Tax cuts are no longer on the negotiating table as Gov. Gretchen Whitmer and the GOP-dominated Michigan Legislature square off before a deadline to submit a budget.
Crain’s first reported the story, citing two anonymous sources familiar with negotiations, and said lawmakers hope to pass a budget on Thursday. Read More
Gov. Ned Lamont said he is proposing a package of legislative proposals that would provide for $336 million in tax relief for state residents.
The governor announced the first package of tax aid comes as the state has a projected $1.48 billion surplus in its operating budget. The surplus, Lamont said, enables the tax cuts to be built into the budget and will ensure the state’s Rainy Day Fund remains strong. Read More
Buffeted by a Russia scandal that proved false, Donald Trump ended the first year of his presidency on a high note with passage of historic tax cuts. In contrast four years later, Joe Biden’s first year in office is ending with a stunning rebuke from a senator in his own party.
On Sunday, Sen. Joe Manchin (D-W.Va.) gave a resounding “No” to Biden’s signature Build Back Better legislation, leaving an uncertain path for the Democrats’ ambitious agenda despite the fact they control the Senate, House and White House. Read More
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. Read More
Michigan State Senator Aric Nesbitt (R-Lawton) on Thursday introduced legislation to cut the state’s income tax rates.
The measure, Senate Bill 768, would reduce the personal and corporate income tax rates to 3.9% from 4.25% and 6%, respectively. Read More
The 2017 Tax Cuts and Jobs Act, harpooned by progressive Democrats as a handout to wealthy corporations, turned out to be more progressive in practice, new data from the federal government revealed.
The federal tax reform measure supported by President Donald Trump increased taxes on some wealthy property owners in high-tax jurisdictions such as Illinois and New Jersey and decreased tax burdens on the middle class. Read More
Keeping with his promise in 2018 that he would be issuing a second round of tax cuts, President Donald Trump’s administration signaled that details of the new cuts would be announced in September. Read More
As Democratic presidential candidates stumble over one another in a headlong rush towards socialism and fiscal insanity—promising trillions in new spending on everything from child care, health care, and higher education for all, to “the Green New Deal” and slavery reparations—President Trump faces a critical choice. Read More