Posts Tagged ‘taxes’

It’s Magic! Trump’s Tax Cut Will Pay for Itself.

April 27, 2017

It's Magic! Trump’s Tax Cut Will Pay for Itself.

On Wednesday the Trump Administration rolled out its Tax Plan, less a ‘plan’ than a plutocrat’s wet dreamCorporate tax rate slashed, huge new pass-through business loophole opened, giveaways to wealthy heirstaxes for the rich slashed and their nannies and mansions subsidized through tax deductions.

This won’t produce a federal revenue shortfall, the Tax Fairy promises; tax cuts for the wealthy will pay for themselves.  How? Magic! The same magic that worked so well during the 30 years of the GOP’s trickle-down, deregulating, big-corporate, no-taxes-for-the-rich philosophy, the failed policies that crashed the world economy when Republican leadership was last inflicted upon the nation, making the rich even wealthier at the expense of the rest.

More:

“Trump’s treasury secretary: The tax cut ‘will pay for itself,'” Damian Paletta and Max Ehrenfreund, Washington Post

“Mnuchin: Our Tax Cuts for the Rich Are Not About Cutting Taxes for the Rich,” Jonathan Chait, New York Magazine

“The New GOP Math: ‘Dynamic Scoring’ Doesn’t Add Up.” NotionsCapital

Update:

“37 top economists all say Trump’s tax plan won’t pay for itself,” Alexia Fernández Campbell, Vox

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Comments are welcome if they are on-topic, substantive, concise, and not obscene. Comments may be edited for clarity and length.

Cash-Strapped Palm Beach Considers ‘Mar-a-Lago Tax’

April 20, 2017

Cash-Strapped Palm Beach Considers 'Mar-a-Lago Tax'

Palm Beach County gave Donald Trump tax breaks when he bought Mar-a-Lago, but his weekend trips to the “Winter White House” are breaking the county’s budget. A typical Donald Trump visit costs the county more than $60,000 a day for police overtime, and the county estimated its costs for Trump’s visit with Chinese President Xi Jinping at over $250,000. That’s why County Commissioner Dave Kerner is proposing a tax on Mar-a-Lago to cover the costs. It’s that or increased taxes for local residents, whose lives are already disrupted by the president’s weekend golf jaunts.

Of course the Trump Administration could reimburse the county and add that to the $3 million in federal tax dollars each Mar-a-Lago trip costs all of us.

More:

“‘He’s baaaack!’: Trump’s visits to Mar-a-Lago are stretching Palm Beach’s budget and locals’ patience,” Abby Phillip and Lori Rozsa, Washington Post

“Palm Beach official proposes Mar-a-Lago tax to pay for Trump visits,” Brooke Seipe, The Hill

Related:

“Trump has spent one out of every five minutes of his presidency in Palm Beach,” Philip Bump, Washington Post

“GOP Senator: ‘I Do Wish’ Trump Would Host State Visits In DC, Not Mar-A-Lago,” Esme Cribb, TPM Livewire

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Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Trump’s Tax Disclosure: Never Mind!

January 23, 2017

Trump's Tax Disclosure: Never Mind!
Presidential candidate Donald Trump repeatedly claimed that he would release his tax documents. He said it well before he threw his hat in the GOP ring, back in 2014. As the Republican candidate he came up with a lame excuse for avoiding the tax disclosures made by White House hopefuls since 1970: He said he couldn’t do it since he was under audit, a specious argument, as himself finally admitted. He even claimed he would release his tax forms after the election, if the audit took that long.

Sunday morning, on ABC’s “This Week with George Stephanopoulos,” Trump spokescreature Kellyanne Conway admitted that it’s not going to happen, since voters already elected him without any tax facts. She say’s voters don’t care, but 74% of Americans — including half of Trump’s supporters — want him to release his tax forms.

Since inauguration Day, over 200,000 citizens have signed a We the People petition on the White House website asking the President to “immediately release Donald Trump’s full tax returns, with all information needed to verify emoluments clause compliance.” 100,000 signatures is enough to require an official response. It is doubtful that Ms. Conway’s raised middle finger meets that requirement.

What is Mr. Trump hiding? Perhaps:

— He hasn’t paid any taxes, as his previous state tax releases indicate

— He’s not as rich as he claims

— He hasn’t given as much to charity as he claims

— He has had previously undisclosed foreign business dealings, perhaps with Russia

Wikileaks, Trump’s best bud during the campaign, says it will release the new president’s tax returns for him if they can be obtained. “Trump’s breach of promise over the release of his tax returns is even more gratuitous than Clinton concealing her Goldman Sachs transcripts,” tweeted the organization.

UPDATES:

“Conway Backtracks On Trump’s Tax Returns, Saying He’s Still Under Audit,” Matt Shuham, TPM Livewire

“Mnuchin: Trump has ‘no intention’ of releasing tax returns,” Julie Bykowicz and Jill Colvin, Associated Press

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Trump’s Taxes: He Screwed His Investors, Not Just Uncle Sam

October 5, 2016

Trump's Taxes: He Screwed His Investors, Not Just Uncle Sam

Donald Trump paid no personal income taxes for 18 years by deducting the $916,000,000 he lost in 1995, reported the New York Times in a story based on leaked information from state tax returns. To do this Mr. Trump had to forgo the depreciation deductions on his properties, which included his Atlantic City casinos. Donald Trump formed a public corporation and funded his casinos with securities he sold to ordinary investors impressed with his celebrity and a promise of 14 percent interest who were unaware of the tax burden The Donald had imposed on the properties by taking personal deductions on them. As the company collapsed and the bond value plummeted 70 percent, the CEO paid himself a $5 million bonus and bought a private jet. So much for Mr. Trump’s sense of “fiduciary duty.”

