Taxes

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  • STUDY: Cable News’ Sporadic Coverage Of Trump's Hidden Tax Returns

    Nearly Half Of Cable News Discussion Of Trump Tax Returns Since Inauguration Occurred Within A Week Of Rachel Maddow’s Tax Exclusive

    ››› ››› JULIE ALDERMAN

    A Media Matters study found that between President Donald Trump’s January 20 inauguration and Tax Day, April 18, evening cable news has dedicated only sporadic coverage to Trump’s failure to release his tax returns. And of the 110 segments spread out over three months, nearly half came within a week after MSNBC’s Rachel Maddow revealed two leaked pages of Trump’s 2005 tax documents. This inconsistent coverage comes as pressure mounts from activists and Republican lawmakers for the president to release his tax returns, and highlights the media’s inability to consistently report on this story.

  • Fox Echoes Trump’s Attacks On Tax March: “The Election Is Over!”

    Trump Apologists Cannot Understand Why Protests Aimed At Trump’s Tax Returns Would Coincide With Tax Day

    Blog ››› ››› ALEX MORASH

    Fox News echoed the insults and attacks President Donald Trump leveled against tens of thousands of Americans that took part in over 180 rallies and events in 48 states over the weekend in protest of the president’s refusal to disclose his tax returns.

    On April 15, the day that federal tax returns are typically due to be filed, organizers in Washington, D.C. and across the country led Tax March demonstrations in protest of Trump’s refusal to release his tax returns to the public. Trump attacked the protestors in a series of tweets the following day, complaining that his “tax returns are being brought up again,” diminishing the nationwide demonstrations as “small organized rallies,” and suggesting that demonstrators were paid to oppose him. Trump concluded by exclaiming “the election is over!”

    Taking their cue from Trump, Fox News media personalities proceeded to blast the Tax March. On the April 17 edition of Happening Now, co-host Jenna Lee questioned “the timing of this” and wondered if the protests were a distraction given “everything that’s going on in the world.” Guest Adam Goodman, a Republican strategist, agreed with her assessment adding that “for many, as I think you can now see, the campaign isn’t over, it’s never over.”

    The April 17 edition of Fox’s Outnumbered led its segment bashing the protesters by displaying Trump’s tweet calling for the protestors to be “looked into” and co-host Meghan McCain deflected criticism of Trump’s unprecedented refusal to disclose his tax information because he was not legally required to release it. Guest Guy Benson, political editor of Townhall, complained that the Tax March and other protests against Trump’s presidency made him feel “fatigue,” and wondered “why this issue, why a giant protest now?” Later that evening, on Fox Business’ Kennedy, host Lisa Kennedy Montgomery piled on the criticism, calling the protesters “a collection of free wheeling leftists” who are “bored” with the Trump administration and disgruntled Clinton supporters who have not gotten over the election.

    Fox continued to mock the protesters and playdown the importance of Trump releasing his tax returns into the following day. On the April 18 edition of Fox & Friends, Fox contributor and the Trump campaign’s deputy campaign manager, David Bossie, falsely claimed “the American people don’t care” if Trump discloses his tax returns and that the marchers were “paid professional protesters.” Later that morning, on Fox Business’ Varney & Co., Fox News senior judicial analyst Andrew Napolitano acknowledged Trump’s taxes were an important issue during the campaign but reiterated Trump’s talking point that “the campaign is over” and “this is no longer relevant.” Host Stuart Varney, however, admitted that the tax returns might reveal Trump could make “enormous” gains from the tax cuts he campaigned on.

    While Trump’s devotees and apologists at Fox regurgitated his rhetoric, investigative reporter and tax specialist David Cay Johnston -- who had previously obtained a copy of Trump’s 2005 tax returns -- explained on the April 18 edition of MSNBC’s MSNBC Live that complete tax disclosure remains important in rooting out conflicts of interest and understanding how much Trump would benefit from his tax agenda:

    Fox News defended Trump hiding his tax returns throughout the 2016 election season and seems poised to continue. The network has repeatedly held Trump to a different standard than other presidents and politicians.

