21 Burst results for "Richard Rubin"

Tax Credit for Keeping Workers on Payrolls Draws Bipartisan Interest

KCBS Radio Morning News

03:19 min | 4 months ago

Tax Credit for Keeping Workers on Payrolls Draws Bipartisan Interest

"Package there does seem to be growing bipartisan support for the idea of expanding an existing wage subsidy keep workers on payrolls and help businesses stay afloat Richard Rubin covers US tax policy for the Wall Street journal is written about this and joins us live now in the KCBS ring central news line Richard thanks for the tennis one is what we're talking about here is a tax credit and for those of us who don't cover economics for the TV basically explain how this works relative to other ideas that are out there yeah thanks for having me this is basically a a wage subsidy so basically means that the government would cover anywhere up to eighty percent of wages and benefits for an employee it in and it's really by up to forty five thousand in Valerie and benefits so what that means is that for employers that are suffering from closures or from revenue decline they would have sort of a a partner in paying their workers which is the government so essentially when we say tax credit if you dig it comes off of whatever taxi company would know does it turn into a surplus if if the number it adds up to they get a check back from the government they can basically if you know the the amount of the credit is the percentage of wages that that they would get and then but the company does to get the money is instead of sending it payroll tax instead of sending him even like the employees income taxes they just tell the government how much the employees they're withholding for the employees and they have to keep that money so one of the advantages of this is that it's really fast instead of spending money in the company and the employer just keeps it and then on top of that if there's not if that's not enough to cover the full amount of the subsidy you can file a special form to get money back faster for the IRS so this is a for a small business means the quarterly tax payments the bi weekly payrolls all that they could be sitting on cash that otherwise would be heading to Washington exactly the idea is just to turn the payroll system the plumbing of the payroll system around instead of like companies and employers spending money and they get to just keep it potentially get some back it is a real key distinction between the way this works now and under the expanded proposal for small firms versus large firms small firms from employers can get credit for paying people whether they're working or not and larger firms can get only if they're paying people not to work it's actually furloughed and your reporting founded tell Democrats and Republicans alike seem relatively warm to this idea yeah I mean for for Democrats it's a fool like the payroll tax cut the president wants but there's some advantages to it over that okay this has to be somewhat larger per employee and it's more targeted and and for publicans they're really looking for an off ramp from the six hundred dollar a week extra client benefits looking for ways to kind of support the workforce encourage hiring and and retention without necessarily keeping unemployment benefits quite as high and and so it could be tricky though going forward trying to figure out how to calibrate this because they're certainly going to be some plaintiffs out there where there's going to be extended unemployment into ministries for a long time so how do you have to manage that while also trying to encourage people to stay on payroll and hire people back

Treasury issues final rules to block blue-state workarounds to SALT deduction cap

WSJ What's News

03:27 min | 1 year ago

Treasury issues final rules to block blue-state workarounds to SALT deduction cap

"There's some bad news for residents of high tax states. The treasury department has released new rules that shut down a tax planning strategy that could have helped residents of states like New York, New jersey and Connecticut. Get around the new cap for state and local tax deductions with more on this. We're joined by Wall Street Journal US tax policy reporter, Richard Rubin now rich under the GOP tax law, individuals and married. Couples filing jointly can deduct at the most ten thousand dollars of their state and local tax payments from their federal taxable income in response states enacted work arounds to this. What were they well, those work arounds, basically took advantage of the fact that, that charitable contribution deduction is not calved, even though the state and local deduction is into those programs. Did is they basically conferred, it would otherwise be state taxes into deductible charitable contributions, you could make a donation to a state affiliated fund, and then you get state income tax credits or state. Properties or local puppies X credits for that. And so your tax Bill would go down and stay under the limit while your charitable contributions would go up. So what do the new treasury regulations do treasure? They say you're actually getting something in exchange for that charitable contribution. So it's like if you go to a charity dinner and you pay a hundred bucks and the cost of dinner is fifty you can only deduct the remaining fifty not the full hundred until it's, it's a similar kind of fence equipped quick for quo benefit principle, and that's you have to subtract any tax credits. You get from your charitable contribution in debt basically, makes these programs not work. Why did the tax law cut the deduction capped by so much going, there was no deduction cap before a fifty cent? There was limited somewhat if people were in the alternative minimum tax. There were a couple of arguments. One was that it because most of the benefit went to high tax states that an ended up being as federal tax subsidy for. Those states the other argument was that the Republicans needed money to pay for their rate cuts. And so it was way of broadening, the tax base and lowering tax rates. Well might states and municipalities, go to court to challenge these new regulations. Rich sure, I mean, you, you certainly may see some of that happening, you know, from New York, and even from some red state programs that we were sort of like this, and, and predated the twenty seventeen tax law. But I you know, the treasury's, I'm pretty solid ground trying to interpret and implement the, the purpose of, of the cap. And if you allow people to essentially turn state taxes into charitable contributions, you're really kind of circumventing, the gap, there, there were programs in Arizona, South Carolina, and Alabama and Georgia, and other states that have been similar that essentially let people make donations to private entities and get the tax credits for them and under the old tax law that generally didn't give you much of a federal tax benefit. Now did. And those are really going to be affected the small exception for people who make donations in total Texans under ten thousand dollars. But I in general, this is going to limit those programs just like it's going to win the New York New jersey in candidate. We're trying to do Wall Street Journal US tax policy reporter, Richard Rubin. Joining us from Washington. Thanks, rich. Thank you. That's what's news for Wednesday afternoon, line, Charlie Turner for the Wall Street Journal.

