Friday’s jobs report reveals accelerating weakness in the American economy. Only 142,000 jobs were created last month, below expectations. Half of new positions were created in the unproductive government or quasi-government healthcare and social services sectors.
A record 8.2 million Americans have second jobs. So far this year, the number of unemployed Americans has increased by one million.
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The Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump on Dec. 22, 2017, provided across-the-board income tax cuts for all income levels as well as significant tax relief for American taxpayers. However, most of the tax relief expires on Dec. 31, 2025, which will result in significant tax hikes for most Americans in 2026.
Republican presidential candidate Donald Trump and Republicans in Congress are calling for new legislation in 2025 to make the TCJA tax cuts permanent. But this will only be possible with three election results this November: (1) Trump wins the presidency; (2) Republicans gain majority control of the Senate; and (3) Republicans maintain majority control of the House of Representatives. Failure to achieve a victory sweep for the presidency and both houses of Congress would be devastating for Americans’ pocketbooks, given Democrat animus towards extending the TCJA tax cuts.
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The Supreme Court rejected Thursday a challenge to a 2017 tax law passed by Congress.
The case, Moore v. United States, considers whether the 16th Amendment permits taxing unrealized gains. Kathleen and Charles Moore sued for a refund in 2019 after they were hit with a $14,729 tax bill for their investment in an overseas company, though they never received any payment in earnings from the company.
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Ignore the May jobs report‘s topline establishment survey number and the media’s celebratory reporting. It’s not to be trusted.
A new analysis by the Daily Caller News Foundation shows that payrolls were overstated by 1.3 million last year after accounting for the constant downward revisions. A new Bloomberg Economics report finds monthly job gains were overstated by 730,000 last year. Bloomberg says a surge of business closures is to blame.
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The State of the Union is not strong. Americans are facing a cost-of-living crisis, high crime, and an unsecured southern border as a direct result of Democrats’ failed policies led by perpetrator-in-chief Joe Biden.
Instead of taking accountability for these pressing national challenges, Biden promised more of the same in his State of the Union address Thursday night.
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Democrats have argued that the tax reforms implemented through the 2017 Tax Cuts and Jobs Act (TCJA) only benefited the rich, and that the Build Back Better Act (BBBA) will help middle-and working-class Americans the most.
But several nonpartisan groups found that the TCJA reduced the tax burden for the middle- and working-class by up to 87% and, they argue, the $2.4 trillion BBBA – before the U.S. Senate this week – would increase taxes on the middle- and working-class by up to 40%.
A new analysis published by the Heartland Institute found that the TCJA reduced the average effective income tax rates for taxpayers in every income tax bracket – but the lower- and middle-class saw the greatest benefits – with the lowest-income filers receiving the largest tax cuts.
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