  • With Tax March Looming, Watch Fox’s Absurd Defense Of Trump Hiding His Tax Returns

    ››› ››› ALEX MORASH

    Donald Trump broke with decades of precedent in 2016 by refusing to release his tax returns in the midst of his presidential campaign, a stubborn refusal he has maintained since taking office in January. On April 15, the day tax filings are traditionally due, Americans will march in over 100 cities around the country to demand that the president fully disclose his tax and financial records. Before the Tax March, take a look at some attempts by Trump's team of Fox News sycophants to defend his unprecedented refusal to disclose his tax returns.

  • Journalists, Experts Agree Trump's Tax Reform Agenda Will Be Even Harder Than Repealing Obamacare

    ››› ››› ALEX MORASH & CRAIG HARRINGTON

    After President Donald Trump and Speaker of the House Paul Ryan (R-WI) failed to garner enough support to pass legislation that would repeal and replace the Affordable Care Act (ACA), Trump declared he had moved on to refocus his legislative priorities on tax reform. In light of Trump’s inability to get the Republican-led Congress to vote with him on health care changes, which had been a major campaign promise of virtually every elected GOP official, journalists and experts are beginning to question if Trump is capable of wrangling his caucus to tackle substantive conservative tax reform proposals that have been stagnant for decades.

  • Will Fox News Finally Take The Debt Ceiling Seriously?

    Fox Spent Years Urging Republicans To Default On The National Debt To Hurt President Obama

    ››› ››› CRAIG HARRINGTON & ALEX MORASH

    Since Republicans took control of the House of Representatives in 2011, Fox News personalities have urged them to use the threat of defaulting on the sovereign debt obligations of the United States government as a means of winning political concessions. With Republicans now in full control of Congress, will the talking heads at Fox finally come to terms with this monumental threat to the global economy and urge the GOP to raise the debt ceiling?

  • Experts And Media Observers Stunned By Trump’s Budget Proposal

    ››› ››› CRAIG HARRINGTON

    Economic policy experts, advocacy groups, and media outlets scrambled to respond to President Donald Trump’s budget proposal for the 2018 fiscal year, which includes $54 billion in new defense spending to be offset by dramatic cuts to the entire non-defense discretionary budget. Many observers were quick to point out that the president’s so-called “America First” budget will worsen the suffering of at-risk communities, including many low-income regions that supported his election and are kept afloat economically by federal spending programs.

  • Will Fox Continue Its CBO Smear Campaign With More White House Talking Points?

    Fox News Spent Days Attempting To Discredit The CBO In Advance Of Its Report Outlining That Millions Will Lose Health Insurance Under GOP Plan

    Blog ››› ››› ALEX MORASH

    Fox News pushed White House talking points attacking the Congressional Budget Office (CBO) in an attempt to discredit the nonpartisan scorekeeper before it released today’s report projecting the effects of the Republican plan to repeal Obamacare -- the American Health Care Act (AHCA). The report’s devastating findings -- that up to 24 million people would lose their health insurance coverage over the next decade under the GOP health care plan -- are now public. Will Fox News continue to borrow White House talking points to carry water for the disastrous plan?

    On March 13, the CBO reported that the number of Americans without health insurance would grow to a staggering 52 million people by 2026 under the GOP’s health care plan, AHCA, compared to an estimated 28 million who are projected to remain uninsured under current law. President Donald Trump’s administration and Republican leaders in Congress had tried to smear the CBO -- the nonpartisan research arm of Congress tasked with analysing the budgetary and economic impacts of legislative proposals -- in advance of the widely anticipated report, which many correctly predicted would find that the GOP plan will throw millions off their health insurance.