Wall Street Journal New York Treasury Richard Rubin New York New Jersey Reporter New Jersey Treasury Department Washington Connecticut Charlie Turner GOP
Tax Reform Hits Foreign Profits of Some U.S. Companies

WSJ What's News

04:12 min | 1 year ago

Tax Reform Hits Foreign Profits of Some U.S. Companies

"The tax overhaul that Republicans pushed an inactive in two thousand seventeen was designed among other things to change the international tax system, and thus help multinational companies that make much of their profits overseas. It hasn't quite worked out that way and more than a year later. These multinationals are saying that the new law could hurt their global competitiveness and discourage domestic investment. So what is the flaw in the tax law that has made many of these companies unhappy here to answer that is Richard Rubin. US tax policy reporter for the Wall Street Journal who joins us from Washington rich at the root of this problem seems to be a new minimum tax designed to prevent companies from shifting their profits too, low tax countries, isn't that right? Yeah. The idea behind what congress did in two thousand seventeen international Texas was this said, look if you're US company and you're making profits abroad, we're not going to impose US tax on top of. That companies have been complaining for years in the previous system that made them uncompetitive in foreign markets because they would compete against companies from other countries that didn't have that second layer tax on top of whatever they were paying in those markets. But US lawmakers also realized that you can't just say that because then companies would go stick their profits in places where there's almost no taxes on. It'd be hard for the US to trying clawback any of any money you'd see profits going even more abroad. So they impose minimum tax that said, okay. If you pay really low rates will top you up to ten and a half percent, you'll have to pay some US taxes on top of your foreign taxes. And then if you pay some substantial foreign taxes sort of a signal that you're operating in real far markets with real significant tax rates than we're not going to the US is not going to impose that minimum tax on you. But it's that latter group where we started to see a problem will the tax has the acronym of guilty GI. L TI global intangible low taxed income many multinationals figured they'd avoid paying this tax. Isn't that? Right. Yeah. Because was sort of this simplified example in the conference report that congress put out is it. Well, it's your tax rate is over thirteen point one five percent, then you are going to be fine. But that was a simplified example, and what it masks was notice expense allocation, and that basically says that wouldn't companies calculate their foreign tax credits. They have to essentially recalculate their foreign taxes for US purposes. And what that means they have to say, all right? Well, some of our far some domestic income interest research headquarters expenses is really in support of foreign prophets. And so we're going to have to allocate those expenses abroad in the is going to make your foreign income look smaller, make an limit your foreign tax credit and that so that limits than what companies can use on that far. Tax credit to offset this guilty tax. Now, how large is the guilty tax the tax. It really varies by company. Overall. It's going to raise one hundred and some billion over a decade, you know, for Procter and gamble which sort of the companies we talked to they think this is going to add one hundred million dollars to their tax Bill. It's gonna take their foreign tax rate from eighteen percent, roughly two twenty one percent. So it's you know, that's a large company with billions in revenue, but one hundred million dollars is still entre million dollars. The new tax system could incentivize companies to put jobs factories and headquarters outside the US is this because of rules that congress did not change in two thousand seventeen. Yeah. Those are those expensive location rules because if you what companies are saying is well instead of having to pretend that those US expenses are abroad for foreign tax credit calculations. We could just move them abroad. And then. It wouldn't be a problem at all. We could you know, just. Count them as far in expenses. And they they wouldn't hurt us nearly as much and so that's the incentive. We haven't seen company actually doing that gap. But that's the incentive that companies say exists under this new system.

United States Congress Wall Street Journal Reporter Richard Rubin L Ti Washington Texas Procter One Hundred Million Dollars Two Twenty One Percent Eighteen Percent One Five Percent Million Dollars
"richard rubin" Discussed on NewsRadio KFBK

NewsRadio KFBK

01:49 min | 1 year ago

"richard rubin" Discussed on NewsRadio KFBK

"Today. Bad news from the IRS. A prolonged government shutdown would likely delay. Billions of dollars in income tax refunds Wall Street Journal tax policy writer, Richard Rubin, says the IRS is one of the agencies that now lacks funding. So audits responding to our questions and even paying refunds are on. Hold rich explain to the IRS federal agencies. It doesn't have any appropriations right now. They're not funded and their plan both plan. They had last year during the final season in anticipation of a bottle sat down and the one may have currently just in advance of this year's season. Save it issuing refunds one of the things that does not happen during us up down. That's the way they handled it in in two thousand thirteen and this is the expectation that that as you get closer towards hectic mad, the government wouldn't be able. Pay out tax refunds. Wow. Because we have some folks who are certainly ready to file at this point. Even though the government technically hasn't opened the window for filing, right, right? A prospect that's weaken weeks away. Now shutdown may end before that point doesn't usually start until late January or so usually a couple of weeks after that they're the biggest chunk of refunds comes right around. By that point last year, we had one hundred about one hundred billion and refunded gone out the door, the IRA that's a big chunk of money. And that goes right into household. So people paying down dead paying off bills making big purchases, David. So it's important.

IRS Wall Street Journal Richard Rubin writer David
"richard rubin" Discussed on KNST AM 790

KNST AM 790

02:52 min | 1 year ago

"richard rubin" Discussed on KNST AM 790

"Economy. And absolutely, you know, something that people are gonna be watching to see whether this is one of the biggest impacts of the pencil Downer. I forgot about that trickle down with people really what you know. Planning. Even household renovation someone's around things like the tax refund. So what what can we do as taxpayers are tax filers if anything? Queer yet. I think one thing in general is that the way this could presumably work is that it's refunds are. In fact, the wait until afterwards at down. And so, you know, if they have your return already processed belts are paying wants to shut shutdowns over. So, you know, if you're expecting refined, and you want to go ahead and file once filings allowed that way, you kind of get closer to the front of the line when the money starts flowing if and when the money starts flowing into. Did you just kind of keep an eye out for? Further announcements from from the government on exactly how they plan to handle filing season broadly and refunds generalists typically. So read your stories in other words, right? Yeah. Keep an eye out for communications from the IRS. There's going to be an and your whoever whatever tax repair tax off where you used. Folks are always in pretty close touch with with the IRS as well. We're speaking with Wall Street Journal tax policy writer, Richard Rubin piece is called in a shutdown IRS will take your money, but give no refunds as part of the shutdown here to you say, it's it's hard to get folks on the phone now right to get some tax guidance. Yeah. Operating the one out of every eight people in the building our in the buildings because they're all over the country. So that means a lot of taxpayer service and audit and collections are willing or stopping during the shutdown mode. Some of that will change those filing season planet last year at about forty three point five percent of virus employees working. So I would expect them to start recalling a bunch of people that come back to work to prepare for the to run the filing season NBA culture to that point toward the end of January. Now what about what does this mean for chances of an audit right now? They're not doing audits. That's one of the things that are not a core. Essential nonexempt function to audits have stopped I presume they will pick them back up. They do make sure that they're complying with Twitter legal deadline south there court cases that are that are pending and Irish criminal investigations are generally still going forward. The law enforcement side as opposed to the civil audit side of the of the still operating me says don't get any funny ideas about not filing or cheating. Just because the IRS is not doing any audits right now. It's Wall Street Journal tax policy writer, Richard Rubin. Fourteen minutes now after the hour.

