Tag Archives: Tax reform

Ignoring the Will of the People

By Susan Milligan – The $1.5 trillion tax bill, hailed with glee and relief by Republicans eager to appease donors and desperate for the year’s first major legislative win, is the most unpopular major piece of legislation to pass in decades.

“It has a lot to do with money,” says Lee Miringoff, director of the nonpartisan Marist Institute for Public Opinion in Poughkeepsie, New York, pointing to the “Citizens United” Supreme Court case which allowed corporations and interest groups to spend massive amounts of money to influence elections.

“We see the tremendous impact of the lobby community in the tax bill. Lobbying interests were very much dominant in drafting and creating this approach.” And that means public opinion, so painstakingly quantified by pollsters candidates themselves hire, is often disregarded.

On several major issues in the news, the views of the public at large appear to have no effect on Congress.

As for the tax bill, “the Republicans are betting that by the time people realize what a turkey this bill is, it will be somebody else’s problem,” Stan Collender says. And that problem may be dumped onto the tax bill-hating Democrats, should they succeed in wresting control of Congress. more>

The Disastrous Trump Tax Plan

By John T. Harvey – Designing a tax plan that will actually increase spending and therefore employment is really not all that difficult. All you have to do is meet two criteria:

1. The tax cuts must not be offset by spending cuts (or tax increases elsewhere).

2. The tax cuts must increase the incomes of those who will actually spend the money.

That’s it, that’s the whole story. And these give very clear guidelines regarding what to do in practice. For example, if you are cutting taxes, do it for the poorest people in the economy. Any increase in their income is guaranteed to create jobs because they will absolutely spend it.

“The rich donors who are part of the base would come out quite nicely from this proposal.”

Who in God’s name thinks this is a good idea? This does absolutely nothing to address the long-term problems from which the economy is suffering and very likely makes them worse.

The reasoning, we are told, is that when we cut corporate taxes they’ll invest and hire more workers. That represents a misunderstanding of the economic factors at work. more>

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CONGRESS WATCH Tax Reform, the Family, and the Pursuit of Happiness: Remarks to the American Enterprise Institute, US Senate [VIDEO 1:29:20]

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CONGRESS WATCH Small-Business Confidence Drops Sharply in November: NFIB, Nathan Eddy, eWeek Bernanke: Cliff already inflicting damage, Peter Schroeder, Amie Parnes and Russell Berman, Hill The Flow-Through Business Sector and Tax Reform (pdf), s-corp.org Obama Plan Means Higher Taxes on … Continue reading

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CONGRESS WATCH Bipartisan JOBS Act Passes House of Representatives, US Congress Camp’s Committee Approves IPAB Repeal Legislation, US Congress Camp: Comprehensive Tax Reform Necessary to Ensure Economic Growth and Job Creation, US Congress HOUSE HEARING: Committee on Ways and Means, … Continue reading

Momentum in Congress builds for approval of corporate tax holiday

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By Bernie Becker – With the introduction of a new bipartisan Senate bill, lawmakers and operatives pushing for a corporate tax holiday believe their idea is gaining momentum in the halls of Congress.

Supporters say temporarily allowing U.S. multinationals to bring offshore funds back to the United States at a low rate would not only inject capital into a struggling economy, but bring the necessary support on both sides of the aisle.

But some tax observers remain skeptical, noting that some in the business community feel that a holiday would distract from the larger goal of tax reform. more> http://twurl.nl/irtf3w

At hearing, supercommittee members display eagerness to tackle tax reform

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By Bernie Becker – Supercommittee members from both parties called for lower corporate tax rates on Thursday, raising hopes that the deficit-cutting panel could tackle tax reform.

But the latest hearing of the Joint Committee on Deficit Reduction also featured the partisan squabbling over taxes that has repeatedly derailed deficit negotiations this Congress. more> http://is.gd/JCK2ZJ