Home Tags GOP tax law

Tag: GOP tax law

Trump’s top economic advisor claims the US’s record $22.5 trillion national debt is ‘quite manageable’ and not ‘a huge p...

President Trump's economic advisor Larry Kudlow downplayed the US national debt of $22.5 trillion and said it doesn't concern him.

The GOP tax law gave most Americans a tax cut, but Trump’s signature policy is still a political flop

Few Americans even report getting a tax cut, despite the fact that the Trump tax cuts made it so that 65% of people have a lower tax burden in 2019.
Supporters of republican presidential candidate former Massachusetts Gov. Mitt Romney stand next to a national debt clock during a rally at Exeter High School on January 8, 2012 in Exeter, New Hampshire.

The US posted a $234 billion budget deficit last month, the biggest one-month deficit in history

The budget deficit is being driven by the tax reform law supported by President Trump and the GOP as well as the bipartisan spending deal.
Treasury Secretary Steven Mnuchin, right, shows his wife Louise Linton a sheet of new $1 bills on November 15, 2017.

Treasury Secretary Steven Mnuchin says his tax rate actually went up after Trump’s tax cuts — and the reason why makes perfect sense

The cap on the state and local tax deduction has caused wealthy taxpayers in New York and California, like Steve Mnuchin, to pay more this year.
President Donald Trump holds up a chart showing the US national debt during a campaign rally in 2016.

Trump once promised to eliminate the national debt in 8 years — but his new budget shows the president is going in the opposite direction

Candidate Donald Trump promised to eliminate the debt "over a period of eight years," but the presidential budget shows that isn't going to happen.

The US federal deficit soared to $310 billion to start fiscal year 2019, up 77% from the year before

The US budget deficit soared due to a drop in tax revenues and increased spending. Trump's tax law and the bipartisan budget deal drove the jump.
A fan holds an American flag as paper falls from buildings above during the ticker tape parade for the U.S. women's soccer team to celebrate their World Cup final win over Japan, in New York, July 10, 2015.

After weeks of worry, Americans’ tax refunds are finally trending up

After three weeks of data showing the average tax refund was smaller than last year, the IRS announced Thursday that refunds are up 1.3% on average.
President Donald Trump.

Even after getting his tax cuts, Trump still couldn’t deliver on his biggest economic promise

President Donald Trump fell short of his long-promised goal of 3% GDP growth in 2018, and economists expect he'll be disappointed in 2019 too.
Supporters of republican presidential candidate former Massachusetts Gov. Mitt Romney stand next to a national debt clock during a rally at Exeter High School on January 8, 2012 in Exeter, New Hampshire.

The US national debt just topped $22 trillion for the first time in history

The increase in national-debt accumulation has been caused by the GOP tax law's cut to revenues and the bipartisan budget deal's increased spending.

Democrats claim the decline in Americans’ tax refunds is proof the GOP tax law screwed over the middle class — but the truth is more compl...

The decline in tax refunds isn't actually proof that Republicans' tax law, the Tax Cuts and Jobs Act, increased taxes on the middle class.