IRS Wall Street Journal Richard Rubin writer Twitter NBA Fourteen minutes five percent
"richard rubin" Discussed on News Radio 690 KTSM

News Radio 690 KTSM

01:36 min | 1 year ago

"richard rubin" Discussed on News Radio 690 KTSM

"Bad news from the IRS. A prolonged government shutdown would likely delay. Billions of dollars in income tax refunds Wall Street Journal tax policy writer, Richard Rubin, says the IRS is one of the agencies that now lacks funding. So audits responding to our questions and even paying refunds are on. Hold rich. Explain. The one of the federal agencies that doesn't have any preparations right now, they're not funded and so their plan both to plan they had last year during the filing season interpretation of abominable sat down and the one they have currently just in advance of this year's filing season. Save it issuing refund is one of the things that does not happen during us up down. That's the way they handled it in in two thousand thirteen. The expectation that as we get closer towards acting at the government wouldn't be able to pay out tax refunds because we have some folks who are certainly ready to file at this point. Even though the government technically hasn't opened the window for filing, right? Right. This is a prospect that we can weeks away now shutdown may and before that point charting too late January or so. Usually a couple of weeks after that their biggest refund comes right around February fifteenth. So by that point last year, we had one hundred about one hundred billion and refunded gone out the door the IRS. You know, a big chunk of money, and that goes right into you know, household so.

IRS Wall Street Journal Richard Rubin writer
"richard rubin" Discussed on KTOK

KTOK

01:52 min | 1 year ago

"richard rubin" Discussed on KTOK

"Handle a defiling cheese, and broadly and refunds generalists, so read your stories in other words, right? Yeah. Just keep an eye out for communications from the IRS because there's going to be and and your whoever whatever tax repair tax off where you use. Those folks are always, you know, in pretty close touch with with the IRS as well. We're speaking with Wall Street Journal tax policy writer, Richard Rubin is piece is called in a shutdown IRS will take your money, but give no refunds as part of the shut down here to you say, it's it's hard to get folks on the phone now right to get some tax guidance. Yeah. The IRS is operating with one out of every eight people in the building our in the buildings because they're all over the country. And so that means a lot of taxpayer service and audits and collections are rolling or stopping. Shutdown mode. Some of that will change the filing season planet. The last year had about forty three point five percent of virus employees working. So I would expect them to start recalling a bunch of people that come back to work to prepare for the to run the filing season closer to that point toward the end of January. What about what does this mean for chances of an audit right now, they're not doing audit? That's one of the things that are not a core essential non exempts function. So audit have stopped I presume they will pick them back up. They they do make sure that they're complying with Twitter legal deadlines off their court cases that are that are pending and Irish criminal investigations are generally still going forward the the law enforcement side as opposed to the civil about. About the is still operating. Let me says don't get any funny ideas about not filing or cheating. Just because the IRS is not doing any audits right now. It's Wall Street Journal tax policy writer, Richard Rubin. Fourteen minutes now after the hour on This.

IRS Wall Street Journal Richard Rubin writer Twitter Fourteen minutes five percent
"richard rubin" Discussed on KTAR 92.3FM

KTAR 92.3FM

04:39 min | 1 year ago

"richard rubin" Discussed on KTAR 92.3FM

"News from the IRS, a prolonged government shutdown with likely delay. Billions of dollars in income tax refunds Wall Street Journal tax policy writer, Richard Rubin, says the IRS is one of the agencies that now lacks funding. So audits responding to our questions and even paying refunds are on. Hold rich. Explain to the IRS is one of the federal agencies that doesn't have any preparations right now. They're not funded and their plan. They had last year during the final interpretation of profitable sat down and the one they have currently just in advance of this year's filing fees and say that refund is one of the things that does not happen during us up down. That's the way they handled it in in two thousand thirteen and so this is the expectation that as get cloture toward the government wouldn't be. Able to pay out refunding. Well, because we have some folks who are certainly ready to file at this point. Even though the government technically hasn't opened the window for filing. Right. This isn't a prospect. That's we can weeks away now shutdown may and before that point. Chart until late January or so. Usually a couple of weeks after that their biggest refund contrite around by that point last year. We had one hundred hundred billion refunded gone out the door the IRS. So that's a big chunk of money. And that goes right into household. So people paying down dead paying off bills making big purchases. David the dating to mechanism for so it's important to the economy and. Absolutely. You know, something that people are going to be watching closely to see whether this is one of the biggest impacts of pencil shutdown. Boy, I forgot about that trickle down with people. Really what planning even household renovation sometimes around things like the tax refund. So what what can we do as taxpayers are tax filers if anything? Clear yet. I think one thing in general is that the way this could presumably work is that if refunds are, in fact, the way it until after shut down. And so, you know, if they have your return already processed are paying one shutdowns over. So if you're thinking refined, and you want to go ahead and file one filings allowed that way, you kinda get closer to the front of lie when the money starts flowing if and when the money starts flowing into did you just kind of keep an eye out for further announcing from the government on exactly how they plan to handle a filing season, Bobby and refunds generalists, so read your stories in other words, right? Keep an eye out for communications from the IRS. There's going to be an whoever whatever tax repair tax off where you use. Those folks are always in pretty close touch with the with the IRS as well. We're speaking with Wall Street Journal tax policy writer, Richard Rubin pieces called in a shutdown IRS will take your money, but give no refunds as part of the shutdown here to you say, it's it's hard to get folks on the phone now right to get some tax guidance. Yeah. So the IRS is operating the one out of every eight people in the building our building because they're all over the country. And so that means the taxpayer service and audit and collections are slowing or stopping. Shutdown mode. Some of that will change the filing planet for last year had about forty three point five percent of virus employees working. I would expect them to start recalling a bunch of people to come back to work prepare for the to run the season NBA closer to that point toward the end of January. What about what does this mean for chances of an audit right now, they're they're not doing? That's one of the things that are not a core. Essential nonexempt action to audits have stopped. I probably will pick them back up. They do make sure that they're complying with Twitter legal deadline. So there court cases that are pending and Irish criminal investigations are generally still going forward. The law enforcement side as opposed to the civil audit side of the mpg is still operating me says don't get any funny ideas about not filing or cheating. Just because the IRS is not doing any audits right now. It's Wall Street Journal tax policy writer, Richard Rubin. Fourteen minutes now after the hour.

