All articles tagged with #tax cuts
President Trump is set to unveil a new personal and corporate tax cut proposal during the State of the Union, aiming to push it through a second reconciliation in Congress. With Republicans holding a slim 218-214 House majority, passage would require near-unanimous GOP support, making the path forward uncertain.
A securities filing shows Amazon slashed its 2025 federal tax bill by 87% to roughly $1.2B as pretax US profits rose to $89.5B, even as the company cut about 30,000 jobs; advocates call it a windfall from the Republican tax cuts, while critics warn such breaks drain the federal budget.
President Trump will headline a day-long Washington summit with Treasury Secretary Scott Bessent and philanthropist Michael Dell to promote Trump Accounts, a new tax-advantaged savings vehicle for children. The program would start with a $1,000 Treasury pilot for children born 2025–2028, allow up to $5,000 in annual parental contributions and $2,500 from employers, and is bolstered by philanthropic gifts from Dell and Ray Dalio, among others, with a Main Street focus as the 2026 tax-filing season opens.
In his final State of the Commonwealth address, Gov. Glenn Youngkin touts Virginia’s economic rebound, record revenues and tax relief, and education gains from his policies, while urging lawmakers to preserve right-to-work and his energy approach, and noting declines in crime and fentanyl-related deaths.
The article discusses five key economic themes for 2026, including the impact of AI on the labor market and growth, the effects of recent tax cuts, potential changes in trade policy depending on court rulings, the future leadership of the Federal Reserve amid inflation concerns, and the political focus on affordability and inflation ahead of the midterm elections.
America's economy is expected to accelerate in 2026, driven by the effects of the recent tax-cutting law (BBB), which will provide Americans with refunds and lower levies, potentially boosting growth by approximately $191 billion.
Japan plans to raise the tax-free income threshold and expand deductions for middle-income earners as part of a tax reform deal to ease inflation pressures, benefiting about 80% of taxpayers with significant tax reductions, and including measures to boost corporate investment and fund higher defense spending.
White House officials emphasize that President Trump prioritizes affordability, highlighting policies like tax cuts and tariffs aimed at boosting American manufacturing, though some benefits will take years to materialize, amidst ongoing political debates about economic concerns.
Treasury Secretary Scott Bessent indicated that the $2,000 'dividend' promised by President Trump could be delivered through various tax cuts, including reductions on tips, overtime, and Social Security, as part of the administration's economic policies. The discussion comes amid ongoing debates over tariffs and their impact on the US economy and debt reduction efforts.
President Trump is shifting his messaging to focus more on affordability and economic improvements, emphasizing new tax breaks and efforts to combat inflation, despite mixed economic indicators and ongoing debates about tariffs and inflation's causes. He aims to bolster his image ahead of the 2024 election by highlighting drug price reductions and economic achievements, while critics question the effectiveness of his policies on inflation and public perception.
The article discusses six tax provisions extended or introduced under the 'Beautiful Bill' that primarily benefit high-income and wealthy Americans, including permanent tax rate reductions, expanded deductions, higher estate and gift tax exemptions, and increased capital gains exclusions, favoring the affluent over middle-income households.
Since Trump's reelection, the top 10 richest Americans have gained nearly $700 billion, highlighting a significant increase in wealth concentration among the ultra-rich, driven by policies like tax cuts that have widened economic inequality and undermined the financial stability of working-class Americans. Experts call for reforms such as wealth taxes, higher corporate taxes, and social safety net expansions to address this growing disparity.
A surge in tax refunds is expected in 2026 due to retroactive tax cuts from 2025, potentially increasing average refunds by $557, which could impact the US economy, though uncertainties remain due to political and fiscal issues.
Prime Minister Narendra Modi's recent GST cuts in India, reducing taxes on essential goods and consumer products, are expected to boost household spending during the upcoming festive season, despite potential revenue losses and implementation challenges among small businesses.
Greek Prime Minister Kyriakos Mitsotakis announced a €1.6 billion tax reform aimed at boosting the middle class, including tax cuts for families with children and benefits for pensioners, funded by Greece's strong budget performance and efforts against tax evasion.