Taxes

At the marathon Senate Budget Committee hearing this week, Sen. Bob Corker, R-Tenn., strolled in like a man who had just quit his job and was ready to tell the boss what he really thinks.

President Trump and congressional Republicans have pitched their tax plan as a boost for the middle class.

"The rich will not be gaining at all with this plan," Trump told reporters during a meeting with lawmakers in mid-September.

Although virtually nothing is predictable in politics these days, here is one certainty: Americans — at least the ones watching the news — are about to hear a lot about corporate taxes.

There's a lot of talk on Capitol Hill about the tax cuts included in the Republican health plans, but unless you are a frequent user of tanning beds or have personal wealth that puts you in the top 1 percent, you might not feel much effect.

The House and Senate bills both change or eliminate more than a dozen taxes that were levied to help pay for the Affordable Care Act's insurance subsidies and to bolster Medicare and expand Medicaid. Republicans and other ACA critics have argued that the taxes are onerous for businesses and families.

Updated at 3:02 p.m. ET.

The Trump administration says it can balance the federal budget within a decade. Its proposal calls for significant cuts to social safety net programs and assumes more robust economic growth.

The administration released what it calls a "Taxpayer First" budget on Tuesday.

"This is, I think, the first time in a long time that an administration has written a budget through the eyes of the people who are actually paying the taxes," White House Budget Director Mick Mulvaney told reporters in a briefing on Monday.

The health care bill passed by the House on Thursday is a win for the wealthy, in terms of taxes.

Updated at 4:12 p.m. ET

The Trump administration Wednesday put forth a proposal that it labeled a "massive" tax overhaul, which would give big tax cuts to individuals and corporations and reduce the number of tax brackets and deductions.

Alexey Stiop, 123rf Stock Photo

  Jim Carroll started working for Kentucky’s state parks system in 1978 making $780 a month.

“So I knew the pay wasn’t good but I knew that it was a place where you could advance over time,” Carroll said. “It was stable, and retirement was part of that.”

Carroll later worked in the tourism cabinet and retired in 2009. Since then, he’s organized a group of concerned state pensioners called Kentucky Government Retirees.

Updated at 4:05 p.m. ET

This is what a president can do with the bully pulpit:

It's Tax Day. And that means another reminder of the fact that President Trump has broken with tradition and not released his tax returns.

Even as they lick their wounds from a failed Affordable Care Act repeal effort, Republican leaders in Washington are looking ahead to the next battle — over taxes.

"I would say that we will probably start going very, very strongly for the big tax cuts and tax reform," President Trump told reporters Friday. "That will be next."

Republican House Speaker Paul Ryan agreed, though he conceded that the defeat on health care was a setback.

"This does make tax reform more difficult," Ryan said. "But it does not in any way make it impossible."

Pages