IRS Wall Street Journal Richard Rubin writer Twitter NBA David Bobby Fourteen minutes five percent
"richard rubin" Discussed on WRVA

WRVA

04:34 min | 1 year ago

"richard rubin" Discussed on WRVA

"Dollars in income tax refunds Wall Street Journal tax policy writer, Richard Rubin, says the IRS is one of the agencies that now lacks funding. So audits responding to our questions and even paying refunds are on. Hold rich. Explain. The federal agencies that doesn't have any appropriate right now. They're not funded and their plan. Both the plan. They had last year during the filing interpretation down and the one they have currently just in advance of this year's filing season. Save it issuing refunds is one of the things that does not happen during us up down. That's the way they handled it in in two thousand thirteen and so this is the expectation that as we get closer towards the government wouldn't be able to pay out tax refunds because we have some folks who are certainly ready to file at this point. Even though the government technically hasn't opened the window for filing, right, right? This isn't a prospect that's weaken weeks away now shutdown may and before that point. Starting too late January or so. Usually a couple of weeks after that they're the biggest chunk of refunds comes right around February fifteenth. So by that point last year, we had one hundred hundred billion refund had gone out the door the IRS. That's just you know, a big chunk of money and that goes right into household. So people paying down dead paying off bills making big purchases, David. The mechanism for so it's important to the economy and. Absolutely. You know, so many people are going to be watching to see whether this is one of the biggest impacts of the shutdown. I forgot about that trickle down with people really what you know. Planning. Even household renovation sometimes around things like the tax refund. So what what can we do as taxpayers are tax filers? If anything clear yet, I think one thing in general is that the way this could presumably work is that it's refunds are. In fact, the way it until after that down. And so, you know, if they have your return already, processed the bills are paying one shutdowns over. So, you know, if you're expecting a, and you want to go ahead and file ones filings allowed that way, you kinda get closer to the frontal line when the money starts flowing if and when the money starts flowing. Which was kind of keep an eye out for further announcement from from the government exactly how they plan to handle a filing broadly and refunds generalists typically. So read your stories in other words, right? Just keep an eye out for communications from the IRS is going to be an and your whatever. Whatever tax repair tax off where you use. Those folks are always in pretty close touch with the with the IRS as well. We're speaking with Wall Street Journal tax policy writer, Richard Rubin is piece is called in a shutdown IRS will take your money, but give no refunds as part of the shut down here to you say, it's it's hard to get folks on the phone now right to get some tax guidance. Yeah. The one out of every eight people in building our into buildings because they're all over the country. And so that means a lot of taxpayer service and audit and collections are flowing or stopping during the shutdown mode. Some of that will change the planet for last year had about forty three point five percent of virus employees working. So. I would expect them to start recalling a bunch of people to come back to work to prepare for the to run the filing season. NBA closer to that point toward the end of January. What about what does this mean for chances of an audit right now? They're not doing audits. That's one of the things that are not a core. Essential exit a nonexempt function to audit have stopped I presume they will pick them back up. They they do make sure that they're complying with Twitter legal deadlines off their court cases that are that are pending and criminal investigations are generally still going forward the law enforcement side as opposed to the civil side of the still operating. He says don't get any funny ideas about not filing or cheating. Just because the IRS is not doing any audits right now. It's Wall Street Journal tax policy writer, Richard Rubin. Fourteen minutes now after the hour on This.

IRS Wall Street Journal Richard Rubin writer Twitter NBA David Fourteen minutes five percent
"richard rubin" Discussed on Newsradio 1200 WOAI

Newsradio 1200 WOAI

02:18 min | 1 year ago

"richard rubin" Discussed on Newsradio 1200 WOAI

"Bad news from the IRS. A prolonged government shutdown would likely delay. Billions of dollars in income tax refunds Wall Street Journal tax policy writer, Richard Rubin, says the IRS is one of the agencies that now lacks funding. So audits responding to our questions and even paying refunds are on. Hold rich explain to the federal agencies that doesn't have any appropriate right now. They're not funded and their plan. Both the plan. They had last year during the filing season. Down and one may have currently just in advance of this year's filing season. Save it issuing refund is one of the things that does not happen during us up down. That's the way they handled it in in two thousand thirteen enjo- dishes. The expectation that as we get closer towards that the government wouldn't be able to pay out. Well, because we have some folks who are certainly ready to file at this point. Even though the government technically hasn't opened the window for filing, right, right? This is a prospect that's weaken weeks away now shutdown may and before that point doing usually starting to late January or so usually a couple of weeks after that their biggest chunk refund comes right around February two by that point last year. We had one hundred hundred billion and refund had gone out the door, the IRS until being money, and that goes right into you know, how so people paying down dead paying off bills making big purchases Davis. Enjoy the tax system is a mechanism for. So it's important to the economy and absolutely. You know, so many people are gonna be watching closely to see whether this is one of the biggest impacts of down. That trickle down with people really what you know. Planning. Even household renovation sometimes around things like the tax refunds. So what what can we do as taxpayers are tax filers? If anything queer yet, I think one thing in general is that the way this presumably work.

