The current sword hanging over the Obamacare health insurance markets is the future of one of the subsidies in the system. It’s called cost-sharing reduction and it cushions lower-income people from out-of-pocket costs when they see a doctor.
President Donald Trump exaggerates when he describes a reduction in the top marginal rate for pass-through business income as a boost to small businesses and truckers.
- The president claimed that “more than 30 million” small-business owners would get “a 40 percent cut in their marginal tax rate.” But only 670,000 taxpayers who report business income would earn enough to get that rate reduction.
- Trump said “many American truckers who file taxes as sole-proprietors, S corporations or partnerships” will pay a “substantially lower” top tax rate. Truck drivers, or any other business owner, would have to earn more than $91,900 in taxable income to get a lower top tax rate, and more than $418,400 to see the kind of benefit Trump described.
Our partners at E.W. Scripps recently interviewed President Donald Trump and members of his administration about the tax plan Trump is supporting.
Here are the facts behind some of their comments.
Dreamers are young people who grew up in the United States after being brought here illegally as children or infants. Trump has said he was willing to negotiate with Democrats in order to allow them to stay.
In exchange, Trump is seeking changes to immigration law that would affect other minors who come to the United States illegally.
House Minority Leader Nancy Pelosi claimed that the Republican tax cut plan “raises taxes on [the] middle class,” while President Donald Trump claimed that “everybody’s gonna benefit” from a plan that “is for the middle class.”
President Donald Trump continued his challenge of the National Football League in a tweet, this time to push tax reform.”Why is the NFL getting massive tax breaks while at the same time disrespecting our Anthem, Flag and Country? Change tax law!” Trump tweeted.
What tax breaks is the NFL receiving, and what tax law is Trump referring to?
There are ways that Trump’s tweet is both right and wrong. But the bottom line is that the NFL continues to benefit from major tax breaks, especially in the construction of its stadiums.
Q: Did President Donald Trump revoke the National Football League’s status as a nonprofit organization?
A: No. The NFL’s league office voluntarily gave up that status in 2015.