    White House officials began a campaign to discredit the CBO on March 8 when during a press briefing White House press secretary -- and renowned liar -- Sean Spicer questioned the work of the nonpartisan researchers at CBO, telling reporters that “if you're looking at the CBO for accuracy, you're looking in the wrong place.” This was an about-face from what the director of the Office of Management and Budget (OMB), Mick Mulvaney, stated on MSNBC’s Morning Joe earlier that day when he claimed “the only question” on the CBO scoring was whether it will it be “really good” or “great” for the Trump administration. Despite his initial optimism, Mulvaney too joined in on attacking the CBO on the March 12 edition of ABC’s This Week, downplaying the effectiveness of the office’s analysis and misleadingly claiming that the agency did not score the Affordable Care Act (ACA) -- also called Obamacare -- accurately. Secretary of Health and Human Services, Tom Price, also blasted the CBO on the March 12 edition of NBC’s Meet The Press.

    In the hours leading up to the CBO’s March 13 report release, Fox News figures attempted to discredit the organization with talking points straight from the Trump administration. Co-host Brian Kilmeade claimed on Fox and Friends that the CBO was tricked into scoring the ACA inaccurately because it did not score the mandate as a tax, adding that the CBO fell “hook, line, and sinker” for some sort of Democratic plan to bring about single-payer health care. On America’s Newsroom, Washington Examiner columnist Byron York claimed the Trump administration’s allegation that CBO had inaccurately scored the ACA years ago was “absolutely true.” On Outnumbered, co-host Melissa Francis claimed “the CBO does get everything wrong” and complained that the CBO underestimated the cost of Medicaid expansion under the ACA. On Fox Business’ Varney & Co., host Stuart Varney’s anti-CBO talking points were rebuffed by Harvard economist and former CBO director Douglas Elmendorf, who pointed out that the office correctly predicted that the number of uninsured would fall under ACA, it accurately projected premium increases under the law, and it actually overestimated the long-term cost of enacting Obamacare.

    As soon as the CBO’s devastating report on the short- and long-term effects of repealing Obamacare and enacting the AHCA was released this afternoon, Fox News turned to discredited New York Post columnist, former Trump economic adviser, and serial health care misinformer Betsy McCaughey to double down on its campaign against the CBO. McCaughey slammed the report as “implausible” for finding that tens of millions would lose health insurance coverage under the Republican health care plan, but happily accepted the same report’s finding of marginal deficit reductions stemming from the repeal of health insurance subsidies to low-income Americans. From the March 13 edition of Fox’s Your World with Neil Cavuto:

    According to an independent analysis of the CBO’s Affordable Care Act estimates from the Commonwealth Fund, the office’s health care policy analysis regarding the ACA actually “proved to be reasonably accurate” and was thrown off by Supreme Court decisions and GOP political obstruction that it had no way to forecast. Even James Capretta of the conservative American Enterprise Institute warned that it may “tempting for GOP leaders to say CBO is wrong” but it would be difficult to “make a credible case” that the repeal plan would not reduce the number of people with health insurance.

  • STUDY: Cable And Broadcast Coverage Of The Economy Spiked After The Election

    Representation Of Economists Remained High In Fourth Quarter As Surprising Election Result Forced Outlets To Scramble For Explanations

    ››› ››› ALEX MORASH & CRAIG HARRINGTON

    The final quarter of 2016 saw an increase in cable and broadcast news coverage of the economy from the prior three-month period. Yet the proportion of economic coverage that focused on economic inequality decreased sharply as attacks on progressive economic policies rose. Fox News led the charge in attacking progressive policies and health care reform throughout the fourth quarter of the year, while the leading defender of progressive initiatives, MSNBC, aired most of its economic coverage after Election Day. The relative proportion of economists booked as guests during economic news segments remained higher than in years past but dropped as a percentage from the third to fourth quarters of 2016. The proportional representation of women in cable and broadcast evening news discussions of the economy reached a record, but dispiriting, high in the fourth quarter at a mere 30 percent of all guests.