IRS Wall Street Journal Richard Rubin writer Davis
Examining Whether The GOP Tax Cuts Are Working Out

NPR's Business Story of the Day

03:55 min | 1 year ago

Examining Whether The GOP Tax Cuts Are Working Out

"It has been one year since the Republican controlled congress, slashed corporate and personal tax rates the promises and boasts at the time assured years of economic growth, this is the kind of tax reform and tax cuts that get our economy growing to reach its potential this gets us better wages, bigger paychecks. And ultimately, what does it mean? It means jobs jobs jobs jobs that was President Trump preceded by outgoing house speaker Paul Ryan. So how are things going today? The economy is still strong with growth topping four percent in one quarter of two thousand eighteen and unemployment remains at a near fifty year low, but how much of that has to do with those tax cuts. Noel king put that question to Richard Rubin. He covers tax policy for the Wall Street Journal a year after the tax cut took effect. Where do we stand we've gotten some of what we would expect in some of what the proponents had hoped for? I think we've seen some increased investment. But a decelerated some in the third quarter. We've seen unemployment continue to drop, but it was already on the way there we've seen people have more money in their pockets. And so we've seen some economic growth particularly in the short run because people had money to spend as their paychecks got bigger in the first part of the year from the individuals out of the tax cuts. And now what we're looking forward to really see is is that going to last is they're going to be not just a one time bump from people having money in their pockets and spending. But is there going to be the kind of sustain prolonged economic boom with three percent growth year after year after year that the administration says as possible, and that most economists were pretty skeptical of the ability of this tax law and other administration policies to get the US economy their system, wait and see here. Some of the effects are clear. They're bigger budget deficits, it was a large tax cut and people will feel that on the individual side as they as they're filing their returns in the coming, months and. One of the thing. I'd add is that companies are still trying to figure this out about what incentives. They have a lot of the pieces of this law are really complicated, particularly on international taxation, and treasury department has been putting out tons and tons of regulations over the course of two thousand eighteen and companies are still really trying to grapple with that to understand exactly what the new incentives are. And what you've seen from company so far is they've really they've done a lot of share buybacks. We saw that early in the year and continuing throughout throughout the year companies had free money, and they bought back their own shares and we've seen some additional investment, but not necessarily as much as the administration had hoped. You mentioned a trend that we've been seeing in which companies that got the tax break used some of the extra money that they had to buy back their stock, and that raised eyebrows. Why is that well raised eyebrows? Because it's not a direct investment. It's you know, it's it really is trying to prop up share price. It's trying to help investor. Offers you send some companies do dividends as well. But counterarguments that would be this that more money to investors than companies that might want investment might have the need for investment can get money from those investors, but but the buybacks had become a political football for sure because the opponents of the tax law can easily point to them and say, look, the people who are benefiting here are really the shareholders. It's not the employees which this was supposed to benefit. I would say two things about that one. Is that an employee's for sure we're supposed to benefit from the corporate tax cuts. But that was going to take time. It was the the causal chain that which talked about of tax cut and then investment and the productivity growth, and then hiring was never going to be a one year proposition. And then on top of that. Of course, employee's are getting tax cuts on the individual side as well. That was Richard Rubin of the Wall Street Journal talking with our co host Noel king.

Richard Rubin Noel King Wall Street Journal President Trump Congress Paul Ryan United States Treasury Department One Year Three Percent Four Percent One Quarter Fifty Year
"richard rubin" Discussed on News Radio 690 KTSM

News Radio 690 KTSM

02:18 min | 2 years ago

"richard rubin" Discussed on News Radio 690 KTSM

"See the Senate do that where, they'll call of something and then have a vote they look, all these bad people on the other side voted against it There there's some concern about that too because it could give an opportunity for some vulnerable Democrats, to? Vote for middle class tax cuts depending on how they structure the vote for something and then that sort of muddle the Republicans message against them which is, hitting him as hard as they can, promoting? Against the tax law when it passed last December right everybody going to be much. More careful with their vote, as we are now just in the last couple of months before big election cycle, because you know you know the rare crisis or deadline right think of the. Financial crisis in two thousand and eight coming up to the election congress in an election year doesn't. Do a lot and what they do is in many ways driven by The desire to have messages. That they can can be out in the election so A good preview, of what the next congress might do in the fight the next congress might have but they're. Really only there's, some really some limited opportunities for congress to make law this year and in theory there, is? Still plenty of time to do this twenty twenty-five is still a ways away. Right Yeah Look we saw this in the Bush tax. Cuts the Republicans extended them a couple times after they were initially. Passed and One and our three the first big bipartisan extension Was in twenty ten again after the election after Republicans took. Control of the house before they had taken charge and then you know the and then we saw the big bipartisan agreements to make those permanent, right is they were expiring, on New. Year's Eve twenty twelve New, Year's day twenty thirteen so We've, got you know I I'm not making any plans for New Year's Eve twenty twenty five and so I think that's certainly within, the realm of reason that will see ourselves right back, in that kind of deadline scenario that'd. Be a lot of talk about it I. Mean, I remember the doesn't eight, two thousand, ten twelve campaigns were full of discussion about. What to do with these expiring tax cuts back in the Bush era and now we're. Going to have the same thing again talking about it for quite a while good idea to clear scheduled for New Year's thanks Richard Wall Street, Journal reporter Richard Rubin joining, us this. Morning.

congress Senate Richard Rubin Bush reporter
"richard rubin" Discussed on Newsradio 1200 WOAI

