Thursday, December 21, 2017

Trump Self Dealing Tax Bill – Haunted Future

Jubilant Republicans took a victory lap at the White House on Wednesday to mark what they called a historic day. 

The House speaker, Paul Ryan, praised Trump for “exquisite presidential leadership”. But in coming months and years, analyses such as the CAP’s could come back to haunt them.

Seth Hanlon, a senior fellow at the thinktank, said: “I think that the American people, whether they receive a tax increase or tax cut from this bill, are outraged that President Trump, his cabinet, and members of Congress stand to receive big payouts from this tax bill. The extent of the self-dealing became especially apparent when a last-minute provision benefitting the real estate industry was inserted at the last minute.”

Hanlon added: “Trump, of course, promised to release his tax returns, like every president since the 1970s, but has brazenly gone back on his word. Congress has the full power to obtain and release Trump’s tax returns, but the Republican majority has buried its head in the sand.

“Still, there is no doubt that Trump is getting major new tax cuts from this bill – at the same time as it preserves special loopholes, like the deductions Trump reportedly takes on his golf courses. These are just one illustration of the venality and corruption behind this bill.”

Despite White House promises that the tax overhaul would focus on the middle class, the nonpartisan Tax Policy Center, a thinktank in Washington, estimates that middle-income households will see an average tax cut of $900 next year under the bill, while the wealthiest 1% will enjoy an average cut of $51,000.

TJ Helmstetter, communications director of Americans For Tax Fairness, said: “This is not tax reform, it’s a money grab by the ultra-wealthy, including the multimillionaires in Congress and Trump’s own cabinet, who will benefit. When all is said and done, over 80% of the tax cuts will wind up in the pockets of the top 1%. Meanwhile, all of this will be paid for by the middle class and families who are struggling to get by.”

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