  • CNN's New "Senior Economics Analyst" Embarrassed His Network By Spewing Lies About The Economy

    Blog ››› ››› CRAIG HARRINGTON

    Discredited economic pundit and former Trump campaign adviser Stephen Moore -- who currently serves as the “chief economist” at the ultra-conservative Heritage Foundation -- bombarded CNN viewers with debunked right-wing media talking points about the American economy last night. Moore’s prominent role as CNN’s new “senior economics analyst” hinders the network’s credibility, undermining its ability to cover the economy in an honest and accountable way.

    During a February 28 panel discussion analyzing President Donald Trump’s speech before a joint session of Congress, Moore sparred with fellow panelists in an attempt to defend Trump’s reckless budgetary, economic, and fiscal policies. Across a spectrum of issues relating to economic growth, job creation, taxes, and regulations, Moore pushed tired and disproven myths pulled directly from right-wing media.

    When pressed on how Trump could increase spending while cutting taxes for corporations and high income earners without ballooning the deficit, Moore regurgitated the absurd fallacy that tax cuts would pay for themselves by stoking economic growth to at least 3.5 percent annually. Economist Marc Goldwein of the Center for a Responsible Federal Budget dismissed the 3.5 percent growth target as “pie in the sky” and “pretty much impossible” during the presidential campaign. There is a mountain of evidence from the nonpartisan Congressional Research Service, the Brookings Institution, and elsewhere demonstrating that tax cuts don’t generate new revenue through economic growth. Furthermore, economists across the political spectrum view Trump’s proposed restrictions on immigration and international trade as a detriment to economic growth regardless of tax policy shifts.

    Moore’s assertion that the economy can achieve 3.5 percent annual growth isn’t just wrong on the arithmetic, it’s also arbitrary. Former presidential candidates Jeb Bush and Sen. Ted Cruz (R-TX) were chided by economists and experts for floating similar targets, and the fixation on getting economic growth above 3 percent was a core of Fox News’ misinformation campaign against the Obama administration. (Last October, Moore told Fox Business viewers that stronger-than-expected economic growth in the prior quarter was “still pretty lousy” simply because it was measured at 2.9 percent instead of 3.)

    After falsely claiming that Trump could stoke economic growth by following a tax cut strategy supposedly modeled after former Presidents John F. Kennedy and Ronald Reagan, Moore pushed the misleading notion that regulatory burdens are holding the economy back. This claim, popularized by the right-wing editorial board of The Wall Street Journal (a former employer of Moore’s), is also not backed up by the facts.

    After being rebuffed on regulations, Moore tried another right-wing media myth: that it has been “15 years since the average American worker has had a pay raise.” Fox News has spent years blaming President Barack Obama for supposedly stagnant median incomes in the United States, always neglecting to mention that the stagnation began under President George W. Bush and was driven into free fall by the recession Obama inherited. Median incomes are lower than they were 15 years ago thanks to two Bush-era recessions but had gradually improved during Obama’s final years in office -- a fact absent from right-wing coverage of the subject.

    Moore concluded his embarrassing performance by recycling false right-wing media talking points blaming environmental protections for declining employment in the coal industry. The fallacy that protecting the environment is killing jobs in the energy sector is so unsubstantiated that even conservative Forbes columnist Tim Worstall has rebuffed it. A recent study from the Brookings Institution concluded that the overwhelming reason for declining employment in the mining and manufacturing industries is automation, a trend that “has been eating coal jobs over a long period of time -- [since] years before concerns about climate change” stiffened environmental protections. Right-wing pundits, including Moore, love to exaggerate the threat of automation while opposing the minimum wage. They rarely mention that machines, not burdensome regulations, are driving well-paid blue collar mining jobs into extinction.

    Steve Moore’s short tenure at CNN thus far has been a disaster for the network, which decided to hire arguably the world’s worst economist away from Fox News on January 30. Moore’s unflinching partisan agenda colors all of his commentary and can be easily dismantled by any analyst with a basic competency in economics.

