Buried in the in the two tax bills being rushed through Congress is a fleet of lucrative opportunities to escape taxes, though no one is talking about this costly and unnecessary problem. By the way, you won’t qualify for these tax favors unless you are mega-rich. The bills create tax avoidance yachts, not small sailboats or dinghies—and certainly not life rafts.
The House tax bill is an all-out attack on the future prosperity of America, not that any of the major news organizations are telling you that in plain English. Lost in the dense bureaucratic language of modern news reports is the simple fact that the House bill takes from striving students so that the already rich and major corporations can have more.
Bias for the super-rich, at the expense of everyone else, lies at the heart of the tax bill that Republicans hope to rush into law without public hearings. The most outrageous example of this is a plan to make sure that the richest of the rich never have to pay taxes on their investment gains.
Or to put it another way: The nice young couple who just opened their own independent coffee shop around the corner will likely be hit with a huge tax increase—as much as 250%—while the corporation that operates thousands of coffee shops all around the world is getting its taxes cut 43%.
What’s being proposed is a sleight of hand, or a tax unicorn. The child tax credit is there in the law books all right, but not in terms of money actually getting to parents. For people to actually qualify, there would have to be major changes to the tax-credit structure that are not included in the Republican plan. Indeed, without those changes, the full credit may not be collected by a single household.
Based on public statements by Trump, his surrogates and top Republican tax writers on Capitol Hill, what is coming is a tax-cut plan for billionaires. The Trump tax plan focuses on cutting the taxes of those who are self-employed or who own businesses while sticking it to wage and salary workers, even those earning quite generous salaries.
Donald Trump says his tax plan is “a revolutionary change, and the biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels that you haven’t seen in many years.”
Woodlawn Cemetery in the Bronx erected a board next to Elizabeth Cady Stanton’s gravestone where people could place “I voted” stickers.
Trump has done a masterful job of selling an image contradicted by the public record including court and regulatory documents, his books and speeches, and more.
But “John Barron” didn’t just puff Trump’s sexual boasting in the press. “Barron” was also menacing, as revealed in the following film clip about his abuse of Polish immigrant construction workers – and the attorney who tried to help them.
It was the beginning of Trump having to relinquish his stakes in a host of enterprises—and by 1991 the Trump Taj Mahal was in Chapter 11 bankruptcy, the first of what would become four business bankruptcies. He later sold stock in his casinos, where investors not only lost their shirts, but during the fourth bankruptcy case creditors successfully demanded that Trump get lost. These days Trump licenses his name for much of his revenue.
The returns will be released, Jane suggested, when Hillary Clinton provides transcript of her lucrative speeches to Wall Street firms. Clinton should absolutely release the transcripts and she should have done so long ago, but the issues are not even close to parallel.
The failure to fulfill his promise to release returns back to 2007 — when Bernie Sanders was first elected to the U.S. Senate from Vermont — erodes the likelihood that other Presidential candidates this cycle and in the future will release their own complete returns
Sanders had made available only his and wife Jane’s 2014 Form 1040, a summary lacking crucial details about their sources of income, deductions, and tax strategy.
What they made public was a mere summary known as IRS Form 1040. That form is no more a tax return than the Preamble is our Constitution.
I expect Trump’s tax returns to be extremely aggressive, but well within the boundaries set by Congress and without even a hint of criminal tax evasion. I also suspect Trump’s returns will show negative income. That’s right — negative.
David Cay Johnston reviews Donald Trump’s latest release, which is less a book than it is “a jumble of contradictions and thoughts that have not yet reached the half-baked stage.”
Trump: What’s The Deal? paints a powerful and disturbing picture of a financial Dorian Gray whose public image bears little resemblance to his conduct away from the cameras.