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‘Now is the opportunity’: Business is good, but owners of firms say a tax cut could make it better

“Douglass Henry, owner of packaging materials manufacturer Henry Molded Products, admits he could live without a tax cut” reports washingtonpost.com. Critics of the tax overhaul say it won’t accomplish what Republicans say it will.And the Senate bill goes so far as making the corporate tax cuts permanent but the individual tax reductions temporary.After 30 years, we’re overdue.” Henry stands at the conflicted heart of the GOP’s push for a $1.5 trillion tax overhaul, which is now moving forward in the Senate after the House passed its version of the tax bill…

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Obamacare repeal could be removed from tax bill

“If it becomes an impediment to getting the best tax bill we can, then we are O.K. with taking it out,” Mulvaney said” writes Aol Staff for aol.com. Republicans, who control both chambers of Congress, consider a tax bill critical to their party’s prospects in the 2018 U.S. congressional elections.Trump had urged lawmakers to add repeal of the mandate to the tax bill, writing on Twitter last week that the provision was “unfair” and “highly unpopular.”. The House of Representatives last week passed its tax bill. Source: aol.com Share This:

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Mnuchin says he should take it ‘as a compliment’ that people compared him to a James Bond villain after the money photos went viral

“Treasury Secretary Steve Mnuchin said he wasn’t bothered when people online compared him to a James Bond villain after he posed for photos with money at the Bureau of Engraving and Printing last week” writes Maxwell Tani for businessinsider.com. The images quickly went viral, and opponents of President Donald Trump’s tax reform push used them to cast the administration’s efforts as out-of-touch and benefiting the wealthy. Democrats trolled House Republicans using viral images and memes incorporating the images during the floor debate on the Tax Cuts and Jobs Act, the…

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The breakneck speed of the Republican tax bill is angering Democrats and increasing the odds it passes

“Ron Johnson of Wisconsin came out Wednesday as the first member to publicly defect on the tax bill” writes Bob Bryan for businessinsider.com. “The tax reform debate is moving forward faster than we or most other observers expected,” Phillips wrote Tuesday.Chris Krueger, an analyst at Cowen Washington Research Group, said the sudden speed of the tax reform bill also has a political necessity: Republicans need a win.Alec Phillips, a political economist at Goldman Sachs, recently raised his odds of a tax reform bill passing soon due to how quickly the TCJA advanced through…

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Tax reform could come before 2018, and here are the two names you want to buy: Strategist

“Along with health care names, Stone believes tech names would be a strong bet given the amount of foreign cash they acquire” writes unknown author for cnbc.com. Stone believes that given the terms of repatriation as it currently stands in the tax bill, health care names like Pfizer would be a big beneficiary.In this case, the strategist is picking Cisco for a rally, should the tax bill pass.The current tax plan would cut the tax rate on U.S. companies’ overseas income.On Thursday, House Republicans passed the $1.5 trillion tax cut…

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Tax filers in most states claim deduction targeted by GOP

“Howard Stephenson is a strong supporter of repealing the state and local tax deduction, even though a comparatively high percentage of residents there claim it” writes The Associated Press for seattletimes.com. The House version would repeal the deduction for income and sales taxes while capping the property tax deduction at $10,000.He said Republicans are eliminating the state and local deduction to help pay for tax cuts for businesses and the wealthy.New York led the way with an average state and local tax deduction of more than $22,000, followed by Connecticut,…

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Drug traffickers taught the rich how to hide money in tax havens

“Nowhere is this synthesis better in display than in offshore tax havens” writes Roberto Saviano for theguardian.com. What has come to light in both the Panama and Paradise Papers leak proves that in tax havens, cocaine money, money from tax evasion, and legal money all live together, legitimizing one another.So is the fact that mafia organizations were the first to create and facilitate money-laundering mechanisms through tax havens. Source: theguardian.com Share This:

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Who wins and loses in tax plan?

“Paying for the tax cuts is likely to mean cuts to social security and Medicare, the federal program that provides health insurance to those 65 and older” writes Dominic Rushe for theguardian.com. In 2005 the rule was responsible for $31m of the $38m Trump paid in federal taxes, according to leaked documents.Gone also would be the alternative minimum tax (AMT), introduced in 1969 to prevent the rich from escaping paying their fair share of tax via tax loopholes.Trump’s plan would cut the corporate tax rate from 35% to 20%, the…

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Derided by critics, trickle-down economics gets another try

“A far more generous bounty would go to the highest-earning 1 percent: An average tax cut of $62,000” writes The Associated Press for seattletimes.com. The nonpartisan Tax Policy Center has found that the House tax plan would deliver an average tax cut of $360 for middle-income taxpayers in 2027.In addition, Bartlett and other critics say, now is an especially inauspicious time for sharp tax cuts.Among the key planks in their legislation: Shrink the corporate tax rate to 20 percent from 35 percent.The White House says the plan’s corporate tax cut…

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