James Briggs Indianapolis Star Published 6:00 AM EDT Oct 5, 2018 Which sectors of the economy have been helped by the Trump tax reforms? Mike Braun, Republican All sectors of our economy benefit from President Trump’s economy policies like his historic tax cuts — 4.2 percent gross domestic product growth, millions of new American jobs, triple-digit consumer sentiment — these are numbers career politicians said were impossible, but an outsider like President Trump knows how to unleash the real potential of our economy and we need more people like him in Washington. Lucy Brenton, Libertarian The Trump tax reforms were a good start, but fall far short of true reform. Cutting the corporate tax rate from 35 percent to 21 percent is an excellent start. However, I believe the corporate tax rate should be zero. You want to see every sector flourish? Take out the tax revenue the government demands at every step. Every tax, every … [Read more...] about Here’s what Joe Donnelly, Mike Braun say about Donald Trump’s tax cuts
Bush tax cuts
OPINION — No release has been more highly anticipated this summer — with the possible exception of “Mission: Impossible — Fallout” — than the Bureau of Labor Statistics’ second quarter GDP numbers. Washington and Wall Street, with a lot on the line, have been anxiously awaiting the federal government’s quarterly report card on economic growth, billed as the first really big test of President Donald Trump’s economic policies. And much to the chagrin of the media and Democrats everywhere, the administration passed with flying colors. The 4.1 percent GDP growth rate in the second quarter was not just respectable, it was evidence of a steady, revitalized economy. Yet, last week, opinion writers and cable news anchors worked overtime telling audiences the favorable GDP numbers were nothing but “smoke and mirrors.” Don’t be fooled, they warned, into thinking Trump’s economic policies might … [Read more...] about Second Quarter GDP Numbers Show Tax Cuts Deliver
Last October, not long before passage of the Republican tax cuts, Chuck Todd on “Meet the Press” argued over taxes with his guest, Treasury Secretary Steve Mnuchin. “There has been no study that has been able to somehow reinforce this idea that tax cuts do translate to economic growth,” the NBC host said. To the contrary, there is plenty of evidence that shows tax cuts do spur economic growth, and the proof can be found in the economic data that followed passage of the four major tax cuts of the last half century. Start with the Kennedy tax cuts in 1964; followed by the 1981 Reagan cuts (which weren’t fully in place until 1983); then the Gingrich/Lott/Clinton cuts in 1997; and finally, the George W. Bush tax cuts, passed in 2003, which delivered positive results in 2004. (The 2001 cuts are omitted here because of the unusual impact of 9/11.) These four major tax cuts shared three key economic accomplishments. Gross domestic product went up. … [Read more...] about Opinion: The Numbers Tell the Story — Tax Cuts Work
By Paul Krugman Wednesday, May 2, 2018 | 2 a.m. View more of the Sun's opinion section Editorials - the Sun's viewpoint Columnists - local and syndicated writers Letters to the editor - readers' views Write a letter to the editor So far, President Donald Trump and his allies in Congress have achieved one and only one major legislative victory: passing a large tax cut, mainly aimed at corporations and business owners. The tax cut’s proponents promised it would lead to a dramatic acceleration of economic growth and produce big gains in wages; they hoped it would also yield big political dividends for the midterm elections. So how’s it going? Politically, the tax cut is a damp squib: Most voters say they haven’t seen any boost to their paychecks, and Republicans are barely talking about the law in their political campaigns. But what about the economics? You might be tempted to say it’s too early to tell. After all, the law has been in effect for only a few … [Read more...] about How’s that tax cut working out?
Democracy Dies in Darkness Sections Home Subscribe Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader by Erica Werner by Erica Werner Email the author April 18 at 7:24 PM Email the author Heading into a contentious campaign for control of Congress, Republicans are increasingly divided over how to bolster their signature legislative achievement — a $1.5 trillion tax cut — amid signs it is not the political gift they had expected it to be last year. House Speaker Paul D. Ryan (R-Wis.) aims to pass another massive tax cut this summer, which Republicans hope will rev up the GOP base and improve the standing of Republicans at the polls. But Senate Majority Leader Mitch McConnell (R-Ky.) is under pressure to block a … [Read more...] about Republicans fear political risk in Senate races as House moves to extend tax cuts