the recession that ended in 2009. The payroll tax discussion was first reported Monday [8-19-19] by The Washington Post. Such a cut would require congressional approval. Administration officials said the idea had not been pushed with Mr. Trump and tried to tamp talk of it down.”

Maggie Haberman, Jim Tankersley and Annie Karni, “Trump Administration Considers Moves to Bolster Economy,” The New York Times online, August 19, 2019 

27,412. 8/13/2019

ECONOMY/JOBS/TAXES/TRUMP AS PRESIDENT: “From tax cuts to relaxed regulations to tariffs, each of President Trump’s economic initiatives is based on a promise: to set off a wave of investment and bring back jobs that the president says the United States has lost to foreign countries…Mr. Trump’s tax cuts unquestionably stimulated the American economy in 2018, helping to push economic growth to 2.5 percent for the year and fueling an increase in manufacturing jobs. But statistics from the government and other sources do not support Mr. Trump’s claim about his policies’ effectiveness in drawing investment and jobs from abroad. Foreign investment in the United States grew at a slower annual pace in the first two years of Mr. Trump’s tenure than during Barack Obama’s presidency, according to Commerce Department data released in July. Growth in business investment from all sources, foreign and domestic, accelerated briefly after Mr. Trump signed a $1.5 trillion tax-cut package in late 2017 but then slowed. Investment growth turned negative this spring, providing a drag on economic output.”

Jim Tankersley, “Trump’s Push to Bring Back Jobs to U.S. Shows Limited Results,” The New York Times online, August 13, 2019

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