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Because this is my lot in life, I will note, again, that the US is a low-tax country.
Richard Rubin
43.8K posts
Richard Rubin
@RichardRubinDC
I cover U.S. tax policy for the @WSJ. There is ALWAYS a tax angle. Retweets are not endorsements or tax advice.
(On Signal richardrubindc.08)
- First CBO score of the new Congress is here. Says that the GOP IRS funding bill would reduce spending by $71.5B and reduce revenue by $185.8B. Net deficit increase of $114B. cbo.gov/system/files/2…
- New from me: If Democrats win the House, they're going to seek Trump's tax returns. And the tax code says they can get them if they ask. wsj.com/articles/trump… via @WSJ
- New from me: Your occasional reminder that Mike Pence hasn’t released any tax returns since he became Vice President.
- New from me: Trump tax returns could be visible to the public as soon as Tuesday.
- Well, the debate over US citizenship-based taxation for Americans living abroad has a fun new example for us all to think about.
- IRS audit rate for households with incomes over $10 million. Fiscal 2015: 34.69% 2016: 18.79% 2017: 14.52% 2018: 6.66%
- Mnuchin: “I stand by our comments that the tax cuts will pay for themselves. This will be simple math.” Every independent analyst has said that the tax cuts absolutely will not pay for themselves. Maybe more like it pays for 25% or 30% of itself.
- One thing that stood out to me in the Trump disclosure: He's making money from entities formed since the inauguration. wsj.com/articles/trump… via @WSJ
- Ways and Means chairman, who is normally not at all quick to this sort of thing, calls for 25th Amendment.The President incited an insurrection in the U.S. Capitol today. The 25th amendment should be invoked, and he should be removed from office. What we witnessed in Washington today was an assault on the citadel of democracy.
- To repeat, the US has the highest corporate tax rate in the developed world. However, the US is a low-tax country overall.Will be going to North Dakota today to discuss tax reform and tax cuts. We are the highest taxed nation in the world - that will change.
- New from me: The IRS doesn't pay refunds during government shutdowns. That makes little difference now, but by mid-February, this could be messy. wsj.com/articles/in-a-… via @WSJ
- This is a gap. In 2018, 80% of households get tax cuts. In our poll, 17% of people think they're getting tax cuts. wsj.com/articles/repub… via @WSJ
- Updated story. Trump has been using audits as a reason not to release his returns. Neal's request flips that around -- making the audits the reason why he wants them. wsj.com/articles/house… via @WSJ
