taxes

Undeterred Trump to tout economy in ‘toss-up’ New Hampshire despite stock tumble
It’s not ‘guaranteed’ every Clinton state will remain blue in 2020, analyst says

President Donald Trump greets Blake Marnell of San Diego during a rally at the Williamsport Regional Airport in Montoursville, Pa., on May 20. He will hold another rally Thursday night in New Hampshire. (Tom Williams/CQ Roll Call file photo)

A White House official grimaced slightly Wednesday as a cable news chyron showed stocks plummeting, potentially undercutting President Donald Trump’s Thursday plans to say his stewardship of a strong economy should help earn him a second term.

Trump will make another campaign-trail pitch to voters Thursday evening in what his aides see as a likely 2020 battleground state that could be a photo finish next November: New Hampshire.

Large employers question ‘Medicare for All’ plans, survey shows
Business group poll shows concerns about costs, taxes still loom large

National Nurses United union members wave “Medicare for All” signs during a rally in Washington on April 29. (Bill Clark/CQ Roll Call file photo)

Most large employers say a “Medicare for All” system would lower the number of uninsured people in the United States, but they are concerned it could increase health care costs and taxes while stifling innovation and quality, a new survey shows.

The concerns come as health industry groups seek to block momentum for plans from Democratic presidential candidates and lawmakers to expand Medicare through a single-payer program or to allow people under age 65 to enroll in the program.

Trump reprises his pitch as the only savior for a Rust Belt battleground
Environmental groups call Pennsylvania facility he visited part of a ‘cancer alley’

President Donald Trump speaks during a rally at the Williamsport Regional Airport in Montoursville, Pennsylvania on May 20. He was back in the state, his 11th visit in two years, on Tuesday. (Photo By Tom Williams/CQ Roll Call)

President Donald Trump interrupted his summer vacation Tuesday to again court Rust Belt voters that helped deliver him the White House, espousing false statements and bold promises as he seeks a second term.

“The political class in Washington gutted … your factories,” Trump told workers at a new Shell-owned petrochemical plant in Beaver County, along the border with Ohio, another perennial swing state he also won in 2016. Trump also blamed other countries for American industrial decline, drawing cheers when he told the audience “they have been screwing us for years.”

Top Trump economic adviser sees ‘no signs’ of recession amid trade war
Lawrence Kudlow says China has taken more hits than United States

Traders work on the floor of the New York Stock Exchange (NYSE) on May 6 in New York City. Global and U.S. markets dipped Monday amid U.S.-China trade and currency tensions. (Photo by Spencer Platt/Getty Images)

Lawrence Kudlow, President Donald Trump’s chief economic adviser, predicted Tuesday that “calmer heads” will prevail in an escalating trade confrontation between the U.S. and China even as he offered few concrete signposts for progress.

The former CNBC analyst’s comments come as U.S. and global markets are slumping over worries that the world’s two biggest economies could trigger a recession with their trade war. Major U.S. markets dropped by at least 3 percent Monday.

Two tax battles await Congress in September
CQ Budget podcast, episode 121

Senate Minority Leader Chuck Schumer, D-N.Y.,  announces at an Aug. 1, 2019 press conference that Senate Democrats will push to repeal a Treasury Department and IRS rule, which goes into effect Aug. 11, 2019. (Caroline Brehman/CQ Roll Call)

Senate Democrats are preparing to fight the Trump administration over a $10,000 limit on deductions for state and local taxes, says CQ Roll Call's budget and tax editor Peter Cohn. And some conservatives are pressing the White House to bypass Congress to index capital gains taxes to inflation, in a move that would cut taxes for wealthy stock owners.