Newsradio 1200 WOAI

03:50 min | 2 years ago

"richard rubin" Discussed on Newsradio 1200 WOAI

"But. He returns on Monday I Mike Gavin thanks for coming by on. This, Friday House Republicans are busily. Busily preparing what they call tax reform two point oh and extension of tax cuts they passed last year that are scheduled to expire after twenty twenty-five so. Far Senate counterparts aren't so interested setting a full agenda and concerns. About, upcoming elections it's a story from Richard Rubin reporter at the Wall Street Journal, Richard, take us through the issue that the Senate has with, tax, reform two point oh Well, there's a few reasons one is they've. Got. A really swim margin they've got a fifty one forty nine majority. In, the Senate and so anything. That they want to be able to do it up to get all of their own members on board basically and even with that then they still have. Some procedural hurdles to come over overcome where they'd need sixty votes. So the prospect of this happening just on a purely partisan basis are just aren't. There And so they're not really spend a lot of time on it The senate's role is, somewhat different so the, Senate is a lot of. President Trump's nominations both judges and otherwise including the supreme court nomination And. That's mostly where they want to spend. Their time not on something that was going to be, messaging exercise for the, campaign for House Republicans but Interesting at the moment for Senate Republicans right because. Correct me if I'm wrong they need sixty votes in, the Senate to make this happen which is pretty much impossible to get for anything right. Now Right. And there's some concern even if they, had? A failed sometimes you'll see the, Senate do that where they'll call up and then they walk, all the bad people on the other side voted against it There there's some concern about that, too because it could give an opportunity for some vulnerable Democrats to vote for middle class tax cuts depending, on? How they structure the vote for something and then that sort of muddle Republicans message against them which is hitting him as hard as they. Can. Promoting against the tax law when it passed last December. Right everybody's going to be much more careful with their vote as we are now just in the last couple of months before big election cycle Because you know the rare crisis or deadline right think of the financial crisis in two thousand and eight coming up to the election In an, election? Year doesn't do a lot and what they do is in many ways in by The desire to have messages that they can can be out in the election, so good preview of what the next congress might do in the fight the next, congress might have but. They're really only there's some fairly some limited opportunities for Law this year and in theory there is still plenty of time, to do this twenty twenty-five is still a ways away right Yeah Look we in the Bush tax. Cuts the Republicans extended them a couple of times after they were initially passed and want no. Three the first big bipartisan. Extension Was in twenty ten, again? After the election after Republicans took control of, the house before they had, taken taken. Charge and, then you know the big bipartisan. Agreements to make those permanent right if they were expiring on New Year's Eve twenty twelve New. Year's day twenty thirteen so We've, got you know I I I'm not making any plans for New Year's Eve twenty twenty five and so I think that's certainly within the. Realm of reason that, will see ourselves right back in that kind of deadline scenario that'd be. A lot of talk about it I mean I remember the two, thousand? Ten to twelve campaigns were full of discussion, about what to do with, these tax. Cuts Back in a book air and now we're going to have the same. Thing again talking about it for quite a. While always, a good idea to clear schedule for New Year's thanks Richard Wall Street Journal reporter Richard Rubin joining us this morning.

Senate Richard Rubin President Trump reporter Mike Gavin Wall Street Journal congress Street Journal Bush
"richard rubin" Discussed on KTLK 1130 AM

KTLK 1130 AM

03:58 min | 2 years ago

"richard rubin" Discussed on KTLK 1130 AM

"Total access to the world you're listening to America's First. News this morning with Gordon Deal Gordon Deal off for another day. But he returns on Monday I'm Mike Gavin thanks for coming by on this Friday. House, Republicans are busily busily preparing what they call tax reform two point oh. And extension of tax cuts they, passed last year that are scheduled to expire after twenty twenty-five, so far Senate counterparts aren't so interested setting a full agenda and concerns about upcoming elections. It's a story from Richard Rubin reporter at the Wall Street Journal Richard take us through. The issue that the, Senate has with tax reform two point oh Well there's a. Few. Reasons one is they've got a really slim margin that got a. Fifty, one forty nine majority in. The Senate and so anything that they want to be able to do to get all of their own members on board basically even with that then they. Still have some procedural hurdles to come over overcome where they'd need. Sixty votes so the prospect of this happening just purely partisan basis are just aren't. There And so, they're not really inclined to spend a lot of time on it you know if you. Think about the senate's role is somewhat different now so the Senate is processing A lot of President Trump's nominations both judges and otherwise including the supreme court nomination, and that's mostly where they want to spend their time the saw not on something. That you, know it was going to be a messaging exercise for the. Campaign for House Republicans but Less. Interesting at the moment for Senate Republicans right because scrape. I'm wrong they need sixty votes in the Senate to make this happen which is pretty much impossible to get anything right, now Right and there's some concern that even. If they had a failed vote rhyme and, sometimes? You'll see, do that. Where they'll call them something and then have a bone all, these bad people on the other side voted against it There there's some, concern about, that too, because it could give an opportunity for some vulnerable Democrats to vote for middle class tax cuts, depending? On how they structure the vote for something and then that sort of muddle the Republicans message against them which is you know hitting him. As. Hard as they can promoting against the tax law when it passed last. December right everybody going to be much more careful with their vote as we are now. Just in the last couple of months before big election cycle Good because you know you, know the rare crisis or deadline of the financial crisis in two thousand and eight coming up to the election congress in an election year doesn't. Do a lot and what they do is in many ways, driven by, the desire, to have messages that they can can be out in the election so it's a good preview, of? What the next congress might do in the fight the next congress might have but they're really only there's some fairly some limited opportunities for This year and in theory there is still plenty of time to, do this twenty twenty-five is still a ways away right yeah Look, we saw. This in the Bush tax cuts the. Republicans extended them, a couple of times after they were initially past and wondering oh three the first big, bipartisan? Extension Was in twenty ten again after the election after Republicans took control of the house before, they had taken taking charge, and then. You know, the and then we have a big bipartisan. Agreement to make those permanent right as they were expiring on New Year's Eve twenty, twelve New. Year's day twenty thirteen so We've got you know I I'm not making any plans for New Year's. Eve twenty twenty five and so. I think that's certainly, within the realm of reason that will see ourselves right back in that. Kind of deadline scenario that'd be a lot of talk about it I mean I remember the doesn't eight thousand twelve campaigns full of discussion about, what to do with these, expiring tax. Cuts Back in a Bush era and now we're going to have the same thing. Again talking about it for quite a while. Always a, good idea to clear scheduled for New Year's thanks Richard Wall Street Journal reporter Richard Rubin joining us this morning.

