Posts Tagged ‘tax cuts and jobs act’

The Federal Tax Act’s Minnesota Impact: Steeply Regressive

Corporate elites and wealthy Americans celebrated when Congressional conservatives and President Trump rolled out the so-called “Tax Cuts and Jobs Act” (TCJA) late last year—and with good reason. The TCJA was overwhelmingly regressive, sending a disproportionate share of tax relief to high-income households that have benefited from rising income inequality for decades. Analysis confirms this…

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Generating State Revenue Through Corporate Tax Conformity

The so-called “Tax Cut and Jobs Act” (TCJA) enacted by Congress last year made massive changes to the federal tax code. Minnesota and other states must now decide if and how to conform their own tax codes to the federal changes. As we note in part 1 of this series, the qualified pass-through income tax…

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Federal Tax Act Pass-Through Provision: What a Mess!

Tax laws should be simple and direct. Taxpayers should be able to understand and comply with them without the assistance of an army of attorneys and accountants. The treatment of pass-through income in the new federal tax law passed late last year—the so-called “Tax Cut and Jobs Act” (TCJA)—fails miserably by this standard. Specifically, the…

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Enjoy Your Penny While You Can, Homer

A recent blog post from the Center for the American Experiment (CAE)—Minnesota’s right wing think tank—features an overjoyed Homer Simpson. Homer apparently celebrates the “bonuses and pay hikes” that Minnesota workers are supposedly receiving through recent federal tax cuts. Only Homer—a slow-witted sap that can be duped into any harebrained scheme by a bag of…

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