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Mnuchin has an important warning for stock-market investors

“Tax cuts are crucial to maintaining their record-setting ways, according to Steven Mnuchin” writes Mark Decambre for marketwatch.com. Beware, stock market investors!. Check out: Dow industrials on track for push above 23,000, as IBM’s rally provides a lift It isn’t clear, however, that the hope of tax cuts have been the sole cause of those gains. Only 1 out of 4 polled believe that the market will crash:. The Treasury secretary made his comments during a recent interview with Politico and said stocks could take a significant tumble if tax…

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Math Suggests Inequality Can Be Fixed With Wealth Redistribution, Not Tax Cuts

“In the production cycle, capitalists invest their wealth in production mechanisms, creating employment and products for the workers and returns on this investment for themselves” reports vice.com. If there is too much money concentrated in the production cycle, workers don’t have enough money to buy products and there is a recession. Source: vice.com Share This:

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GOP budget that’s key to taxes moving ahead in Senate

“There was “lots of talk” about the tax plan, Heitkamp said Tuesday, but “I still don’t know what it is.”” reports foxbusiness.com. Even most economists sympathetic to arguments that tax cuts boost the economy don’t claim they fully pay for themselves, however.The Senate is moving ahead on a Republican budget plan, a critical step in President Donald Trump and the party’s politically imperative drive to cut taxes and simplify the IRS code.Once the budget plan passes through the GOP-controlled Congress, the House and Senate can then advance a follow-up tax…

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McCain gives Senate GOP enough votes to pass budget, a boost for Trump’s tax plan

“As President Trump prepared to promote tax reform in a speech Tuesday night, Senate Republicans won over a key holdout on the budget resolution, Sen” reports washingtonpost.com. This is a crucial step in a closely divided Senate, where few if any Democrats are expected to support tax cuts.Bob Corker (R-Tenn.) told reporters Monday that he has reservations about the eventual tax-reform proposal but was “fine” voting for the budget resolution to allow the process to move forward. “I voted for [the resolution] out of committee,” he noted.It is unclear which…

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Trump seeks to rally conservatives with tax cuts

“You can talk to a 25-year-old about the Reagan tax cuts until you are blue in the face,” Norquist said” writes W James Antle for washingtonexaminer.com. Trump called tax cuts “a Christmas gift to all of our hardworking families.”. Thus on Tuesday, Trump’s tax reform audience isn’t red-state Democrats up for re-election next year, but conservatives.And he touts the “massive tax cuts” that are to come.One reason: tax reform is a major part of the agenda he and Republican congressional leaders have in common. Source: washingtonexaminer.com Share This:

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Senate votes to open budget debate, moving one step closer to approving tax cuts

“The Senate took an important step toward enacting Republican tax cuts Tuesday, voting to start debate on a budget resolution that would allow the chamber to approve a GOP tax proposal with a simple majority of votes” reports washingtonpost.com. The chamber voted 50 to 47 along party lines midday to proceed to debate on the budget resolution, a victory for Republican leaders who had faced the threat of several defections. Source: washingtonpost.com Share This:

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White House report claiming $4,000 worker wage boost from corporate tax cuts called ‘trickle-down fairy dust’

“Detractors quickly piled on a White House study released Monday that foresees incomes getting a boost of $4,000 a year if the corporate tax rate is cut to 20% from 35%” writes Fiscal Policy Reporter for marketwatch.com. Last month, the Treasury Department took down an economic analysis from 2012 which argued that workers pay 18% of the corporate tax rate, and business owners pay the rest.Rosenberg said he doesn’t disagree that corporate tax cuts can help lift wages. “I just think the magnitude of it is very, very high,” he…

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Trump’s Top Economist Says Corporate Tax Cuts Will Lift Workers’ Wages

“A 2012 Treasury Department study, which the department recently removed from its website, found that less than a fifth of the corporate tax falls on workers” writes Jim Tankersley for nytimes.com. A Congressional Research Service report last month concluded that the effects of corporate taxes fell largely on high-income Americans, not average workers.Trump has insisted is not negotiable: the reduction in the top corporate income tax rate.Other researchers have expressed doubts that businesses would pass tax savings on to their workers in the form of pay increases.Hassett’s: that the so-called…

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Low-level crimes to go uninvestigated in Met police spending cuts

“The Metropolitan police are to stop investigating many lower level crimes as a result of spending cuts, a senior police officer has said” writes Kevin Rawlinson for theguardian.com. The force said it was also having to deal with more crime and an increased terror threat.By empowering our officers and giving them a consistent policy, they are making judgments about whether it would be proportionate to continue further with an investigation in some lower level crime,” Simmons said.On Monday, it was reported that the UK’s largest force would no longer look…

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Indiana’s tax cuts haven’t led to ‘higher paychecks’

“Since the signing of these tax cuts, average income growth in Indiana has trailed both the national average and the level of growth seen in neighboring states” writes Washington Examiner Staff for washingtonexaminer.com. The tax cuts referred to by Trump were signed by then-Gov.The inheritance and corporate tax cuts were similarly tilted in favor of the state’s wealthiest families. Source: washingtonexaminer.com Share This:

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