Senate Richard Rubin reporter President Trump Wall Street Journal Mike Gavin congress Gordon America Bush Street Journal
"richard rubin" Discussed on WTMJ 620

WTMJ 620

03:49 min | 2 years ago

"richard rubin" Discussed on WTMJ 620

"On. Monday I, Mike, Gavin thanks for coming by this. Friday. House Republicans are busily busily preparing what they call tax reform two. Point, oh an extension of tax. Cuts they passed last year that are scheduled to expire after twenty twenty-five so far Senate counterparts aren't so interested setting a full agenda and concerns about upcoming. Elections it's a story from Richard Rubin reporter at the Wall Street. Journal Richard take us through the issue that the Senate has with tax reform two. Point, oh There's a. Few. Reasons one is they've got a really slim margin fifty one forty. Nine, majority in the Senate and. So anything that they want to be able to do that up to get all of their own members on board basically and even with that then they. Still have some procedural hurdles to come over overcome where they'd need. Sixty votes so the prospect of this happening purely partisan basis are aren't just aren't. There And so they're not really spend a lot of time on it The senate's role is somewhat different, now so the Senate, is processing a lot of. President Trump's nomination both judges and otherwise including the supreme. Court nomination and that's mostly where they want to spend their time not on something that you know it, was going to be messaging exercise for the campaign for House Republicans but Interesting at the moment for. Senate Republicans right because correct me if I'm wrong they. Need sixty votes in the Senate to make this happen which is pretty much impossible to get anything right, now Right and there's some. Concern that even if they had a, failed? Vote right sometimes you'll see the, Senate do that where they'll call it something and then all, the bad people on the other side voted against it There there's some concern, about that too because it could give an opportunity for some Democrats to vote for middle class, tax? Cuts depending on how they structure the vote for something and then that sort of muddle the Republicans message against them which is hitting him. As. Hard as they can promoting against the tax laws passed last December right. Everybody going to be much more careful with their vote as we are now just in the last couple of months before big election cycle Know? You know with the rare crisis or deadline the financial crisis in two thousand and eight coming up to the election in an election year Do a, lot and what they do in many ways driven by the desire to have messages that they The election so View of what the next congress might do. In the fight the next congress might. Have But there are really. Only there's some, but rarely some limited opportunities for congress to make a wa this year and in theory there is still plenty of time to do this twenty twenty-five is. Still a ways away right Yeah Look we in the Bush tax. Cuts the Republicans extended them a couple of times after they were. Initially One and three the first big bipartisan extension Was in twenty can again after the election after Republicans took control. Of the house before they had taken charge and then you know, the? Big bipartisan agreements to make those permanent right, if they were firing on New, Year's Eve. Two thousand twelve New, Year's day twenty thirteen so You know I I I'm not making any plans for New Year's Eve twenty twenty five and so I think that's certainly. Within the realm of wreath that will see ourselves right back in, that? Kind of deadline scenario that'd be a lot, of talk about it I mean, I remember. The Twelve, campaigns were, full of disgusting about, what to, do, with, these expiring tax cuts back in the book era, and now we're. Going to have the same thing again talking about it for quite a while always a good idea to clear scheduled for New. Year's thanks Richard Wall Street Journal reporter Richard. Rubin joining, us this morning.

Senate Richard Rubin congress reporter President Trump Mike Street Journal Gavin Bush wa
"richard rubin" Discussed on KOA 850 AM

KOA 850 AM

01:40 min | 2 years ago

"richard rubin" Discussed on KOA 850 AM

"So according left that somewhat vague the courts basically still has to be a substantial nexus between the state that's imposing the tax and require collection requirement and the and the retailer and approvingly talked about south dakota's law which had a minimum of one hundred thousand in sales and or two hundred transactions into the state so they sing you know someone on that see selling twenty five items twenty bucks each into south dakota is not going to have to be forced to collect under this other states may set different thresholds and the court kind of left it clear that south dakota is a pretty good model to follow if there i think that's looking for something that works but not every state is going to go in that direction and so we may see some additional court cases and challenges as that rolls forward in different states any reason to believe the small brick and mortar stores might be able to increase sales now for folks who may say okay well now that we're having to pay sales tax on i'll just go back to the small guy you know main street yeah i think this may change the fundamental assumption that a lot of internet shoppers make which is that their internet purchases our text three and which isn't always been true but there's been this perception out there and the brick and mortar ones are taxable and so now that's just going to be a much harder thing to accomplish and maybe it changes the default setting for retail customers somewhat rich wall street journal tax policy writer richard rubin nineteen minutes now after the hour on this.

south dakota writer richard rubin wall street journal nineteen minutes
"richard rubin" Discussed on WSJ What's News

WSJ What's News

01:35 min | 2 years ago

"richard rubin" Discussed on WSJ What's News

"Raising cost to fund research and development plus the cost of running free medicine to needy patients ever wonder what it's like to talk with president trump in person the wall street journal has gathered insights and impressions from fifty people who met with the president during his first year in office to hear what they have to say head to our website w s j dot com up next how colleges are preparing for the new endowment tax this is what's news from the wall street journal welcome back a new tax on endowments has some colleges worried about budgeting it isn't yet clear exactly how the new endowment tax will be calculated but it turns out some smaller colleges may end up paying more in the short term joining me now to explain from washington dc is richard rubin the wall street journal's us tax policy reporter richard this is a new thing for colleges which have enjoyed taxfree endowments why did republicans push through this change as part of the tax overhaul look republicans like everyone are seeing college costs rise and they're seeing student loan balances go up and they're concerned about affordability and they see these big endowments these big parts of money that are untaxed that have been subsidized by federal taxpayers through both the tax deductions that the donors got and through the tax exemption on the colleges earnings and they say the you know the there should be some or more.

