Mixed reactions after Emmanuel Macron promises €5bn in tax cuts
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Showing posts with label Tax Cuts. Show all posts
Showing posts with label Tax Cuts. Show all posts
7/30/18
USA: Trump Administration Mulls a Unilateral Tax Cut for the Rich - by Alan Rappeport and Jim Tankersley
The Trump administration is considering
bypassing Congress to grant a $100 billion tax cut mainly to the
wealthy, a legally tenuous maneuver that would cut capital gains
taxation and fulfill a long-held ambition of many investors and
conservatives.
Steven Mnuchin, the
Treasury secretary, said in an interview on the sidelines of the Group
of 20 summit meeting in Argentina this month that his department was
studying whether it could use its regulatory powers to allow Americans
to account for inflation in determining capital gains tax liabilities.
The Treasury Department could change the definition of “cost” for
calculating capital gains, allowing taxpayers to adjust the initial
value of an asset, such as a home or a share of stock, for inflation
when it sells.
3/3/12
US Republican Primaries: Making the United States More Like Greece - by Simon Johnson
One of the big problems in Greece over the past decade or so is that the government was not honest with its data. Various people assisted in the matter -- including Goldman Sachs with respect to some debt issues -- but ultimately this was a political decision at the highest level. The people running the country decided to conceal the true nature of their budget and their debt. This deception ended up costing the country dearly -- completely undermining its credibility under pressure and making it much harder to turn the fiscal and economic situation around.
Republicans want to cut taxes - there is no secret about that. All four remaining presidential candidates have fiscal proposals with major tax cutting elements. The problem for them and for their congressional colleagues is that we have an honest broker in the fiscal arena -- the nonpartisan Congressional Budget Office (CBO) -- that "scores" fiscal proposals according to their likely impact. (The CBO scores official proposals; it does not score candidates - but its approach to scoring is influential and largely followed by others, such as the Committee for a Responsible Federal Budget, CRFB.)
In the modern United States, cutting taxes leads to lower revenue and larger budget deficits. There are no two ways about this -- as Ronald Reagan discovered in the early 1980s.
For more: Simon Johnson: Fiscal Affairs: Making the United States More Like Greece
Republicans want to cut taxes - there is no secret about that. All four remaining presidential candidates have fiscal proposals with major tax cutting elements. The problem for them and for their congressional colleagues is that we have an honest broker in the fiscal arena -- the nonpartisan Congressional Budget Office (CBO) -- that "scores" fiscal proposals according to their likely impact. (The CBO scores official proposals; it does not score candidates - but its approach to scoring is influential and largely followed by others, such as the Committee for a Responsible Federal Budget, CRFB.)
In the modern United States, cutting taxes leads to lower revenue and larger budget deficits. There are no two ways about this -- as Ronald Reagan discovered in the early 1980s.
For more: Simon Johnson: Fiscal Affairs: Making the United States More Like Greece
12/6/10
US Economy: Obama And Republicans Agree On Tax Cut Extension
President Barack Obama lost a game of chicken over tax cut extensions, and had to compromise when Republicans called his bluff.
Obama and the Democrats wanted to extend tax cuts only for middle income earners, while the GOP in Congress were willing to let the cuts expire at the end of the year if those for the wealthy did.
Monday night, Obama announced agreement with Republicans to extend tax cuts for all Americans, renew jobless benefits and grant a one-year reduction in Social Security taxes for millions. The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.
For more: Obama And Republicans Agree On Tax Cut Extension : NPR
Obama and the Democrats wanted to extend tax cuts only for middle income earners, while the GOP in Congress were willing to let the cuts expire at the end of the year if those for the wealthy did.
Monday night, Obama announced agreement with Republicans to extend tax cuts for all Americans, renew jobless benefits and grant a one-year reduction in Social Security taxes for millions. The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.
For more: Obama And Republicans Agree On Tax Cut Extension : NPR
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