skip to main content
skip to newscasts

Wednesday, December 17, 2025

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Trump announces 'complete blockade' of sanctioned oil tankers to Venezuela; CA's Prop 36 turns one: More in prison, few complete treatment; Caps on nursing education funding threaten TN health-care workforce; OR farmworkers union calls for day of action against ICE tactics.

view newscast page
play newscast audioPlay

House Republicans leaders won't allow a vote on extending healthcare subsidies. The White House defends strikes on alleged drug trafficking boats and escalates the conflict with Venezuela and interfaith groups press for an end to lethal injection.

view newscast page
play newscast audioPlay

States are waiting to hear how much money they'll get from the Rural Health Transformation Program, the DHS is incentivizing local law enforcement to join the federal immigration crackdown and Texas is creating its own Appalachian Trail.

Wall Street vs. Main Street In Tax Bill

play audio
Play

Monday, November 20, 2017   

RICHMOND, Va. -- Analysts say the tax bill moving quickly through Congress benefits corporations, rich professionals and wealthy families at the expense of the national deficit and, ultimately, everyone else.

Republicans have promised that the tax bill will raise wages. But they admit the bill would cost $1.5 trillion over ten years. By the time it's fully implemented, 80 percent of that would be going to pay for a big corporate tax cut, a slashing of the estate tax and a cut in taxes on pass-though income.

Howard Gleckman, senior fellow at the Urban/Brookings Tax Policy Center, pointed out that those tax cuts for businesses and rich households are permanent, while the benefits for the middle class will expire.

"For high-income people, it's all about business taxes and corporate taxes, and of course the estate tax,” Gleckman said. "And in fact the winners and losers change over time, and actually you get more losers as time goes on."

Republican leaders in the Senate are pushing to rush the bill through, hoping to have it done within a few weeks.

Pass-though income is money made by a business that the owner - often a professional such as a doctor or a lawyer - declares as income rather than as profit. Supporters of the tax bill say tax cuts on this kind of income will help small businesses.

But according to the Center on Budget and Policy Priorities, half of pass-through income goes to the top 1 percent of earners. Chuck Marr, director of federal tax policy at the CBPP, said congressional Republicans are already saying they plan to use the increased deficits to call for cuts in programs used by seniors, the middle class and working families.

"As soon as the ink is dry on this bill, we're going to see Republicans point to that debt, point to those deficits,” Marr said. "They'll go after Medicaid, they'll go after nutrition, they'll go after education, access to college."

Marr said despite the "America first" trade rhetoric coming out of Washington, the bill would also encourage multinational corporations to make their money offshore by reducing the taxes they would pay when bringing their profits home.


get more stories like this via email

more stories
Lt. Gov. Micah Beckwith said he does not know what was discussed during a Thursday closed-door Statehouse meeting with Vice President JD Vance and Gov. Mike Braun. (Adobe Stock)

Social Issues

play sound

By Kyla Russell for WISH-TV.Broadcast version by Joe Ulery for Indiana News Service reporting for the WISH-TV-Free Press Indiana-Public News Service C…


Social Issues

play sound

Rural LGBTQ+ youth in Indiana face greater mental health challenges, but have found ways to build community online, according to a new report…

Social Issues

play sound

By Marilyn Odendahl for The Indiana Citizen.Broadcast version by Joe Ulery for Indiana News Service reporting for the Indiana Citizen-Free Press India…


Indiana University's summit includes a session about a new Registered Apprenticeship Program aimed at boosting the teacher workforce. (Adobe stock)

play sound

An Indiana-based summit meeting will spotlight how university campuses can help power economic growth across the state. Indiana University hosts its …

Social Issues

play sound

Groups fighting for a free and fair judicial system are speaking out against violence, threats and insults targeting judges in Indiana and across the …

Experts recommend not overscheduling kids in the first few weeks of school because they are often more tired and emotionally drained as they adjust to a new routine. (Adobe Stock)

Health and Wellness

play sound

Indiana families are preparing kids for back-to-school season, and mental-health experts say emotional readiness is just as important as school …

Environment

play sound

The Trump administration's long-term plan for artificial intelligence could have far-reaching environmental impacts across the country. His strategy …

Social Issues

play sound

A public funding mechanism for Seattle elections is up for renewal in next week's election. The Democracy Voucher program was passed 10 years ago…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021