Trump's 2017 tax cuts weren't "rocket fuel" for job growth and productivity like he promised, but CEOs are fighting Biden's hike with similar claims.

Large tax cuts for the rich lead to higher income inequality and don’t fuel economic growth or cut unemployment, a new paper by academics from the London School of Economics and King’s College London says. Their analysis of 50 years’ worth of tax cuts for the wealthy in 18 countries […]

President-elect Joe Biden will inherit a struggling economy when he takes office in January. Republicans may maintain control of the Senate, depending on the outcome of two Senate runoff races in Georgia. Biden could provide student-debt relief, repurpose unspent federal relief funds, and raise the minimum wage for federal contractors […]

Sen. Ted Cruz said in a recent Axios interview that President Donald Trump never promised to cut the federal debt. But the president actually pledged to eliminate it in two terms. “I’m very worried about the debt. And I’m worried about it under Trump,” Cruz said. “Now, to be fair, […]

Trump pledged a middle-class tax cut in a morning tweetstorm from Walter Reed Medical centre. “BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING,” he wrote on Twitter. “VOTE!” He previously raised a middle-class tax cut before the November 2018 midterms, but he stopped bringing it up once Republicans lost the […]

Summary List Placement President Donald Trump is campaigning that he’s kept “every single one” of his promises. He said as much during the recent Republican National Convention. “I did what our political establishment never expected and could never forgive, breaking the cardinal rule of Washington politics: I kept my promise,” […]

President Trump is seeking tax breaks to encourage Americans to watch sports games and travel around the US in an effort to boost the economy and restore normalcy. “We’re looking at deductions for business expenses, restaurants, baseball games, if hopefully they’re going to open,” National Economic Council Director Larry Kudlow […]

“The consensus view is that a Democrat victory in November will be a negative for equities,” wrote JPMorgan analysts led by Dubravko Lakos-Bujas in a Monday note. “However, we see this outcome as neutral to slight positive.” There are a number of factors that could make a Biden presidency positive […]

The CBO said in a letter to House Democrats that extending a federal lifeline to states would likely provide a bigger economic boost than tax cuts. “Other provisions, such as business tax provisions and refundable tax credits, are expected to have smaller effects,” the agency said. Trump has publicly opposed […]

The Trump administration is reportedly weighing whether it can go around Congress to implement economic-relief measures, such as enacting liability protections for businesses and pushing the tax-filing deadline back several months. Trump supports shielding businesses from coronavirus-related lawsuits, saying it would be “litigation heaven” without such measures. The White House […]

Former Reagan economic advisor Arthur Laffer wants to cut the salaries of government officials and academics to stimulate the coronavirus-stricken economy. His proposal also includes a payroll tax cut until the end of the year. Laffer has been mentioned as a possible leader of the second coronavirus task force aimed […]

Pelosi is calling for another economic relief package to get more equipment for embattled healthcare workers, as well as relief for households. The House speaker said one measure under consideration is retroactively repealing the SALT cap, which puts a $US10,000 limit on the amount of state and local tax deductions […]

Central banks and governments around the world are turning to a slew of economic relief tools to curb the coronavirus’s fallout. Several trillion dollars worth of stimulus are set to pad G-20 economies in the coming weeks as the outbreak stifles consumer activity and threatens a deep global recession. Here […]

President Donald Trump could announce a second tax cut package just months ahead of the 2020 election this fall. The long-shot proposal could offer a revamped campaign message after the Tax Cuts and Jobs Act failed to gain widespread support. Administration officials have offered conflicting details on tax cuts over […]

The Congressional Budget Office projected that the federal deficit would surpass $US1 trillion this year for the first time since 2012. Economists say the Republican tax bill President Donald Trump approved in 2017 has driven a sharp jump in the federal deficit. But the White House is doubling down on […]

New polling shows an increasing percentage of American voters say they approve of President Donald Trump’s handling of the economy. That could buoy broader support as the Senate resumes an impeachment trial against him. The economy and public perceptions of it have historically played a crucial role in presidential elections. […]

Liberal billionaire investor George Soros warned guests at an informal dinner at the World Economic Forum in Switzerland that the US economy under Trump is headed in a perilous direction. “Trump’s economic team has managed to overheat an already buoyant economy,” Soros said at the elite gathering of business titans […]