skip to main content
skip to newscasts

Friday, April 26, 2024

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

Louisiana teachers' union concerned about educators' future; Supreme Court hears arguments in Trump immunity case; court issues restraining order against fracking waste-storage facility; landmark NE agreement takes a proactive approach to CO2 pipeline risks.

view newscast page
play newscast audioPlay

Speaker Johnson accuses demonstrating students of getting support from Hamas. TikTok says it'll challenge the ban. And the Supreme Court dives into the gray area between abortion and pregnancy healthcare, and into former President Trump's broad immunity claims.

view newscast page
play newscast audioPlay

The urban-rural death divide is widening for working-age Americans, many home internet connections established for rural students during COVID have been broken, and a new federal rule aims to put the "public" back in public lands.

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
The United Nations experts also expressed concern over a Chemours application to expand PFAS production in North Carolina. (Adobe Stock)

play sound

United Nations experts are raising concerns about chemical giants DuPont and Chemours, saying they've violated human rights in North Carolina…


Environment

play sound

Conservation groups say the Hawaiian Islands are on the leading edge of the fight to preserve endangered birds, since climate change and habitat loss …

Environment

play sound

CO2 pipelines are on the increase in the United States, and like all pipelines, they come with risks. Preparing for those risks is a major focus of …


It's estimated that invasive pests destroy up to 40% of food crops and cause $220 billion in trade losses worldwide. (Lee/Adobe Stock)

Environment

play sound

April has been "Invasive Plant Pest and Disease Awareness Month," but the pests don't know that. The U.S. Department of Agriculture says it's the …

Social Issues

play sound

Leaders of a teachers' union in Louisiana are voicing concerns about a package of bills they say would have the effect of dissolving labor unions in t…

David Coon designs and evaluates interventions for families and caregivers of adults with chronic illnesses, including dementia, cancer and depression. (Arizona State University)

Health and Wellness

play sound

The 2024 Arizona Alzheimer's Consortium Public Conference kicks off Saturday, where industry experts and researchers will share the latest scientific …

Environment

play sound

Environmental groups say more should be done to protect people's health from what they call toxic, radioactive sludge. A court granted a temporary …

Social Issues

play sound

Orange County's Supreme Court reversed a decision letting the city of Newburgh implement state tenant protections. The city declared a housing …

 

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