Published: Wed, April 17, 2019
Finance | By Loren Pratt

Trump en route to the Twin Cities for tax event

Trump en route to the Twin Cities for tax event

CNN's chief business correspondent Christine Romans kicked off Tax Day 2019 by explaining the effects of President Donald Trump's tax cuts - and it looks like most Americans are benefitting.

She's pitched an aggressive ultra-millionaire tax that she said would be used to fund universal childcare, student loan debt relief and down payments on a Green New Deal and Medicare for All. The typical middle-income taxpayer saw their 2018 taxes decrease by only about $1,000, or roughly $20 a week, according to an analysis from the nonpartisan Tax Policy Center.

Trump's tax day visit also renews attention on his refusal to release his tax returns.

The IRS does give tax payer's three different options if for any reason they can't pay the full amount today. And there's something to their gut instinct: The top 1 percent of income earners received an average tax cut of $51,310 previous year, or more than $900 per week, the Tax Policy Center said in its analysis.

Companies were also winners in the scenario as a result of slashing the corporate tax rate to make the US more competitive with other countries.

Trump narrowly lost Minnesota to Democrat Hillary Clinton in 2016 but hopes to claim victory here in 2020. "That tax bill should have been a bill that would have not only brought some taxes down for working people but also could have funded a major infrastructure investment".

A Trump opponent welcomed the president to Burnsville with a sign that said: "Demand Trump's Tax Returns and a List of his Creditors".

"That tax bill was a major missed opportunity", she said. But history would appear to be against him: Minnesota has not voted for a Republican for president since Richard Nixon in 1972.

Most economists - including at the Federal Reserve - anticipate growth will slump this year to just above 2 percent as the stimulus from the tax cuts wanes.

But an NBC/Wall Street Journal poll this month showed that just 17% of Americans believe their taxes have been cut.

Filing jointly, Klobuchar and her husband, attorney and professor John Bessler, found themselves in a lower tax bracket in 2018, but ultimately paid more in total taxes, as their combined income increased.

Further muddling the picture was the federal deduction for state and local taxes being capped at $10,000, which has mattered in high-tax states such as Minnesota, California and NY, among others.

Now that Trump's been told that his suggested use of water tankers would have collapsed Notre Dame Cathedral, he may instead have them fly over the Capitol when the House and Ways Committee is in session.

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