    Watch the full segment from the February 28 edition of CNN Tonight here:

  • Economists And Experts Hammer Trump's Plan To Increase Military Spending At Expense Of Nearly Everything Else

    Blog ››› ››› ALEX MORASH & CRAIG HARRINGTON

    President Donald Trump’s plan to beef up the defense budget by an additional $54 billion at the expense of civilian domestic spending, which he will unveil tonight before a joint session of Congress, has been derided by economists and experts for being "wholly unrealistic" and “voodoo” economics.

    Bloomberg reported on February 26, that Trump’s first budget proposal would call for a $54 billion -- more than 9 percent -- increase in defense spending to be paid for with reductions to discretionary domestic spending, which Sen. Chuck Schumer (D-NY) described as the budgetary equivalent of taking “a meat ax to programs that benefit the middle-class.” White House press secretary Sean Spicer confirmed reports of the president’s budget priorities in a February 27 press briefing, adding that Trump would discuss his budget plan in more detail during his February 28 address to Congress.

    Economists and experts have hammered Trump for months for proposing dramatic and seemingly unnecessary increases in defense spending. An October 19 article in New York magazine described Trump’s promises of new defense expenditures as “a random grab bag of military goodies, untethered to any coherent argument” because he lacked any vision or purpose for increasing funding to the military. According to figures compiled by the Peter G. Peterson Foundation, American defense spending already eclipses the military spending of the next seven countries combined:

    The reception for Trump’s new budget outline has been similarly harsh. New York Times columnist and Nobel Prize-winning economist Paul Krugman derided the president’s claim that a “revved up economy” could fund new tax cuts and spending increases as “deep voodoo” -- alluding to Trump’s embrace of trickle-down economics. Washington Post contributor and Center on Budget and Policy Priorities (CBPP) senior fellow Jared Bernstein slammed Trump’s “wholly unrealistic” budget outline in a February 28 column and chided the president for claiming that he can simultaneously increase military spending, cut taxes on high-income earners and corporations, and reduce the federal deficit -- all while leaving vital entitlement programs alone. In order to even approach a balanced budget in 10 years, Trump would have to remove almost everything else in the budget:

    According to a February 27 analysis from the CBPP, Trump's proposal, when coupled with his plan to boost infrastructure investments, would mean nondefense spending would see a whopping 15 percent reduction. The reason for the outsized hit to nondefense discretionary spending is that the programs covered by that part of the federal budget -- education, energy, affordable housing, infrastructure investments, law enforcement, foreign aid, some veterans' benefits, etc. -- only account for a small part of all federal spending. The largest part of the federal budget is mandatory spending for entitlement programs including Social Security, Medicare, Medicaid, other veterans's benefits, and unemployment insurance. From the Congressional Budget Office:

    Trump’s proposed cuts to the State Department are so onerous that more than 120 retired generals signed an open letter to congressional leaders warning of their ramifications. One co-signer told CBS News that such steep cuts would be “consigning us to a generational war,” and the letter itself quoted Secretary of Defense James Mattis, who argued during his time at the head of U.S. Central Command that “if you don’t fully fund the State Department, then I need to buy more ammunition.”

    ThinkProgress blasted Trump’s proposals to cut the State Department along with domestic spending in the name of increasing national defense because such cuts would actually undermine national security. The article cited recent congressional testimony from Center for American Progress senior fellow Larry Korb, who testified that “our national security will suffer” if the federal budget prioritized the Pentagon at the expense of other agencies.

    Trump is notorious for pushing bogus claims about the economy and the federal budget. He has been derided by hundreds of economists for pushing right-wing myths about the economy and the federal debt, and routine criticisms of his unfounded claims were a mainstay of the presidential campaign in 2016. As was the case last year, the budgetary, fiscal, and tax policies Trump has supported since taking office simply don’t add up.