Wednesday, 23 May, 2018

Trump says he's willing to consider raising gas tax

Trump says he's willing to consider raising gas tax Trump says he's willing to consider raising gas tax
Orlando Vargas | 06 May, 2017, 00:37

New Jersey is one of six high-tax (and mostly Democrat-leaning) states where residents would be particularly hurt by the elimination of the deduction for state and local taxes.

A panel of expert economists have agreed with 94 percent certainty that President Donald Trump's tax cut plan will never spur enough economic growth to pay for itself.

That's OK, because the numbers and components outlined Wednesday surely will change. Instead of raising taxes on the wealthy to pay for infrastructure improvements, Trump is going to make everyone else pay for his infrastructure plan while giving the richest Americans the biggest tax cut in history. I've never thought of myself as a deficit hawk, but this kind of profligacy is ridiculous.

President Trump has been using China's slick new roads and airports as an example of what he wants. That's before Congress begins talking about entitlement reform to ensure the solvency of critical programs such as Medicare, Medicaid and Social Security.

Email your thoughts to opinion@langnews.com.

Sign up to our daily email newsletter here. "We applaud President Trump for putting this option on the table, and we encourage Congress to give the gas tax a fair look as it considers tax reform and infrastructure investment legislation this year".

The difference between 2pc and 3pc annual growth can generate $2trn in revenue over about 10 years, he said. "Higher gas taxes, leading to higher gas prices will mean a higher cost on goods". Under Trump's plan, top income earners would face a 35% tax rate, well above the 15% on business income.

Surely, leaving more money in the hands of middle-class and working-class consumers does stimulate the economy, because the money is quickly spent.

Two killed in W. Va. cargo plane crash
The proposal calls for lengthening the runway from about 6,800 feet (2,073 meters) to 8,000 feet (2,438 meters). Flightradar24, a flight-tracking website, said the aircraft is a Short 330 small turboprop passenger plane.


South Koreans begin preliminary voting to replace President Park
Currently, 13 hopefuls are vying for the presidential office after two candidates dropped out of the race. Early voters can cast ballots Thursday and Friday before the election next Tuesday.


Russia's oil cut exceeds level demanded in OPEC- oil cut pact
It means they would continue to extract 1.8 million fewer barrels of oil per day than was the case before the start of the year. American benchmark West Texas Intermediate declined to $45.31 a barrel, after beginning the day at $47.64 per barrel.


Trump's plan has pluses and minuses.

But then, the president says a lot of things. Such it was with the 2001 Bush tax cuts, when President Barack Obama signed a bill to extend majority in 2010. "One bipartisan analysis estimates that Trump's plan could cost anywhere between $3 and $7 trillion in lost revenue over 10 years", ABC's chief White House correspondent Jonathan Karl said on April 26. But 15 percent is too low, and fiscal conservatives in the House are already balking. Forty-seven percent of voters support lowering the number of individual tax brackets from seven to three, while 24 percent oppose it.

Those businesses now pay individual rates of up to 39.6 percent.

Such a plan should be engineered in a way that encourages business growth and hiring, that rewards smart investment and long-term savings, and that - most importantly - provides the federal government the money to support a disciplined approach to pay for the country's needs, such as infrastructure, defense and the social safety net.

Trump, whose policy prescriptions have largely been articulated broadly and lack many details, has expressed openness to a wide range of ideas since taking office, some of which he or his administration have later ruled out.

The White House trumpets its proposal to nearly double the standard deduction, from a maximum of $12,600 to $24,000.

I don't know whether this is the most cynical tax plan I've ever heard or the most ignorant.

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