There’s money for coronavirus response, and what about US farmers? The House passed an $8.3 billion emergency coronavirus package this afternoon in an overwhelming 415-2 vote, hours after an agreement was struck on the language. The measure now heads to the Senate, which could clear the bill as soon as Thursday and send it off to President Donald Trump for his signature. The White House originally requested $2.5 billion. Meanwhile, the top Republican on the House Agriculture Committee said another farm bailout program would be necessary this year if Trump’s promises of an agricultural export boom to China fail to materialize.
Relentlessly on message. Treasury Secretary Steven Mnuchin says the Treasury Dept. has "internal projections" that show the economy is growing so fast that the Tax Cuts and Jobs Act will pay for itself—a conclusion few independent economists share. His remarks came a day after the Fed called an emergency meeting to lower interest rates by 0.5 percent to battle economic headwinds caused by the coronavirus. Mnuchin has so far been unwilling to share the projections.
The Ways and Means Committee still wants President Trump’s tax returns. Despite a federal appeals court decision upholding the White House’s right to withhold testimony from Congress, House Democrats still hope they can convince a judge that they should have access to the president’s tax returns. Last week, a three-judge panel of the DC Court of Appeals dismissed a lawsuit by House Democrats aimed at forcing the White House counsel Don McGahn to testify before a House committee. Democrats want a federal district court judge to delay a hearing in the Trump tax return dispute and are asking the full appeals court to review the McGahn ruling.
How does the Tax Policy Center analyze presidential candidates’ tax plans? TPC is about to begin releasing its estimates of the revenue and distributional effects of the 2020 presidential candidates’ tax proposals. TPC has done this every four years since 2004. TPC’s Mark Mazur explains how it’s done here.
Are big corporations paying “their fair share?” Is that the right question? The Tax Hound helps voters and taxpayers understand who ultimately bears the corporate tax burden. Presidential candidates might want big corporations to pay a “fair share” — but what’s fair? Who pays, and when?
In Nebraska: A push to replace the state’s tax system with a consumption tax. State Senator Steve Erdman would replace income, property, sales, and inheritance taxes with a 10.5 percent consumption tax on new goods and services. Erdman would partially offset the tax with a monthly state “pre-bate” for every Nebraska resident. Erdman would keep the gasoline tax, however.
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