Tag Archives: Trump’s tax plan

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Full-Scale Trade War with China Would Be Bad for Trump

$2,000

Politico: “If the president moves ahead with 25 percent tariffs on everything China exports to the United States, it could amount to a tax hike of more than $2,000 on the average American family, swamping the reduction they won from Trump’s signature legislative achievement — the 2017 tax law.”

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National Debt Passes $22 Trillion

$22 trillion

“The U.S.’s financial burden is growing despite a strong economy,” Bloomberg reports. “Total public debt climbed to more than $22 trillion as of Feb. 11, according to a Treasury Department report Tuesday.”

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Voters Will Hold Candidates Responsible for Tax Plan

55% to 26%

A new Quinnipiac poll finds American voters disapprove of the pending Republican tax plan by a wide margin, 55% to 26%, and 43% say they are less likely to vote for a U.S. Senator or Congressperson who supports the plan. Key finding: “Only 16% of American voters say the tax plan will reduce their taxes, while 44% say it will increase their taxes and 30% say the tax plan will have little impact.”

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Vast Majority of Voters Disapprove of GOP Tax Plan

A new Quinnipiac poll finds that American voters disapprove of the Republican tax plan by a 52% to 25% margin. Republican voters approve 60% to 15%, with 26% undecided. All other party, gender, education, age and racial groups disapprove.

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GOP Tax Plan Would Wreck Senate Reconciliation Rules

$1.7 trillion

“The Penn-Wharton model shows that the House GOP tax bill would reduce tax revenue by $1.7 trillion over the next 10 years. That exceeds the $1.5 trillion permitted under the budget ‘reconciliation’ rules that allow Senate Republicans to sidestep Democratic filibusters,” reports CNBC. “Moreover, the Penn-Wharton model projects that the House GOP bill would lost another $2.6 trillion in revenue during the 12 years after 2027. Under the no-filibuster rules, the tax bill would not be permitted to increase the deficit at all after its first 10 years.”

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GOP Tax Plan Would Raise Taxes for Many Working-Class Americans

12%

“House Republicans’ tax bill would increase taxes for 12 percent of Americans next year, according to a new report from the nonpartisan Tax Policy Center. By 2027, at least 28 percent of Americans would see their taxes rise, the report says. Many of those taking a hit would be people who make less than $48,000 a year,” the Washington Post reports.

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Half Oppose Trump Tax Plan

52%

A new CNN poll finds that 52% of Americans oppose President Trump’s recent tax reform proposals, while only 34% say they support the Trump plan.

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No Economists Agree that Trump Tax Plan Will Trickle Down

0

A new University of Chicago poll found that only two out of the 37 economists that responded said that President Trump’s proposed tax cuts “would stimulate the economy enough to cancel out the effect on total tax revenue. … Those two economists now both say they made a mistake, and that they misunderstood the question.”