Show Notes:

Senate Democrats push repeal of state and local tax rule
The $10,000 state tax deduction limit was a key feature of the 2017 tax code overhaul

Senate Minority Leader Chuck Schumer, D-N.Y., answers questions following a vote on the budget agreement on Thursday, August 1, 2019. Senate Democrats will push to repeal a Treasury Department and IRS rule, which goes into effect Aug. 11. (Caroline Brehman/CQ Roll Call)

Senate Democrats will push to repeal a Treasury Department and IRS rule, which goes into effect Aug. 11, that they say would “block critical state workarounds” to the $10,000 limitation on state and local tax deductions.

The $10,000 deduction limit was a key feature of the 2017 tax code overhaul, and has been the subject of hearings in the House Ways and Means Committee where Democratic members are urging a repeal of that provision.

3 things to watch: Trump returns to trail after racist ‘send her back!’ chant
President holds rally days after saying he expects to face ‘Sleepy Joe’ Biden in general election

A supporter of President Donald Trump displays a campaign flag before his “Salute to America” celebration in front of the Lincoln Memorial on July 4. Trump goes to the swing state of Ohio for a rally Thursday night. (Caroline Brehman/CQ Roll Call file photo)

President Donald Trump returns to the campaign trail Thursday night in Cincinnati with his first political rally since his supporters in North Carolina chanted “send her back!” about a Somali-born House Democrat.

That chant was directed at Minnesota Rep. Ilhan Omar — who has been critical of U.S. policy, Israel and Trump — by a crowd in Greenville. It prompted a rare instance of the president criticizing, though lightly, his conservative base, saying the next day he disagreed with the chant. He also falsely claimed he quickly tried to shut down the chant, a contention that was undone by video showing him standing silent behind his podium for more than 10 seconds.

Eyeing Trump taxes, House panel releases Nixon documents
Kevin Brady, top Ways and Means Republican, calls move “a travesty”

House Ways and Means Chairman Richard E. Neal says the Nixon documents show that his own request for the president’s tax returns is not unprecedented. (Tom Williams/CQ Roll Call file photo)

The House Ways and Means Committee on Thursday released documents relating to a Dec. 13, 1973, request by the Joint Committee on Taxation for President Richard Nixon’s tax returns that show five years of returns were provided the same day by the IRS.

Committee Democrats said the significance of the documents is that Nixon’s tax returns and other private tax information were handed over to what was then called the Joint Committee on Internal Revenue Taxation because of authority under Section 6103 of the tax code. 

Debt deal moving forward with key GOP, Democratic support
Fiscal hawks blast agreement: ‘Washington has all but abandoned economic sanity’

Treasury Secretary Steven Mnuchin arrives to attend the Senate Republican policy lunches in the Capitol on Tuesday. (Tom Williams/CQ Roll Call)

Updated 7:10 p.m. | Treasury Secretary Steven Mnuchin visited Senate Republicans Tuesday to try to shore up support for a two-year spending caps and debt limit accord, amid bipartisan concern over tacking another $324 billion onto deficits — a figure that could more than quintuple when spread out over a decade.

Mnuchin sought to reassure Republicans at their weekly policy lunch that President Donald Trump in fact supports the deal he reached Monday with Speaker Nancy Pelosi, according to Senate Appropriations Chairman Richard C. Shelby and others.

Grassley: ‘Cadillac’ tax repeal points way to extenders deal
PAYGO rules may no longer be a hindrance, Iowa Republican hints

Senate Finance Chairman Charles E. Grassley sees a way forward on a tax extenders deal. (Tom Williams/CQ Roll Call file photo)

Senate Finance Chairman Charles E. Grassley sees a “little bit of progress” on the tax extenders front in House Democrats’ decision to push repeal of the “Cadillac tax” on high-cost health insurance plans, without offsets for the lost revenue.

The House’s pay-as-you-go rules have been a hindrance for much of the year on moving legislation to extend tax breaks that expired at the end of 2017 and 2018. The most expensive of those is a provision originally authored by Grassley in 2004 to provide a $1 per gallon biodiesel blenders tax credit, which costs about $3 billion a year.