Tag Archives: tax code

GOP ‘Propaganda’ Not Working: Only 13% Believe Tax Plan Will Help Middle Class

New survey also shows that 60 percent believe the Republican plan will “mainly favor” the rich

By Jake Johnson, staff writer for CommonDreams. Published 11-3-2017

Photo: YouTube

For months Republicans and President Donald Trump have worked to convince Americans that massive tax cuts for the top one percent and the largest corporations would somehow primarily benefit the working class, but a new Washington Post/ABC News poll published Friday finds that the public isn’t buying the GOP’s “propaganda.”

Despite House Speaker Paul Ryan’s (R-Wis.) insistence on Thursday that his party’s proposals are geared toward helping “the middle class families in this country who deserve a break,” only 17 percent of Americans believe the GOP tax plan “mainly favors” the middle class, while 60 percent believe their plan would primarily benefit the wealthiest. Continue reading

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Trump Tax “Hoax” Would Blow $5 Trillion Hole In Budget Over Next Decade: Analysis

‘The idea that this plan would help average Americans instead of the wealthy and big corporations has been a hoax all along.’

Mick Mulvaney press conference about President Donald Trump’s budget plan. Screenshot: YouTube

By Jon Queally, staff writer for Common Dreams. Published 9-26-2017

Trumpcare may be dead again (for a while at least) on Tuesday, but Republicans now want to get serious about what they call “tax reform,” but which critics are resolute in saying is just a major push to give the nation’s corporation and wealthiest individuals another massive giveaway they don’t need and certainly don’t deserve.

A day ahead of the Trump administration’s scheduled release of what it says will be a “detailed” tax plan, progressive policy groups are again warning the American people not to be fooled by rhetoric as they highlight estimates showing the likely proposal will cost the government trillions of dollars in revenue over the next decade and lead the way towards massive cuts in key social programs that help insulate low-income and working Americans from an economy already “rigged” in favor of the wealthy and powerful. Continue reading

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Corporations Complain Their Taxes So High, But New Study Busts That Myth

Minimum-wage workers can’t afford to rent a one-bedroom apartment, but the GOP thinks it’s massive corporations that need an income boost

By ake Johnson, staff writer for Common Dreams. Published 8-11-2017

According to the Center on Budget and Policy Priorities, corporate profits are “near all-time highs.” Wages for most workers, meanwhile, have been stagnant for decades. (Photo: Jason Hargrove/Flickr/cc)

Corporate profits are up. Wages remain low. And, as always, the richest are angling for ever-lower tax rates.

Only 0.1 percent of full-time workers earning the minimum wage can afford to rent a one-bedroom apartment in any state in the U.S., but judging by their tax agenda, the Republican Party and President Donald Trump appear to feel it is massive corporations and billionaires—not American workers—who need an income boost. Continue reading

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In Major Tax Speech, Paul Ryan Lays Out Plan to Lavish Rich With Tax Cuts

“Paul Ryan is not serious about tax reform. He’s serious about tax giveaways—for millionaires, billionaires, and wealthy corporations.”

By Jake Johnson, staff writer for Common Dreams. Published 6-20-2017

Photo: YouTube

After spending months selling a healthcare plan that proposed kicking millions off their insurance and gutting crucial safety net programs, House Speaker Paul Ryan (R-Wis.) has now shifted his focus to tax reform, where he hopes to provide significant tax relief to the wealthiest Americans.

On Tuesday, after weeks of failing to offer any details on his ambitious plan to permanently overhaul the tax code, Ryan made his first major pitch to the National Association of Manufacturers—a business advocacy group that has in the past received funding from the Koch brothers. Continue reading

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‘Truly Dumb’: Why $2.4 Trillion Corporate Tax Cut Will Not Magically Pay for Itself

Economists and tax experts push back against White House reported plan to slash corporate rate by 60 percent

By Jon Queally, staff writer for Common Dreams. Published 4-25-2017

“Not to put too fine a point on it, this is false” writes Jared Bernstein in response to claims by Trump’s Treasury Secretary claims that $2.4 trillion corporate tax cut will magically pay for itself. (Photo: Timothy Krause/cc/flickr)

With reports that President Donald Trump wants to slash the corporate tax rate by 60 percent and Treasury Secretary Steven Mnuchin claiming widespread cuts for the nation’s wealthy and powerful will magically pay for themselves, progressive economists and tax experts are issuing early warnings that this is simply the latest attempt by Republicans to pull the wool over the eyes of average American taxpayers.

