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.
While the proposed tax cuts would please those helped by them, such as multinational corporations and wealthy taxpayers, Trump’s package fell far short of the kind of comprehensive tax reform that both parties in Washington have sought for years.
As his milestone 100th day in office on Saturday nears, Trump has been scrambling to show progress on his agenda. The Trump tax plan, though meager in detail, matched up closely with the promises he made during his victorious 2016 election campaign.
President Donald Trump swore in former Goldman Sachs banker and Hollywood financier, Steven Mnuchin, as Treasury secretary on Monday, putting him to work on tax reform, financial de-regulation, and economic diplomacy efforts. At a White House swearing-in ceremony, Trump said Mnuchin would be a “great champion” for U.S. citizens.
Democrats stayed away from the meeting for a second day running, which under the committee’s rules normally would have prevented the votes from taking place. But Republicans voted to suspend the rule that had required at least one Democrat to be present for business to be conducted, sending the nominations to the full Senate for a vote.
Senate Democrats said they were postponing the vote because they wanted more information on Price’s stock trades in an Australian medical company and needed more details on reports that Mnuchin’s former bank, OneWest, used automated “robo-signings” of foreclosure documents, which contradicted statements the nominees had made to senators.
In a blistering review, Samantha Bee examines the sleazy methods used by Mnuchin to enrich himself in the aftermath of the financial crisis, when he scored about $400 million from a bank that literally swindled widows out of their homes. She contrasts the rise of this greedy character with Trump’s campaign denunciations of Wall Street and Goldman Sachs (the legendary financial house where Mnuchin and several other major Trump appointees began his career).
The newly elected governor of Puerto Rico is in discussions to hire Lewandowski’s lobbying firm, at a time when the island’s creditors are hoping that the incoming Trump administration will be more sympathetic to them than the Obama administration has been.
During the campaign, Trump shrieked “pay for play!” to defame the Clintons over and over again, without proof. But now he is doling out top positions in government to the patrons of his campaign, his businesses, and even his foundation.To Trump, a post in his cabinet is not a commitment of trust granted on behalf of the people, but a plum to bestow on any crony who once did him a favor.
In Trump’s picks for economic and domestic policymaking jobs, there’s a consistent underlying thread. Most of them could have been nominated by any GOP nominee. There’s nary a populist among them — not even the conservative kind.
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.
The flurry of picks showed Trump, a real estate tycoon with no governing experience, rewarding loyalists and established Washington veterans as he rounds out his circle of top advisers.
Steven Mnuchin, a former partner at Goldman Sachs who now works in entertainment financing, is chairman and CEO of private investment firm Dune Capital Management LP. Since 1998, he has given about $71,000 to Democrats and their associated committees, compared to about $37,000 to Republicans.