Tag: Tax Cuts and Jobs Act (2017)

Lawmakers Increase Criticism of ‘Opportunity Zone’ Tax Break

Lawmakers are voicing mounting concerns about a federal tax incentive, known as an “opportunity zone,” that is supposed to encourage investors to pump money into the nation’s poorest neighborhoods. Leading Democrats in the House and Senate have sent a flurry of letters demanding answers and action by federal agencies after recent New York Times articles […]

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G.D.P. Grew at 1.9% Rate in Quarter, a New Sign of Slowdown

Dogged by uneasiness over trade frictions and weak global growth, the American economy’s growth inched lower over the summer. Gross domestic product — the broadest measure of goods and services produced in the economy — grew at a 1.9 percent annual rate for the third quarter, according to preliminary data released by the Commerce Department […]

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What Will Today’s G.D.P. Reading Show? Here’s a Preview

The Commerce Department will release its initial estimate of the gross domestic product — the broadest measure of goods and services produced in the economy — for the third quarter at 8:30 a.m. on Wednesday. Here’s what to watch for: Wall Street analysts expect the figures to show that the economy grew at an annual […]

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Federal Budget Deficit Swelled to Nearly $1 Trillion in 2019

The United States federal budget deficit jumped 26 percent in fiscal 2019 to $984 billon, reaching the highest level in seven years as the government was forced to borrow more money to pay for President Trump’s spending and tax cut policies. The deficit is expected to top $1 trillion in 2020 as a slowing global […]

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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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The Great Tax Break Heist

Tax scams are the tribute policy vice pays to policy virtue. A few days ago The Times reported on widespread abuse of a provision in the 2017 Trump tax cut that was supposed to help struggling urban workers. The provision created a tax break for investment in so-called “opportunity zones,” which would supposedly help create […]

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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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Job Growth Was Weaker Than Believed, Government Says

Employers added a half-million fewer jobs in 2018 and early 2019 than previously reported, the Labor Department said Wednesday. The revisions, which are preliminary, are part of an annual process in which survey-based estimates are brought into alignment with more definitive data from state unemployment insurance records. Wednesday’s revision covers the period through March; final […]

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Trump’s Push to Bring Back Jobs to U.S. Shows Limited Results

WASHINGTON — From tax cuts to relaxed regulations to tariffs, each of President Trump’s economic initiatives is based on a promise: to set off a wave of investment and bring back jobs that the president says the United States has lost to foreign countries. “We have the greatest companies anywhere in the world,” Mr. Trump […]

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Help for the Economy? Despite Grumbling, Trump Has Had Plenty

President Trump has complained that the Federal Reserve has been hurting the economy, first by raising interest rates and then by not lowering them fast enough. “No help from Fed!” he said on Twitter last week, in what has become a typical broadside. But a New York Times analysis shows that under Mr. Trump, Fed […]

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As Mortgage-Interest Deduction Vanishes, Housing Market Offers a Shrug

PLAINFIELD, Ill. — The mortgage-interest deduction, a beloved tax break bound tightly to the American dream of homeownership, once seemed politically invincible. Then it nearly vanished in middle-class neighborhoods across the country, and it appears that hardly anyone noticed. In places like Plainfield, a southwestern outpost in the area known locally as Chicagoland, the housing […]

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How Democrats Will Attack Trump on the Economy

It took more than 90 minutes for the moderators of the Democratic presidential primary debate on Wednesday night to turn to the economy, which polls show is a top issue on voters’ minds and is one of President Trump’s strengths as he seeks re-election. The candidates wasted no time attacking him on it. Over two […]

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Why Was Trumponomics a Flop?

Donald Trump has pursued two main economic policies. On taxes, he has been an orthodox Republican, pushing through big tax cuts for corporations and the wealthy, which his administration promised would lead to a huge surge in business investment. On trade, he has broken with his party’s free(ish) trade policies, imposing large tariffs that he […]

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Trump’s Secret Foreign Aid Program

Donald Trump often complains that the media don’t give him credit for his achievements. And I can think of at least one case where that’s true. As far I can tell, almost nobody is reporting that he has presided over a huge — but hidden — increase in foreign aid, the money America gives to […]

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Everyone Claims They’re Worried About Global Finance. But Only One Side Has a Plan.

Global finance has become a popular target from both the left and, more recently, the right, particularly the nationalist right. As Senator Josh Hawley, Republican of Missouri, said at the recent National Conservatism Conference, what he called the “the cosmopolitan economy” has encouraged multinational corporations to move jobs and profits overseas and then “rewarded these […]

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Foreign-Owned Banks’ Results Could Sweeten Further Under Tax Law

WASHINGTON — President Trump’s tax cuts have been very good to big banks. For foreign-owned banks, they could get even better. The cuts allowed America’s largest banks to save an estimated $16 billion collectively in taxes last year, a windfall that helped those firms reward shareholders through stock buybacks and dividend payments. The savings flowed […]

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Deficit Man and the 2020 Election

I’ve seen a number of people suggest that the 2020 election will be a sort of test: Can a sufficiently terrible president lose an election despite a good economy? And that is, in fact, the test we’d be running if the election were tomorrow. On one side, Donald Trump wastes no opportunity to remind us […]

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A Rush to Drill, Just Because We Can

Many junkies, before hitting bottom, stoop low enough to steal their mothers’ jewels. That’s what’s happening at a national scale on the coastal plain of the Arctic National Wildlife Refuge in Alaska. Three weeks ago, I was there. For 12 days my friends and I floated 80 miles of the Hulahula River. Our journey traversed […]

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Obamacare’s Precarious Fate

Two federal judges in one of the most conservative appeals courts in the nation appeared ready on Tuesday to fall for the most specious legal challenge that the Affordable Care Act has faced — which is saying something. The two Republican-appointed judges on the three-judge panel of the United States Court of Appeals for the […]

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