An economic analysis of the far-right Project 2025 agenda crafted by at least 140 former Trump administration officials shows that the plan would result in higher taxes on working-class Americans and “corporate welfare” for the rich and large businesses. Conducted by the Democrats on the Joint Economic Committee (JEC), the new analysis notes that Project … Read more
WASHINGTON (AP) — A bill to expand the child tax credit and restore some tax breaks for businesses failed to advance in the Senate on Thursday as Republicans largely opposed the measure, arguing they would be in position to get a better deal next year. Majority Leader Chuck Schumer, D-N.Y., dared Republicans to vote against … Read more
The presidential race is unpredictable, but the legislative conversation in 2025 for the eventual winner is actually already determined. Nearly all of the Trump tax cuts affecting individual filers expire at the end of that year, as well as enhanced subsidies for Affordable Care Act exchanges. As I was told back in April, the near-term … Read more
Senate Republicans are expected to block legislation Thursday to cut taxes for working families and extend some corporate tax breaks, likely dooming a bipartisan compromise that the House had overwhelmingly approved and raising the stakes on taxes for this fall’s elections.The $79 billion legislation would expand eligibility for the child tax credit, or CTC, among … Read more
Even with control of the White House and Congress up in the air, lawmakers and lobbyists are gearing up for a big debate next year over expiring measures in former President Donald Trump’s tax law. President Biden’s decision not to seek re-election is upending expectations about who will control Washington next year. But there is … Read more
Pennsylvania Gov. Josh Shapiro speaks during a campaign rally for Vice President Kamala Harris in Ambler, Pennsylvania, on July 29, 2024.Hannah Beier | Getty ImagesPennsylvania Gov. Josh Shapiro defended his support for “aggressive” corporate tax cuts, a position that could rankle some of his fellow Democrats but which has won him support from the state’s … Read more
Gov. Josh Shapiro of Pennsylvania, who is one of several Democrats in consideration to become Vice President Kamala Harris’s running mate, expressed on Tuesday his opposition to the proposed takeover of U.S. Steel by Japan’s Nippon Steel, citing his reservations about its potential impact on workers in his state.Mr. Shapiro’s comments came during an event … Read more
Turkey is planning major tax changes as part of an economic reform proposal that aims to shore up government revenue, reduce inflation and “create a fairer system”.The parliament, controlled by a coalition led by President Recep Tayyip Erdogan’s Justice and Development Party (AKP), will vote next week on a package of major new fiscal laws, … Read more
Donald Trump speaks during a campaign rally on July 20, 2024 in Grand Rapids, Michigan. (Photo by Anna Moneymaker/Getty Images) In an interview with Bloomberg Businessweek published earlier this month, Trump said that, if he wins a second term, he would push to slash the corporate tax rate: I brought the taxes down from 39% … Read more
Despite pushback from the United States delegation, finance ministers at a meeting of the G20 countries in Rio de Janeiro on Thursday agreed on the need to develop a global taxation system in which the richest in the world are taxed at a higher rate—potentially unlocking hundreds of billions of dollars annually to help close … Read more