With more details expected during an offical White House announcement on Wednesday, numerous outlets have already reported that Trump will tout cutting the corporate tax rate from its current 35 percent down to an even more paltry 15 percent. As is well known and repeatedly documented, even the 35 percent official rate is largely a mythical number that few U.S. corporations actually pay. Continue reading

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As Push for Trump’s Taxes Gains Steam, Promised GOP Tax Overhaul Falters

“If [Trump] doesn’t release his returns, it is going to make it much more difficult to get tax reform done”

By Nika Knight, staff writer for Common Dreams. Published 4-18-2017

Demonstrators at the Tax March on April 15 in New York City. (Photo: Michael Kink/Twitter)

As millions of Americans file their tax returns, and days after tens of thousands of marched to demand that President Donald Trump make his tax returns public, the president is still refusing to release his returns.

On Monday, White House Press Secretary Sean Spicer reiterated the claim that Trump can’t release his taxes because they are under audit, a statement immediately refuted by tax experts. Continue reading

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Report Reveals How Corporate Tax Dodgers Avoid Paying Their Fair Share—or Any Share At All

Bernie Sanders declares: ‘At a time when we have massive wealth and income inequality, and when corporate profits are soaring, it is an outrage that many large, profitable corporations paid nothing in federal income taxes last year.’

Among its findings, Citizens for Tax Justice reveals that not only did media giant Time Warner pay nothing in federal income taxes last year, it received a rebate of $26 million from the IRS even though it made $4.3 billion in U.S. profits. (Photo: Zhu/flickr/cc)

Written by Deirdre Fulton, staff writer for Common Dreams. Published April 10, 2015.

Pointing to egregious examples of Fortune 500 corporations “manipulating the tax system to avoid paying even a dime in tax on billions of dollars in U.S. profits,” a new report from Citizens for Tax Justice makes a sharp case for corporate tax reform.

The 15 companies cited in the CTJ analysis represent a range of sectors within the U.S. economy, from toy maker Mattel to financial services corporation Prudential to broadcaster CBS to media giant Time Warner.

Continue reading

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What if filing taxes wasn’t so… taxing?

By Gretschman for Occupy World Writes

[Public domain], via Wikimedia Commons

[Public domain], via Wikimedia Commons

There are at least 1,910 forms and supporting documents on the Internal Revenue Service (IRS) website. The tax form that most Americans fill out for the purpose of federal tax liability has a 206 page set of instructions that go with it. American citizens are taxed at varying rates: up to 39.6 percent of their income.

The IRS calculates a burden of 7 hours and $120 for the average taxpayer to complete a federal tax return (Form 1040). For businesses, the IRS calculates a burden of 24 hours and $430.

Can’t we simplify this ? What if the existing tax code with its page after page of additions and exclusions was thrown out so that all citizens and businesses would pay the same flat rate on their income? No more having multi-billion dollar corporations paying less taxes than the average citizen pays.

Instead of pages and pages of tax code that favor those who helped write the tax code, one flat tax rate would apply to all. If all income was subject to a 7 percent tax paid to the federal government and a 3 percent tax was paid to the state or local municipality where the citizen or business resided the federal, state and local governments would have enough money to provide the types of programs and services that are now at the mercy of political wrangling. Most, if not all, citizens would be overjoyed to bring home 90 percent of their gross wages.

How much money and time would be saved by having a simplified tax code? How much less would the government spend on implementation and enforcement of a simpler tax code? How much more money would the average citizen have to spend on education, entertainment, or just the basic necessities of daily living?

If the only things that are certain in this life are death and taxes, can’t we at least try to make the second one feel a little less like the first?

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