http://nymag.com/daily/intelligencer/2018/07/trump-wants-to-unilaterally-give-the-rich-another-tax-cut.html
Trump Wants to Give the Wealthy Another Tax Cut, With No Vote in Congress... and Nothing for the Middle Class or the Poor...
The Trump administration is considering a plan to cut taxes for investors. The idea would be to index capital gains for inflation, so that rather than tax the entire gain of an asset, an investor would subtract the value of inflation, therefore reducing the taxable income.
This plan stands no chance of passage through Congress, which already absorbed a big political hit by passing a huge, regressive tax cut last year. Some right-wing senators have introduced a bill to index capital gains for inflation, but the Republican majority isn’t bothering to push it, because it won’t get enough votes. But the beautiful part is that Trump hopes to enact another tax cut, this one even more regressive, without passing any legislation through Congress. “If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” says Treasury Secretary Steven Mnuchin.
Trump Wants to Give the Wealthy Another Tax Cut, With No Vote in Congress... and Nothing for the Middle Class or the Poor...
The Trump administration is considering a plan to cut taxes for investors. The idea would be to index capital gains for inflation, so that rather than tax the entire gain of an asset, an investor would subtract the value of inflation, therefore reducing the taxable income.
This plan stands no chance of passage through Congress, which already absorbed a big political hit by passing a huge, regressive tax cut last year. Some right-wing senators have introduced a bill to index capital gains for inflation, but the Republican majority isn’t bothering to push it, because it won’t get enough votes. But the beautiful part is that Trump hopes to enact another tax cut, this one even more regressive, without passing any legislation through Congress. “If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” says Treasury Secretary Steven Mnuchin.
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| Little Stevie Munchkin reading a Tax Cut for the Rich |
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