As we find ourselves in a crucial period of economic transition, with positive but slowing growth, we are facing some critical policy decisions with major impacts on consumers, the retail industry and the broader economy. National Retail Federation Chief Economist Jack Kleinhenz recently highlighted that, much like in 2017, we are in a phase of waiting … Read more
June 20, 2024 June 20, 2024 Today, seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the Court had agreed with the plaintiffs in the case — as well as … Read more
Democrats are forging plans to raise tax rates on companies and wealthy individuals next year if they hold the White House and win control of both houses of Congress, as the party’s leaders increasingly see tax policy as a winning issue on the campaign trail.Senate Finance Committee Democrats met Thursday to discuss President Donald Trump’s … Read more
Published at 10 Jun 2024 According to estimates, cuts proposed by the Trump camp could increase US national debt by USD 1 trillion… According to estimates, cuts proposed by the Trump camp could increase US national debt by USD 1 trillion. As election fever in the US grows increasingly frantic with November’s crucial poll looming … Read more
Republicans in Congress are preparing to not just extend former president Donald Trump’s 2017 tax cuts if they win control of Washington in November’s elections, but also lower rates even more for corporations, laying the early groundwork for a ferocious debate over taxes and spending next year and beyond.The Tax Cuts and Jobs Act (TCJA) … Read more
Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.
The fact described in the text is that President Biden and congressional Democrats want to raise the federal corporate income tax rate to 28% from the current Trump rate of 21%.
President Biden and his wife Jill released their income tax returns on Tax Day, revealing that they avoided over 3,000 in payroll taxes since 2017 by characterizing their earnings as corporate profits rather than wages. They also claimed ,254 in Social Security benefits in 2023, despite not needing the income due to their wealth. Additionally, the Bidens had to pay 5 in penalties to the IRS for underpaying their taxes due to the complexity of the tax code.
Nancy Pelosi and other congressional Democrats signed a letter urging President Biden to stop weapons transfers to Israel amid criticism of Israel’s military assault on Gaza, which has led to thousands of deaths and widespread hunger. Pelosi’s support highlights a growing mainstream view in the Democratic Party. The letter also called for an investigation into an Israeli airstrike that killed aid workers. The United Nations has warned of a looming famine in Gaza.