Last week, a group of angry and desperate Citi Tax Financial customers gathered outside the company’s storefront in Augusta, Georgia. Millions of Americans had received a big deposit from the IRS in their bank accounts, but they had not. The IRS website told them their coronavirus stimulus checks were deposited in an account they didn’t recognize.
With an officer from the Richmond County Sheriff’s Office beside him and another officer shouting for people to be quiet, the tax preparation company’s owner told the crowd of about 60, only a few of whom wore masks, that he didn’t have their money. Continue reading →
Treasury Secretary Steven Mnuchin and President Donald Trump at a Tax reform press briefing October 31, 2017. Screenshot: YouTube
President Donald Trump on Tuesday once again voiced his support for slashing the payroll tax—the primary funding mechanism for Social Security and Medicare—and said he would be calling for such a cut even if the U.S. were not currently in the midst of a nationwide public health and economic emergency.
“I would love to see a payroll tax cut,” Trump, who has repeatedly vowed to “save” Social Security, said at the end of the Coronavirus Task Force briefing Tuesday evening. “I think on behalf of the people it would be quick… There are many people who would like to see it as a permanent tax cut.” Continue reading →
Charles Rettig testifying at his confirmation hearing on June 28, 2018. Screenshot: C-SPAN
The IRS audits the working poor at about the same rate as the wealthiest 1%. Now, in response to questions from a U.S. senator, the IRS has acknowledged that’s true but professes it can’t change anything unless it is given more money.
President Donald Trump said Friday he will nominate right-wing commentator Stephen Moore to the Federal Reserve board. (Photo: CBN)
Economists and progressive experts responded with exasperation and unease on Friday after President Donald Trump said he will nominate right-wing commentator Stephen Moore to the Federal Reserve, the gatekeeper of the nation’s economy.
“I will be nominating Mr. Moore for the Fed. You know who I’m talking about,” Trump told reporters while arriving in Florida for the weekend. “He’s going to be great on the Fed.” Continue reading →
A poll released Monday confirmed that corporations’ financial windfall following the passage of the Republican tax plan in 2017 did not lead to corporate investment in jobs and raises. (Photo: @zacjanderson/Twitter)
The release of a new survey on Monday confirmed that corporations used the $1.5 trillion giveaway in the Republicans’ 2017 tax plan for their shareholders and top executives—not their workers or reinvesting in their businesses.
The National Association of Business Economics’ (NABE) quarterly poll found that 84 percent of companies were not ramping up spending in the form of hiring, raises, and other capital investments. Continue reading →
Income inequality refers to the unequal distribution of income between the rich and poor.
Inequality in the U.S. has dramatically increased since the 1970s, under both liberal and conservative administrations in Washington. And the kind of policy Ocasio-Cortez is proposing will be impossible to pass with the polarized politics in Washington D.C. Continue reading →
“The Gilets Jaunes that you see in the streets,” said one organizer, “they’re being bled dry financially. The wealth gap is getting wider, and we’ve reached a point where there are the very rich and the very poor.”
The movement’s name comes from many supporters wearing the yellow high-visibility vests that all drivers in France are required to keep in their vehicles. Although Macron’s centrist administration announced last week that it was suspending fuel and electricity hikes for six months, outrage over growing inequality across the country has continued to produce massive protests. Continue reading →
President Donald Trump is famous for bragging about his net worth. Publicly, he claims he’s worth more than $10 billion. He even sued an author over the issue and lobbied the editors of Forbes about his ranking on their billionaires list.
Yet quietly in another setting, the Trump Organization says the president’s holdings are worth far less than he has proclaimed. Across the country, the Trump Organization is suing local governments, claiming it owes much less in property taxes than government assessors say because its properties are worth much less than they’ve been valued at. In just one example, the company has asserted that its gleaming waterfront skyscraper in Chicago is worth less than than its assessed value, in part because its retail space is failing and worth less than nothing. Continue reading →
White House National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin. Screenshot: YouTube
Almost everyone—nonpartisan commentators, economists, and even President Donald Trump’s chief economic adviser—predicted that corporate shareholders and CEOs, not workers, would be the primary beneficiaries of the Republican tax law, and several recent analyses have shown that prediction to be right on the money.
While many corporations immediately launched aggressive PR campaigns crediting the tax plan Trump signed in December with new “investments” in employees, a study by the nonprofit group JUST Capital published on Wednesday found that the sensational headlines touting worker bonuses obscured the fact that the vast majority of the law’s benefits have gone straight to the pockets of wealthy shareholders. Continue reading →