As Drew Harwell explained in the Washington Post:

“Many of those who lost money were Main Street shareholders who believed in the Trump brand, such as Sebastian Pignatello, a retired private investor in Queens. By the time of the 2004 bankruptcy, Pignatello’s 150,000 shares were worth pennies on the dollar.

‘He had been pillaging the company all along,’ said Pignatello, who joined shareholders in a lawsuit against Trump that has since been settled. ‘Even his business allies, they were all fair game. He has no qualms about screwing anybody. That’s what he does.’”

(more…)

Big Fat Deal in Jersey: Christie Let Trump Skip Millions in Taxes

September 21, 2016

Big Fat Deal in Jersey: Christie Let Trump Ignore Millions in Taxes

“By the time Chris Christie became governor of New Jersey, the state’s auditors and lawyers had been battling for several years to collect long-overdue taxes owed by the casinos founded by his friend Donald J. Trump.

The total, with interest, had grown to almost $30 million. The state had doggedly pursued the matter through two of the casinos’ bankruptcy cases and even accused the company led by Mr. Trump of filing false reports with state casino regulators about the amount of taxes it had paid.

But the year after Governor Christie, a Republican, took office, the tone of the litigation shifted. The state entertained settlement offers. And in December 2011, after six years in court, the state agreed to accept just $5 million, roughly 17 cents on the dollar of what auditors said the casinos owed.”

— “Trump Casinos’ Tax Debt Was $30 Million. Then Christie Took Office.” Russ Buettner, New York Times

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Trump Paid Nothing in Taxes

May 23, 2016

Trump Paid Nothing in Taxes

“The last time information from Donald Trump’s income-tax returns was made public, the bottom line was striking: He had paid the federal government $0 in income taxes.

The disclosure, in a 1981 report by New Jersey gambling regulators, revealed that the wealthy Manhattan investor had for at least two years in the late 1970s taken advantage of a tax-code provision popular with developers that allowed him to report negative income.

Today, as the presumptive Republican presidential nominee, Trump regularly denounces corporate executives for using loopholes and ‘false deductions’ to ‘get away with murder’ when it comes to avoiding taxes.

‘They make a fortune. They pay no tax,’ Trump said last year on CBS. ‘It’s ridiculous, okay?'”

— “Trump once revealed his income tax returns. They showed he didn’t pay a cent.” Drew Harwell, Washington Post

More:

“Donald Trump, the welfare king,” Dana Milbank, Washington Post

“Donald Trump signed off deal designed to deprive US of tens of millions of dollars in tax,” Ruth Sherlock, Edward Malnick, and Claire Newell, The Telegraph

See Kim Warp’s New Yorker take here.

Related:

“Trump’s Chip-Shot Charity,” NotionsCapital

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GOP Extortionists Push Hostages to Edge of Fiscal Cliff

January 1, 2013

GOP Extortionists Push Hostages to Edge of Fiscal Cliff

Republicans in the House of Representatives, angry that a pending deal would tax their millionaire masters, are holding America’s working families hostage and threatening to heave them off that Fiscal Cliff. We suspect their rage is really because this crisis (of their own making) forces them to watch college bowl games on TV instead of on the 50 yard line with their wealthy donors.

More:

“G.O.P. Anger Over Tax Deal Endangers Final Passage,” Jennifer Steinhauer and Jonathan Weisman, New York Times

“Cliff deal hits a new snag with House Republicans,” Rosalind Helderman, Ed O’Keefe and Jerry Markon, Washington Post

“House GOP threatens to scuttle fiscal cliff deal,”  Ryu Spaeth, The Week

“Fiscal cliff reveals how dysfunctional Republican nihilism makes US politics,” Michael  Cohen, The Guardian

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A Nation of Tea Drinkers Shames Starbucks Into Paying Taxes

December 14, 2012

A Nation of Tea Drinkers Shames Starbucks Into Paying Taxes

Starbucks makes billions in the British Isles but reduced its UK tax bill to near zero by using accounting tricks that, while arguably legal, are avoided by good corporate citizens, including other U.S. chain eateries. Brits were outraged, and boycotts were organized. At first, Starbucks responded to the bad publicity by cutting employee lunchbreaks and sick leave, but finally made a voluntary token payment. Rupert Murdoch’s Wall Street Journal scolded the java giant for caving in to the Twittering mob.

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Two-and-a-Half Minutes

December 5, 2012

Eight principles to guide Democrats through the fiscal cliff showdown, from Robert Reich.

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Adam Smith Endorses Obama Tax Plan

November 30, 2012

Adam Smith Endorses Obama Tax Plan
“It is not unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”

– Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 1776

Related:

“Let the Bush Tax Cuts for the Wealthy Expire Already,” Senator Bernie Sanders, Truthdig

“How to raise taxes on the rich,” Jeanne Sahadi, CNN Money

“Tax hike for wealthy won’t kill growth, CBO says,” Reuters via NBC News

“The Great Capitalist Heist: How Paris Hilton’s Dogs Ended Up Better Off Than You,” Gerald Friedman, Naked Capitalism [caution: numbers n’ stuff]

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