“Republicans have quietly imposed a new tax on churches, synagogues and other nonprofits, a little-noticed and surprising change that could cost some groups tens of thousands of dollars. Their recent tax-code rewrite requires churches, hospitals, colleges, orchestras and other historically tax-exempt organizations to begin paying a 21 percent tax on some types of fringe benefits they provide their employees. That could force thousands of groups that have long had little contact with the IRS to suddenly begin filing returns and paying taxes for the first time.” More …
Taxes
Biopharma Deploy Trump’s Tax Windfall to Buy Back Billions in Stock
“Large-cap biopharmaceutical companies took advantage of repatriation of overseas profits and lower corporate tax rates to push share repurchases to the highest level in at least 10 years.” More …
Tax Breaks for Products That Were Once Made in America
“President Trump has vocally opposed companies that relocate overseas. But Congress could soon make it easier on them to import goods.” More …
Republicans are giving raises to striking teachers — and making the middle class pay for them
“Tax hikes in Arizona, Oklahoma, and other states will burden middle- and low-income workers.” More …
U.S. Treasury Department Admits GOP Tax Plan Won’t Pay for Itself
“Today, the Treasury Department finally released its much-promised analysis of its tax plan. And it turns out, they can’t deliver what they promised.” More …
Republican Assault on Graduate Education
“Science helped make America great; the Republican tax cut bill will move us in the opposite direction.” More …
Senate Republican Tax Bill Gives the top 1 Percent of Households a $32,500 Tax Cut; Bottom 20 Percent Will Pay $10 More
“Despite incessant Republican claims earlier this year that they would provide a “middle-class tax cut,” the actual details of their plans show quite the opposite. According to the Joint Committee on Taxation, in 2027 households making under $75,000 would see their taxes increase on average. These increases on the bottom 40 percent would help finance very large tax cuts for the richest households and big corporations.” More …
5 Ways the Tax Bills Affect Health Policy
“Having failed to repeal and replace the Affordable Care Act, Congress is now working on a tax overhaul. But it turns out the tax bills in the House and Senate also aim to reshape health care.” More …
Charles Grassley: Working Class Spends Tax Cuts on Booze, or Women or Movies
“I think not having the estate tax recognizes the people that are investing, as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.” More …
Orrin Hatch Explains Why Tax Cuts Are More Important Than Children’s Health Insurance
Orrin Hatch: “The reason CHIP’s (Children’s Health Insurance Program) having trouble is we don’t have any money anymore… I have a rough time wanting to spend billions and billions and trillions of trillions of dollars to help people who won’t help themselves, won’t lift a finger, and expect the federal government to do everything.” More …