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PNS Daily Newscast - October 20, 2017 


In focus on our Friday Rundown; the U.S. Senate takes a first step towards passing major tax cuts; holiday help wanted as retail and restaurant job opportunities abound; plus, we report on a website that helps new moms take 12 from work.

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Report Finds Trump Tax Plan Benefits Few Virginians

Few people in Virginia would benefit from President Donald Trump's tax plan. (Institute on Taxation and Economic Policy)
Few people in Virginia would benefit from President Donald Trump's tax plan. (Institute on Taxation and Economic Policy)
August 4, 2017

RICHMOND, Va. – President Donald Trump's tax proposals would do little for most Virginians, according to a new analysis.

The report from the Institute on Taxation and Economic Policy finds the richest one-percent of Virginians would receive 60-percent of the tax cuts in the plan, with the poorest 20 percent getting less than one percent.

Matt Gardner, a senior fellow at the institute, says that trend is echoed on a larger scale.

"Richer states tend to do better, poorer states tend to do worse," he says. "In a way, that mirrors what's happening nationwide, with richer Americans getting the lion's share of the benefits and poorer Americans being comparatively left out in the cold."

Proponents of Trump's proposal say all Americans will see their taxes reduced, and claim the move will create more revenue by stimulating economic growth.

Gardner disagrees, and notes the nation's top earners would receive an average of $145,000 dollars in tax breaks, compared with just $90 for the bottom 20 percent of earners in Virginia.

Gardner adds there's no evidence to support the supply-side argument that tax cuts can pay for themselves. He says the tradeoff on nearly $5 trillion in lost tax revenue would likely be cuts in health-care, education and food-assistance programs.

"Under any realistic view of the economic consequences of this plan, we're going to see larger budget deficits," he adds. "First on the chopping block would be federal aid to low-income Americans."

The White House also has proposed cutting SNAP benefits, the program once known as food stamps, by 25 percent over the next decade. But 70 percent of SNAP recipients are children, seniors and people with disabilities; and more than 20 percent work full-time, are caregivers or are enrolled in training programs.

Dan Heyman, Public News Service - VA