Tag: Federal Taxes (US)

The Other Candidates Are Coming for Warren

Listen and subscribe to our podcast from your mobile device: Apple Podcasts | Spotify | Google Play | RadioPublic | Stitcher Under attack from her Democratic rivals, can Elizabeth Warren hold on to her new front-runner status in the 2020 presidential primary? This week on “The Argument,” the columnists discuss the fallout from the fourth […]

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Should We Soak the Rich? You Bet!

Donald Trump promised struggling working-class voters that he heard their frustrations and would act. He did: He pushed through a tax cut that made income inequality worse. In 2018, for the first time, the 400 richest American households paid a lower average tax rate than any other income group, according to new research by two […]

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Congress Can Seek Trump’s Financial Records, Appeals Court Rules

WASHINGTON — President Trump’s accounting firm must turn over eight years of financial records to a House committee, a federal appeals court ruled on Friday, handing the president a significant defeat in his attempts to block the release of the returns. The House Reform and Oversight Committee issued a subpoena earlier this year demanding that […]

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How to Tax Our Way Back to Justice

America’s soaring inequality has a new engine: its regressive tax system. Over the past half century, even as their wealth rose to previously unseen heights, the richest Americans watched their tax rates collapse. Over the same period, as wages stagnated for the working classes, work conditions deteriorated and debts ballooned, their tax rates increased. Stop […]

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Trump’s Trade War Could Put Swiss-Size Dent in Global Economy, I.M.F. Warns

WASHINGTON — The new head of the International Monetary Fund warned on Tuesday that America’s trade war with China could cost the global economy around $700 billion by 2020 — a loss equivalent to the size of Switzerland’s entire economy. In her first speech as managing director, Kristalina Georgieva said the global economy had shifted […]

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Treasury Officials Pressured I.R.S. on Trump Tax Audit, Whistle-Blower Alleges

WASHINGTON — An Internal Revenue Service whistle-blower filed a complaint alleging that senior Treasury officials tried to exert influence over the mandatory audit of President Trump’s tax returns, according to a person familiar with the matter. The whistle-blower came forward to Congress in July with the complaint, which accuses political appointees in the Treasury Department […]

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Democrats’ Plans to Tax Wealth Would Reshape U.S. Economy

WASHINGTON — Progressive Democrats are advocating the most dramatic shift in tax policy in over a century as they look to redistribute wealth and chip away at the economic power of the super rich with new taxes that could fundamentally reshape the United States economy. As they compete for the Democratic presidential nomination, Senators Elizabeth […]

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Tax Law’s Cap on State and Local Deductions Is Upheld by Court

Congress didn’t unconstitutionally penalize Democratic-leaning states when it imposed a cap on federal deductions for state and local taxes, a federal judge ruled Monday. The 2017 federal tax law, which President Trump signed after a party-line vote in Congress, limited to $10,000 the state and local tax payments that families can write off on their […]

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Deutsche Bank Says It Has Tax Returns for 2 Trump Family Members

Deutsche Bank told a federal appeals court on Friday that it had the tax returns of two members of the Trump family, but did not disclose their identities. The German bank — long President Trump’s primary lender — is caught in a legal battle between Mr. Trump and congressional Democrats, who have issued subpoenas for […]

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How Do You Fix … All of It?

At the inaugural conference, sponsored by The New York Times, influential leaders in academia, business and politics gathered to discuss and debate provocative issues, and provide innovative solutions to some of our nation’s top policy agenda challenges. Task forces developed recommendations for businesses and policymakers, identifying some central questions that will be driving conversations through […]

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Trump Calls China a ‘Threat to the World’ as Trade Talks Approach

WASHINGTON — President Trump said on Friday that China was a “threat to the world” and suggested Beijing was eager to make a trade deal because his tariffs were hurting the Chinese economy, coarsening his tone as the two countries prepared to resume negotiations. The Trump administration has closely tied economic policy and national security […]

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Fake Clinics Are Not the Answer

AUSTIN, Tex. — In its quest to “defund” Planned Parenthood and end access to clinical abortion care, the federal government under the Trump-Pence administration is poised to recreate a public health disaster that has blighted the already heavily damaged reproductive health care safety net in Texas, where lawmakers recently replaced seasoned medical providers with Bible-thumping grifters. […]

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Treasury Considers 50-Year Bonds as Deficit Tops $1 Trillion

WASHINGTON — The Trump administration may begin issuing 50-year “ultralong” bonds next year as the government seeks new ways to finance ballooning deficits and tries to take advantage of low interest rates. Treasury Secretary Steven Mnuchin said on Thursday that he had been studying whether there was sufficient market demand for a 50-year bond, which […]

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Elizabeth Warren’s Plan for Social Security Looks Smart

This article is part of David Leonhardt’s newsletter. You can sign up here to receive it each weekday. When I was a teenager, my mom showed me a statement that she had received in the mail from the Social Security Administration. It included an annual history of her earnings, which showed a big string of […]

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Trump Won’t Order a Capital Gains Tax Cut, for Now

WASHINGTON — President Trump told his top economic advisers on Wednesday that he had decided, for now, to forgo using executive authority to deliver a tax cut that would primarily benefit wealthy investors. The decision, which Mr. Trump disclosed at a White House meeting focused on tax issues, ended more than a year of debate […]

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Markets Soar on News of China Talks, but Hopes for Progress Are Low

WASHINGTON — President Trump’s decision to renew talks with China in the coming weeks sent financial markets soaring on Thursday, as investors seized on the development as a sign that both sides could still find a way out of an economically damaging trade war. The rally sent the S&P 500 up more than 1 percent, […]

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Trump Says China Will Suffer as Data Shows Trade War Hurting U.S.

WASHINGTON — President Trump said on Tuesday that Chinese manufacturing would “crumble” if the country did not agree to the United States’ trade terms, as newly released data showed his trade war was washing back to American shores and hurting the factories that the president has aimed to protect. Days after new tariffs went into […]

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The Trump Associates Benefiting From a Tax Break for Poor Communities

President Trump has called it “the hottest thing going,” a multibillion-dollar tax break designed to channel investments into poor neighborhoods, leading to new housing, businesses and jobs. The tax benefit allows people to delay paying taxes on profits from stocks or other investments for years. To qualify, they have to direct their untaxed gains into […]

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How a Tax Break to Help Poor Communities Became a Bonanza for the Rich

NEW ORLEANS — President Trump has portrayed America’s cities as wastelands, ravaged by crime and homelessness, infested by rats. But the Trump administration’s signature plan to lift them — a multibillion-dollar tax break that is supposed to help low-income areas — has fueled a wave of developments financed by and built for the wealthiest Americans. […]

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