Former President Donald Trump on Thursday pledged to eliminate taxes on overtime wages if he is elected back to the White House in November.
Read MoreTrump Pledges to Eliminate Taxes on Overtime
Tag: tax cuts
Budget Revisions at Impasse over Tax Cuts and Underfunded Virginia Schools
Virginia entered the fiscal year on July 1 without a revised budget for the first time in over 20 years due to a lack of consensus in the General Assembly – to the tune of roughly $1 billion.
Virginia operates on a two-year budget that is passed in even years, but revisions are made in odd years to keep up with state programs, priorities and changes in legislation.
Read MoreYoungkin Says Tax Cuts Can Give Virginia a Win Against Other States
Heading into the second year of his term, Virginia Gov. Glenn Youngkin says he wants to “compete to win” with other states when it comes to attracting business and people to the Commonwealth.
That was the main takeaway from a speech given by the governor Thursday, when he touted proposed budget amendments to cut $1 billion in taxes and outlined his strategy to “win” in the Commonwealth.
Read MoreCommentary: President Trump’s Policy Victories, from A to Z
Whatever one thinks about President Donald J. Trump’s personality, his policies were the most conservative reforms that America has seen since President Ronald Wilson Reagan left office — and perhaps even before he arrived.
Read MoreVirginia Budget Deal Includes Middle-Class Tax Cuts, Grocery Tax Cut
After months of debate about Virginia’s biennium budget, lawmakers reached a deal to provide an income tax cut for the middle class, a reduction in the grocery tax and a pay raise for teachers.
The deal earned approval from Republicans and Democrats in a joint conference committee, but still needs to pass the House of Delegates and the Senate and be signed by Gov. Glenn Youngkin. Republicans narrowly control the House and Democrats narrowly control the Senate.
Read MoreThe John Fredericks Show: Virginia State Senate Candidate John McGuire Talks Youngkin’s Tax Cut
Thursday morning on The John Fredericks Show, host Fredericks welcomed House Delegates member John McGuire who is now running for the Virginia State Senate to talk about why his running and getting Governor Younkin’s tax cut passed through the Senate.
Read MoreConnecticut Gov. Lamont Proposes $336 Million in Tax Cuts
Gov. Ned Lamont said he is proposing a package of legislative proposals that would provide for $336 million in tax relief for state residents.
The governor announced the first package of tax aid comes as the state has a projected $1.48 billion surplus in its operating budget. The surplus, Lamont said, enables the tax cuts to be built into the budget and will ensure the state’s Rainy Day Fund remains strong.
Read MoreTrump Ended His First Year With Big Tax Cut Win, Biden Finishes His With Crushing Manchin Loss
Buffeted by a Russia scandal that proved false, Donald Trump ended the first year of his presidency on a high note with passage of historic tax cuts. In contrast four years later, Joe Biden’s first year in office is ending with a stunning rebuke from a senator in his own party.
On Sunday, Sen. Joe Manchin (D-W.Va.) gave a resounding “No” to Biden’s signature Build Back Better legislation, leaving an uncertain path for the Democrats’ ambitious agenda despite the fact they control the Senate, House and White House.
Read MoreStudies: Trump Tax Cuts Helped Lower Income Families, Build Back Better Helps Wealthier Americans
Democrats have argued that the tax reforms implemented through the 2017 Tax Cuts and Jobs Act (TCJA) only benefited the rich, and that the Build Back Better Act (BBBA) will help middle-and working-class Americans the most.
But several nonpartisan groups found that the TCJA reduced the tax burden for the middle- and working-class by up to 87% and, they argue, the $2.4 trillion BBBA – before the U.S. Senate this week – would increase taxes on the middle- and working-class by up to 40%.
A new analysis published by the Heartland Institute found that the TCJA reduced the average effective income tax rates for taxpayers in every income tax bracket – but the lower- and middle-class saw the greatest benefits – with the lowest-income filers receiving the largest tax cuts.
Read MoreAnalysis: Federal Tax Overhaul Increased Taxes on Wealthy in Many Blue States
The 2017 Tax Cuts and Jobs Act, harpooned by progressive Democrats as a handout to wealthy corporations, turned out to be more progressive in practice, new data from the federal government revealed.
The federal tax reform measure supported by President Donald Trump increased taxes on some wealthy property owners in high-tax jurisdictions such as Illinois and New Jersey and decreased tax burdens on the middle class.
Read MoreIn FY2018, the Deficit Increased – But Not Because of Tax Cuts
by Robert Romano The numbers for the end of Fiscal Year 2018 are in and they aren’t pretty for fiscal hawks, as the budget deficit increased by an eye-popping $113 billion to $779 billion. But it had nothing to do with tax cuts. Tax receipts rose by $14 billion.…
Read MoreTrump Tax Cuts At Risk: Democrats Conspire to Repeal While Record Low Unemployment Surges
Tennessee Star Political Editor Steve Gill discussed on Monday’s edition of The Gill Report – broadcast on Knoxville’s 92.3 FM WETR – how Democrats are conspiring to repeal the Trump tax cuts while record low unemployment among Hispanic and African-Americans surge and the federal government rakes in a record amount of…
Read MoreHardly ‘Crumbs’: Cookie Maker Hires Five Workers, Raises Pay, Expands Production Under Tax Cuts
by Rachel del Guidice The overhaul of the tax code by congressional Republicans didn’t produce just crumbs for the business of a popular cookie maker based in Florida. The Tax Cuts and Jobs Act has meant hiring, raises, investment in new equipment, and expanded operations, he says. “It has had…
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