• Liberal Lawmakers Trying to Bail Out Private Pensions With Taxpayer Money

    Liberal Lawmakers Trying to Bail Out Private Pensions With Taxpayer Money

    Last year, liberal lawmakers wanted to bail out the United Mine Workers of America’s pension plan to the tune of roughly $6 billion.

    This year, they’re at it again, except on a larger scale. Under pressure from a few very large and politically powerful plans—including the United Mine Workers of America and the Central States Trucking Union—liberal lawmakers are seeking up to a hundredfold increase in taxpayer bailouts for private, union-run pension plans.

    Across the U.S., there are more than 1,300 union-run or “multiemployer” pension plans. More than 90 percent of them have set aside less than 60 percent of what they promised to pay. READ MORE...

  • Most Retirees Would Save Money Because of Tax Reform. Here Are Some Key Examples.

    Most Retirees Would Save Money Because of Tax Reform. Here Are Some Key Examples.

    The proposed House and Senate tax reform bills that lawmakers are currently merging into one would mean tax cuts for most Americans. Nevertheless, change—even good change—can bring about uncertainty.

    Retirees may be the most concerned about what tax reform will mean for them, as most rely on relatively fixed incomes.

    But in fact, the proposed reforms are mostly good news for retirees. For the most part, they would be less affected than other Americans, as the proposed reforms would not change the way Social Security and investment income are taxed. READ MORE...

  • In Charts, How These 7 Taxpayers’ Bills Would Change If Tax Reform Was Enacted

    In Charts, How These 7 Taxpayers’ Bills Would Change If Tax Reform Was Enacted

    How will you fare if the GOP tax plan is enacted?

    Well, on net, most Americans will see a significant tax cut under the proposed plans from Republican lawmakers, including virtually all lower- and middle-income workers and a majority of upper-income earners.

    Both the House and Senate versions of the Tax Cuts and Jobs Act would, on average, provide immediate tax cuts across all income groups, according to analysis from Congress’ Joint Committee on Taxation.

    This analysis does not, however, show how those tax cuts would vary based on factors such as total income, type of income, number of children, and itemized deductions. READ MORE...