wall street journal president richard rubin washington us tax policy reporter richard this
"richard rubin" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:04 min | 3 years ago

"richard rubin" Discussed on WNYC 93.9 FM

"For the cool price of six hundred million dollars and widely panned polls on rotten tomatoes at forty one percent and president donald trump who has the worst approval rating of any modern president at this point in his term hovering around thirty five percent according to the gallup tracking poll will you are the customer for the gop tax plan winding its way through congress now well you and to corporate america are the customers and your customer rating for the gop tax plan twenty nine that's right twenty nine outpolled by justice league bye all of garden by the president himself gallup says that just twenty nine percent of americans approve of the senate tax plan to quit appear paul same result 29 before it goes onto conference negotiations with the house president trump he's been posting customer ratings for the tax plan for he was on tuesday the taxes were so thrilled about so popular i something is going to be coming out of goffin's pretty quickly as opposed to a longterm break quickly well will it go pretty quickly that's the goal there are some obstacles though and a couple of republican senators who still have the power to give the ultimate bad reviewed of this tax bill would not recommend 'zero stars richard rubin us tax policy reporter for the wall street journal high richard heather todd great to have you back on richard look the house and senate have gotten to work now on final negotiations on a tax bill how how close are they in are they going to produce something that does the president's going to be able to give a five star rating too well they're making some progress they've inner they've been talking even before the formal conference stars which is pretty typical here in congress at the they've got a bunch of things that they do after work out so i can't think of it and three kinds of different ways one is what you could think of as switches so there's a bunch of things that were in one bill not any other so like the house repeals the medical it's meant that action the senate doesn't it's an onoff switch they have to just they.

president congress america gallup goffin reporter wall street journal richard heather todd the house senate donald trump gop richard rubin tax policy richard six hundred million dollars thirty five percent twenty nine percent forty one percent
"richard rubin" Discussed on WTMJ 620

WTMJ 620

01:43 min | 3 years ago

"richard rubin" Discussed on WTMJ 620

"President when it comes to putting in temporary measures to make sure that this country is protected by its y by the way it's the same philosophy as why every administration including the obama administration has rejected even if they have followed congress's war powers act and were congress tsa aback a couple of decades ago came up with this idea that we need to let the authority that the president has and so we're going to pass legislation that tells the president what the president must do in a time of war leaving though some presidents have followed it just to be nice every administration has rejected it why because congress can't pass legislation that supersedes the constitution by only a constitutional amendment can do that now to us it's important and we understand the too many people on the draft that it doesn't matter what the could the constitution is antiquated and all that matters is if anybody in government does what i want them to do and it fits my own selfinterest then it's okay that's right well actually than if you believe that you have the fascist mindset all right so uh gut by more than that 'cause i was i was ready to follow go to taxes yeah well i wish congress were ready to go well that's always have your back as i this this is richard rubin from last night at six thirty a or about this senate finance committee republicans who begin to who began debate monday on a major tax overhaul btan must make significant revisions to their proposals in.

President obama administration congress richard rubin senate
"richard rubin" Discussed on WTMJ 620

WTMJ 620

01:30 min | 3 years ago

"richard rubin" Discussed on WTMJ 620

"Sunday the two priority from the very beginning for the president has been that middle tax taxpayers will pay less and it will be simpler for them that's number one number two that the corporate tax rate is going to come down we wanted fifteen percent the house kept pushing and pushing push we're talking about twenty we'd love to get back down to fifteen percent as we continue that negotiation with a selfimposed end of the year deadline republicans have yet to produce a bill gop lawmakers disagree on what cuts and how to pay for them meanwhile district trump tomorrow is expected to take part in senate republicans weekly policy launch with the tax package on the agenda well now that the senate and house have full cast their own twenty eighteen budgets the sprint to write a major tax bill is on the budget's passage in both houses allows republicans to pass a tax bill with just fifty votes in the senate but they still have a lot of work to do wall street journal tax policy reporter richard rubin is here with a look at what happens now rich what are we have but then it quoted oddity wonder forty nine bodo security but did it and now that after age poured out what we accept in next week or so and get him to throw to tackle the real looked at budget does i did indeed able to record and good known as reconciliation to that mean put on took contact ultimate they will need cookie both which we can do it only republicans and extra to maximum cap on the side of the cards which can be a trillion and.

president the house senate richard rubin corporate tax gop wall street journal tax policy reporter bodo fifteen percent
"richard rubin" Discussed on WJNT 1180 AM

WJNT 1180 AM

01:36 min | 3 years ago

"richard rubin" Discussed on WJNT 1180 AM

"To cut it very much engrained in the way the world worked away the american economy work to try and disrupt up at people who picked up don't like it you're able argued that no it back to the construction not work to benefit it's not like your to broad agreement among everyone met about which tax break are bad and it would be better to trade for lower rate there's not really wipe the pieces of the system the way they are but you know everyone's were tax reform in the abstract in men it it much trickier than certain pieces still have to fall in place right before you begin to to truly tackle this like the like the budget the actor they've got to do it the way the republicans want to do it with a simple majority voting bennett bay me about the budget resolution in man route du plan to relief attack though after that they could a lot of work to do just to get everyone in the same petema but both what their revenue targeted for the tax plan whether it somehow attempt to get them a pathway to doing another healthcare bill what the deficit target dr in nepal budget it right now to the health budget that came out of committee but hasn't been another boat about go out and then it but it hasn't been really get into weird you know well beyond the point where bigger retirement thought we'd be done and we're not and could be month work to go and it's rich wall street journal tax rigor richard rubin who's based in washington it's twenty minutes now in front of the hour on this morning america's first news in the podcast today by the way new.

richard rubin washington america bennett wall street journal twenty minutes