The author of his tax plan, Treasury Secretary Mnuchin, vowed last winter that Trump’s reforms would not disproportionately benefit the rich. In fact, he went further: “Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class. There will be a big tax cut for the middle class, but any tax cuts we have for the upper class will be offset by less deductions that pay for it.”
That was then, this is now — which with Trump usually means that he was lying.
Both Trump and Mnuchin have run businesses accused of widespread racial discrimination and other predatory practices. They both represent the excessive wealth and greed of the billionaire developer and banker class.
Investors in Puerto Rico‘s debt-burdened economy still face risks of default on some of the island’s $70 billion in debt even after the U.S. Congress on Wednesday created a powerful federal oversight board to manage credit restructurings. U.S. President Barack Obama says he will quickly sign the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) before the U.S. territory […]
Most Democrats back a bill to passed by the House of Representatives to address the Puerto Rican debt crisis, but Sen. Bernie Sanders is asking for more. The bill, spearheaded by Speaker of the House Paul Ryan and endorsed by the Obama administration, would institute a federal oversight board, with members chosen by the White House and Congress, to renegotiate Puerto Rico’s debt.
U.S. lawmakers on Thursday began coalescing around revised bipartisan legislation to help address Puerto Rico’s unpayable debt burden that now threatens a full-blown humanitarian crisis. Released close to midnight on Thursday, the House Natural Resources Committee’s revised bill includes a strong oversight board to direct how and when the island pays its bills and leaves […]
In February 2014, Puerto Rico’s bonds were declared junk by Standard & Poor’s — that’s the technical term. The following month, the territory sold $3.5 billion of them, mostly to U.S. hedge funds. It was the final deal in a selling frenzy: $126.6 billion worth of bonds were issued by the central government, various utility companies and other agencies, and the island’s sales tax-based finance corporation. Wall Street netted an estimated $900 million in underwriting fees.
Buenos Aires (AFP) – Argentina blamed the United States for the legal battle that forced it to miss a debt payment and, despite ratings agencies’ declarations to the contrary, denied being in default. Ratings agency Fitch declared Argentina in “restrictive default” Thursday after 11th-hour talks failed to resolve the country’s dispute with two U.S. hedge […]
The media would label it Pensiongate — if they were interested. When Governor Chris Christie (R-NJ) cruised to his first statewide election victory in 2009, his promise to responsibly manage the state’s pensions helped deliver him the governor’s mansion. It’s Democrats like Governor Jon Corzine who are playing fast and loose with public pensions, the […]
In another display of Wall Street morality, the Securities and Exchange Commission is investigating whether hedge funds made insider trades benefiting from Standard & Poor’s U.S. credit downgrade last month. According to the Wall Street Journal: Securities regulators have sent subpoenas to hedge funds, specialized trading shops and other firms as they probe possible insider […]
Republican presidential frontrunner Rick Perry complains constantly about Washington’s “culture of runaway spending,” wasteful government programs, and federal intrusions into the affairs of the states. In Fed Up, the book he published last year, the Texas governor bitterly criticizes Medicare (which he terms “unconstitutional”) as well as the health care reforms passed by President Obama […]