We Now Know How Much Extra Profit U.S. Banks Made as a Result of Trump's Tax Plan, and Yeah, It's a Lot
With voters already upset that the Trump and GOP tax plan meant a smaller refund for working and middle class people in the United States, the taxes not being paid by big business is unlikely to make them any happier. The latest revelation about who does and does not benefit from the Republican driven tax changes focused on the banking industry.
Despite the Internal Revenue Service (IRS) under President Donald Trump's Treasury Secretary, Steve Mnuchin, trying to explain away reality, people did not buy it. They're equally unlikely to buy any excuses about the $28 billion banks made in extra profits due to their Trump tax breaks.
Disney Heir Calls Out Republicans for Their Lies About Donald Trump's Tax Plan, Reveals What the Wealthy Really Spent Their Tax Cuts On
Documentary filmmaker, scholar, philanthropist, heiress and activist Abigail Disney—the granddaughter and great niece of Roy Disney and Walt Disney respectively—filmed a message for United States taxpayers in response to President Donald Trump and Republican leaders' claims about the GOP tax cuts.
Disney said people should not believe what the Trump administration or GOP say happened with the tax cuts they received. Disney begins her video stating:
The Republican Party Commissioned a Poll on Trump's Tax Plan and the Results Are Everything They Feared
Back in December, Republican Senate Majority Leader Mitch McConnell stated:
"If we can’t sell this to the American people, we ought to go into another line of work."
The Kentucky Senator made the statement after the Republican controlled Senate passed the tax plan endorsed by President Donald Trump and the GOP. Now it looks like some of McConnell's colleagues—and maybe even McConnell—may need to find new jobs.
The U.S. Budget Deficit Is Going to Hit $1 Trillion Way Earlier Than Expected for Exactly the Reason You Think
A new report from the nonpartisan Congressional Budget Office indicates that the federal deficit has increased to $895 billion 11 months into the 2018 fiscal year (which ends on September 30), a $222 billion increase over the deficit this time last year.
According to Think Progress, that puts us on track to hit $1 trillion by the end of the fiscal year, two years earlier than expected.
As Speaker of the House, Congressman Paul Ryan (R-WI) is often quick to defend his party's policies.
On Friday, he took to Twitter to praise Republican economic policies. It didn't go quite as planned.
While fallout from the unpopular Republican tax plan continues —setting the deficit on a path to reach new highs and Congress already pushing cuts to Veterans programs to cover funding shortfalls— President Donald Trump looks to hand another $100 billion tax cut to the wealthiest citizens.
But Congress barely managed to push through the last GOP tax cuts for the wealthy. And midterm elections loom just 100 days away.
In 1946, the United States was recovering from World War II. Many products that fueled the American economy, redirected toward the war effort, had yet to recover in a post-war world. And the war had been expensive.
It's understandable then, that 1946 produced a record 106 percent federal debt to gross domestic product (GDP) ratio. That record has stood, as have those of the years immediately after WWII, for over 50 years.