Tax cuts

The man in black from the 1987 film, The Princess Bride, captures the same kind of hopeless dilemma many governments are facing, choosing between addressing inflation and addressing a possible coming recession.

Recession or Inflation? Governments around the world must pick their poison

5:24pm October 25, 2022

by Stacey Vanek Smith

Liz Truss' resignation as Prime Minister is being blamed on a faulty economic plan. But her fate should serve as a warning to other countries that may have to grapple with an inconceivable choice.

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President Ronald Reagan shows his boot following the signing of his tax bill in August 1981 at his vacation home near Santa Barbara, Calif.

Politics & Government

The Democratic Push To Tax The Rich More Is 40 Years In The Making

6:41pm September 16, 2021

by Ron Elving

Democrats will try the same budgetary process from four decades ago when first-year President Ronald Reagan used reconciliation to achieve his "revolution" in federal fiscal policy.

The White House honored economist Art Laffer with the Presidential Medal of Freedom. For decades, Laffer has promoted the idea that tax cuts pay for themselves, against all evidence to the contrary.

From A Napkin To A White House Medal — The Path Of A Controversial Economic Idea

8:31pm June 19, 2019

by Scott Horsley

Art Laffer received the Presidential Medal of Freedom Wednesday. For decades, Laffer has promoted the idea that tax cuts pay for themselves, against all evidence to the contrary.

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Taxpayers faced with smaller refunds or higher taxes have been airing their grievances online.

Anger, Confusion Over Dwindling Refunds. Is Trump's Tax Plan To Blame?

5:18pm February 14, 2019

by Daniella Cheslow

Tax refunds so far have been smaller than last year's. Some taxpayers kept a bigger share of their income, but for others it reflects an overhaul that rewarded high earners the most.

President Trump, pictured delivering his first prime-time address from the Oval Office on Jan. 8, hits the two-year mark of his presidency on Sunday.

Politics & Government

Progress Report: President Trump's Campaign Promises, 2 Years Later

7:07am January 20, 2019

by Scott Horsley

At the midpoint of his four-year term, President Trump has delivered on some campaign promises and ignored others, while many are still works in progress.

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President Trump addresses the crowd during a rally in support of Sen. Ted Cruz, R-Texas, on Monday in Houston.

FACT CHECK: President Trump's False Claims On Migrant Caravan, Tax Cuts

10:00pm October 23, 2018

by Scott Horsley

President Trump has been keeping fact-checkers busy with his campaign claims of Middle Eastern migrants and a 10 percent middle-class tax cut.

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Treasury Building in Washington, D.C. The trend toward rising red ink was widely anticipated, given the GOP tax cuts and other government policies, including the president's demand for beefed-up military spending.

Politics & Government

Federal Deficit Jumps 17 Percent As Tax Cuts Eat Into Government Revenue

4:02pm October 16, 2018

by Scott Horsley

The federal deficit ballooned to $779 billion in the fiscal year just ended — a remarkable tide of red ink for a country not mired in recession or war.

The government is acting like a spendthrift family, piling up credit card bills even though times are good.

Despite Strong Economy, Federal Deficit Soars

4:05pm August 03, 2018

by Scott Horsley

Even with a healthy job market and rapid economic growth, the federal government is piling up debt. The government's deficit is expected to top $1 trillion next year.

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Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on July 26, 2018 in New York.

Politics & Government

Trump Administration Eyes Capital Gains Tax Cut

6:48pm July 31, 2018

by Scott Horsley

The Trump administration is weighing a cut in the capital gains tax. It would save wealthy Americans up to $20 billion a year, but add to the federal government's red ink.

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President Trump speaks in Iowa, which has been hit hard by tariffs from other countries issued in retaliation to Trump's tariffs. Trump brought with him new "Make Our Farmers Great Again!" hats.

Politics & Government

This Election Is About 'Volatility,' And That Starts At The Top

11:15am July 27, 2018

by Domenico Montanaro

Democrats want to push a health care message; Republicans had been planning to talk about tax cuts. But not much is breaking through, except Trump, who is top of everyone's minds.