U.S. Politics Fox Business host and millionaire Stuart Varney tried to claim that he has been taxed more heavily under Donald Trump, but a guest on his show pointed out that assertion was “objectively false.” The exchange came during a segment earlier this week, between Varney and guest Nick Hanauer, a venture capitalist and political activist. Hanauer supports an increased minimum wage and substantial tax increases on the rich. Varney insinuated on Wednesday that Hanauer was a socialist based on his progressive economic platform. “I strongly disagree that I’m a socialist,” Hanauer retorted. “What we’re arguing about is versions of capitalism. In fact, what you’re defending, and what we presently have, is socialism for rich people. That’s the arrangement we have built in our economy.” Hanauer, an early backer of Amazon, then slammed giant corporations for paying their workers so little that they require food stamps and … [Read more...] about Fox Business Host and Millionaire Says He’s Taxed More Under Trump, Guest Immediately Corrects Him
Tax plan under trump
On Wednesday, former car czar Steven Rattner testified before the House Ways and Means Committee. He began his prepared remarks by telling the committee members what they should have done on tax reform:"1) It should be deficit neutral, given projections for rising fiscal gaps."2) It should be fair and certainly not diminish the progressivity of our system."3) It should be growth and investment enhancing."4) It should improve our international competitive position."Now, one year later, we know that what was ultimately passed failed to address most of these tests."On the debt, Rattner explained, "According to the Congressional Budget Office, the fiscal gap could total as much as $2.7 trillion over the next 10 years. Supporters counter that added economic growth of 0.4% percent per year would offset the cost. But every reputable forecast of which I'm aware puts the likely incremental growth at a negligible amount." As for the fairness issue, he argued that "it is not fair; just 16% of the … [Read more...] about The tax plan didn’t do what it promised, but here’s what might
By California Healthline | PUBLISHED: May 15, 2018 at 6:25 pm | UPDATED: May 15, 2018 at 6:26 pm By Christina Jewett, Melissa Bailey and Paula Andalo, California Healthline The Trump administration is considering a policy change that might discourage immigrants who are seeking permanent residency from using government-supported health care, a scenario that is alarming some doctors, hospitals and patient advocates. Under the proposed plan, a lawful immigrant holding a visa could be passed over for getting permanent residency — a green card — if they use Medicaid, a subsidized Obamacare plan, food stamps, tax credits or a list of other non-cash government benefits, according to a draftof the plan published by The Washington Post. Even the use of such benefits by a child who is a U.S. citizen could jeopardize a parent’s chances of attaining lawful residency, according to the document. Health advocates say such a policy could frighten a far broader … [Read more...] about Under Trump proposal, lawful immigrants might be inclined to shun health benefits
By Marilyn Kalfus | [email protected] | Orange County Register PUBLISHED: May 21, 2017 at 10:14 am | UPDATED: May 23, 2017 at 7:51 am It’s little more than bullet points on a single page. But the effect of President Donald Trump’s plan to overhaul the U.S. tax system is being hotly debated in real estate circles. The National Association of Realtors, citing Trump’s proposals to double the standard deduction while scrapping write-offs for expenses like state and local property taxes, warns that such a plan would hurt a wide swath of homeowners and the residential real estate market. “It’s going to continue to make California a renter’s state vs. a homeowner’s state,” said Tammy Newland-Shishido, Orange County Association of Realtors president-elect, who was in Washington D.C., with the national advocacy group last week. Not every real estate expert foresees dire consequences. Some say if the plan prevails in Congress, it could spread the … [Read more...] about Own a home or renting? 5 questions about what Trump’s tax plan could mean to you
Gov. Phil Murphy just took action to save your federal property tax break from President Donald Trump's new tax law. The Democratic governor signed a law Friday that gives New Jersey taxpayers a shot at getting around the Republican law, which sets limits on how much they can deduct in state and local taxes. The law that Murphy, a frequent Trump critic, signed will soon allow New Jersey's towns, counties and school districts to set up charitable funds that taxpayers can contribute to instead of paying property taxes directly. Homeowners can then deduct those charitable contributions from their federal income taxes, uncapped. "We know that President Trump and the leadership in Congress cooked this up to benefit the states that were with him, instead of treating everyone fairly, and give a windfall to the wealthiest individuals in the biggest companies," Murphy said before signing the law at East Rutherford's town hall. "It is … [Read more...] about Murphy moves to save your property tax break from Trump. But will it stick?