Tax cuts

A tax cut is a reduction in the rate of tax charged by a government. The immediate effects of a tax cut are a decrease in the real income of the government and an increase in the real income of those whose tax rates have been lowered. Due to the perceived benefit in growing real incomes among tax payers, politicians have sought to claim their proposed tax credits as tax cuts.
Latest news and discussion about the tax cuts.
  • Americans should get a big pay bump, but not until 2022, analyst says
    Yahoo Finance

    Americans should get a big pay bump, but not until 2022, analyst says

    Workers should see some strong upward pressure on their paychecks coming. The only problem is it won't be for another four years. And if it doesn't materialize it could be a disaster.

  • CNBC

    US Treasurys mixed as investors monitor economic data

    The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.8600 percent, while the yield on the 30-year Treasury bond was lower at 2.9701 percent. U.S. government debt prices were mixed Wednesday morning, as investors awaited fresh economic data.

  • The 3 men who steered the US through the 2008 crash think we're forgetting lessons from the crisis
    Business Insider

    The 3 men who steered the US through the 2008 crash think we're forgetting lessons from the crisis

    Henry Paulson, Timothy Geithner, and Ben Bernanke have warned that the lessons of the 2008 financial crisis are in danger of being forgotten. Paulson was head of the Treasury when the crisis struck in 2008, Geithner took over under Obama, and Ben Bernanke was Federal Reserve Chairman during the crisis. Three men who played a central role in the US response to the 2008 financial crisis have voiced concern that the country may be forgetting the lessons learned from the crisis.

  • Nigeria's Buhari sends $750 mln supplementary budget to lawmakers
    Reuters

    Nigeria's Buhari sends $750 mln supplementary budget to lawmakers

    Nigerian President Muhammadu Buhari submitted a 228.9 billion naira ($750 million) supplementary budget for 2018 to parliament on Tuesday after a six-month delay in getting the main budget approved. In a letter accompanying the draft supplementary budget, Buhari said implementing the main 9.12 trillion naira ($29.92 billion) budget for the year "will be extremely challenging," without elaborating. Buhari's administration has struggled to pass its annual budgets, some delayed by as much as half a year, as lawmakers and the presidency have waged politically charged battles over items like infrastructure projects.

  • Moonwalking: South Korea's wage, hours policies backfire for jobless, low income workers
    Reuters

    Moonwalking: South Korea's wage, hours policies backfire for jobless, low income workers

    President Moon Jae-in wants South Koreans to work less and earn more – and to achieve that his government has hiked the minimum wage and slashed the maximum length of the working week. Heo's store shortened its opening times and cut staff hours. Many businesses are closing early rather than hiring additional staff after the legal cap on working hours was cut to 52 per week from 68, effective July 1.

  • Going, going gone for Australia's house price boom. And some investors smell trouble
    Reuters

    Going, going gone for Australia's house price boom. And some investors smell trouble

    It's a winter weekend in Sydney's bustling northern suburb of Chatswood and a three-bedroom family house sporting an endless garden is up for auction. Auctions are a bellwether of demand in property-obsessed Australia, where attending sales is almost a national pastime. It is therefore telling that only just over half were successful the weekend last month a Reuters reporter visited some of Sydney’s auctions, compared to more than two-thirds for all of last year.

  • Reuters

    Fed's Powell: Years of strong jobs, low inflation still ahead

    Federal Reserve Chairman Jerome Powell said on Tuesday he sees the United States on track for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration's trade policies were already damaging businesses in their districts. Powell in written testimony to the Senate Banking Committee and in his response to questions about a possible "trade war" largely discounted the risks and said there would be a positive outcome if the administration's bargaining ultimately produced a world of lower tariffs.

  • 'Counter to the plan': Trump ignored advisers' advice over press conference with Vladimir Putin, White House insiders say
    The Independent

    'Counter to the plan': Trump ignored advisers' advice over press conference with Vladimir Putin, White House insiders say

    President Trump's freewheeling Helsinki press conference in which he slated US intelligence agencies has handed Russian president Vladimir Putin a diplomatic triumph, White House officials are privately admitting. Ahead of the meeting, staffers provided Mr Trump with some 100 pages of briefing materials aimed at laying out a tough posture towards Putin, but the president ignored most of it, according to one person familiar with the discussions, who spoke to the Washington Post on the condition of anonymity. “Everyone around Trump” was urging him to take a firm stance with Mr Putin, according to a second person familiar with the preparations.

  • Stephanie Grace: Tax cut? Maybe. A lost opportunity? Definitely.
    The Advocate

    Stephanie Grace: Tax cut? Maybe. A lost opportunity? Definitely.

    I went shopping over the weekend, checked my receipts and saw that I was charged 4.45 percent of the price of my purchases in sales tax. Had I purchased the same items a month ago, I would have been charged 5 percent. So that's a tax cut, yes? No, a top official with Americans for Tax Reform — the organization headed by Grover Norquist, the anti-tax absolutist who had former Gov. Bobby Jindal's ear — has been virtually screaming at the top of his lungs on Twitter. It's a tax increase, Patrick Gleason, the group's vice president for state affairs insists, because had the Republican-majority Legislature and Democratic Gov. John Bel Edwards simply allowed the temporary one-cent tax to expire, the

  • White House: US Can't Afford Veterans' Health Care Without Cuts
    New York Magazine

    White House: US Can't Afford Veterans' Health Care Without Cuts

    Last year, the Trump administration insisted that its regressive tax cuts were so important, it was worth adding $1.5 trillion to the national debt to ensure their passage. Now, the White House is warning Congress that the United States cannot afford to add $1.6 billion to the deficit to expand health-care options for veterans. In a letter Monday, the Trump administration demanded that lawmakers fund a popular veterans' health-care program — which allows former troops to spend public funds on private doctors and hospitals — with cuts to other parts of the budget. Democrats, and some top Senate Republicans, prefer to raise the current caps on discretionary spending instead. The case for the latter

  • States sue U.S. to void state and local tax deduction cap
    Reuters

    States sue U.S. to void state and local tax deduction cap

    Four U.S. states sued the federal government on Tuesday to void the new $10,000 cap on federal deductions for state and local taxes included in President Donald Trump's 2017 tax overhaul. The lawsuit by New York, Connecticut, Maryland and New Jersey came seven months after Trump signed the $1.5 trillion overhaul passed by the Republican-led Congress, which cut taxes for wealthy Americans and slashed the corporate tax rate.

  • LendingTree Study: Where Home Price Inequality is Highest
    PR Newswire

    LendingTree Study: Where Home Price Inequality is Highest

    New LendingTree study ranks metros by housing value inequality CHARLOTTE, N.C. , July 17, 2018 /PRNewswire/ --  LendingTree® , the nation's leading online loan marketplace, today released a study on where ...