Tag: GOP tax scam

Trump Tells Rich Mar-a-Lago Friends “You All Just Got a Lot Richer” After Tax Bill

The following article by Grace Guarnieri was posted on the Newsweek website December 24, 2017:

Credit: Don Emmert, AFP/Getty Images

President Donald Trump joined his family at their “Winter White House” for the holidays Friday night after signing the GOP tax bill into law, and reportedly told wealthy friends dining at Mar-a-Lago, “You all just got a lot richer.”

Days before heading away for the holidays, Trump told White House reporters that the tax bill would be “one of the great Christmas gifts to middle-income people.” However, Mar-a-Lago’s exclusive dinner guests would have paid a $200,000 initiation fee and $14,000 in annual dues to Trump’s golf club and resort. Continue reading “Trump Tells Rich Mar-a-Lago Friends “You All Just Got a Lot Richer” After Tax Bill”

Christmas Eve, Trump on Twitter: New attacks on FBI official, decrying ‘Fake News’

The following article by Laura King was posted on the Los Angeles Times website December 24, 2017:

Credit: Punyaruk Baingern/Shutterstock.com

President Trump launched a Christmas Eve attack on FBI Deputy Director Andrew McCabe, whom he accuses of favoritism toward his former opponent, Hillary Clinton, and also returned to a longtime favored theme, excoriating the news media for failing to sufficiently extol his accomplishments.

 

Continue reading “Christmas Eve, Trump on Twitter: New attacks on FBI official, decrying ‘Fake News’”

Trump’s tax law creates new challenges for IRS

The following article by Naomi Jagoda was posted on the Hill website December 23, 2017:

Credit: Evan Vucci/AP Photo

The Republican tax bill is the law of the land — but for federal officials, the work is just beginning.

The Treasury Department and the IRS now have a mammoth task on their hands as they seek to turn the sweeping tax provisions passed by Congress into new rules and regulations. Continue reading “Trump’s tax law creates new challenges for IRS”

What to look for from the Republican tax bill, month by month

The following article by Philip Bump was posted on the Washington Post website December 22, 2017:

President Trump delivers remarks after signing sweeping tax overhaul legislation into law on Friday in the Oval Office. (Jonathan Ernst/Reuters)

On Friday morning, President Trump signed into law the sprawling tax bill that was hastily built out by Republican leaders over the past month. In doing so, he formalized a huge range of changes to how Americans — and American businesses — will pay their taxes.

Given that U.S. tax law was not particularly user-friendly even before the Republican rehaul, we reached out to Manhattan-based tax attorneys Steven and Benjamin Goldburd to explain how the law will affect Americans over the course of the year. Or, really, the next decade. Continue reading “What to look for from the Republican tax bill, month by month”

Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.

The following article by Alan Rappeport was posted on the New York Times website December 22, 2017:

From right, Gary D. Cohn, director of National Economic Council, and Treasury Secretary Steven Mnuchin with lawmakers in November to discuss tax legislation. Credit Tom Brenner/The New York Times

WASHINGTON — President Trump’s signature on the Republican tax bill marks his most important legislative achievement to date. It also represents the breaking of a signature promise that helped propel his populist presidential campaign.

This week, as senior White House officials acclaimed passage of the tax overhaul in Congress, they also expressed one regret: failing to close the so-called carried interest “loophole” that benefits wealthy hedge fund managers and private equity executives. Despite Mr. Trump’s vows to eliminate a tax rule that allows some rich business leaders to pay lower tax rates than their secretaries, the president in this case was no match for the powerful lobbyists protecting the status quo. Continue reading “Trump Promised to Kill Carried Interest. Lobbyists Kept it Alive.”

Ivanka Trump wrong that in April, ‘vast majority’ will be filing their taxes on a ‘postcard’

The following article by Louis Jacobson was posted on the PolitiFact website December 21, 2017:

During an interview on Fox & Friends in which she touted the recently passed tax bill, Ivanka Trump said voters would benefit more quickly than they might have imagined.

“I’m really looking forward to doing a lot of traveling in April when people realize the effect that this has, both on the process of filling out their taxes — the vast majority will be doing so on a single postcard — but also having experienced the relief that will be starting as early as February,” she said. Continue reading “Ivanka Trump wrong that in April, ‘vast majority’ will be filing their taxes on a ‘postcard’”

Trump Could Save More Than $11 Million Under the New Tax Plan

The following article by Jesse Drucker and Audrey Carlsen was posted on the New York Times website December 22, 2017:

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Highlighted areas show the parts of President Trump’s 2005 tax return that could have been affected by the new tax plan.

President Trump would save about $11 million on his taxes, if the new Republican tax overhaul were applied to his 2005 tax return, a New York Times analysis has found. The savings would be a roughly 30 percent cut. He would also save another $4.4 million on his eventual estate tax bill.

Continue reading “Trump Could Save More Than $11 Million Under the New Tax Plan”

Ivanka Trump Goofs Up On Tax Law In Her Televised Boast

The following article by Mary Papenfuss was posted on the Huffington Post website December 21, 2017:

We’ll be filling out our tax returns next year on a postcard — not.

Ivanka Trump’s victory boast on “Fox & Friends” about her dad’s new tax measure included a couple of gaffes.

She spoke Thursday about Americans filing under the new law in April. In fact, the new law won’t kick in until 2018, and taxes for that year will be due in April 2019. Continue reading “Ivanka Trump Goofs Up On Tax Law In Her Televised Boast”

Republicans Are Taking Voter Concerns About The Tax Bill Too Literally

The following article by Nate Silver was posted on the FiveThirtyEight website December 21, 2017:

President Trump celebrates with Vice President Pence and congressional Republicans outside the White House on Wednesday after Congress passed a sweeping tax overhaul. (Jonathan Ernst/Reuters)

In reading coverage of the Republican tax bill, which passed the House on Wednesday and is ready for President Trump’s signature, I was reminded of this famous clip of the 1992 “town hall” presidential debate between Bill Clinton and George H.W. Bush,1 in which a voter asked the candidates a question about the “national debt” and how it had “personally affected” their lives. Continue reading “Republicans Are Taking Voter Concerns About The Tax Bill Too Literally”

Ignoring the Will of the People

The following article by Susan Milligan, Senior Writer, was posted on the U.S. News and World Report website December 2, 2017:

Credit: Drew Angerer/Getty Images

The $1.5 trillion tax bill, hailed with glee and relief by Republicans eager to appease donors and desperate for the year’s first major legislative win, is the most unpopular major piece of legislation to pass in decades.

That may sound remarkable, but it’s not the only case where public opinion – exhaustively collected, analyzed and reported by pollsters, interest groups and political parties – appears to have had little impact on a matter of public interest. President Barack Obama’s Deferred Access for Childhood Arrivals program to allow certain young immigrants to stay in the country is also overwhelmingly approved of by the electorate. But Congress failed to codify that program as it prepared to wind up for the year. Background checks for gun buyers, too, enjoys widespread public approval, polls consistently show – but that idea, too, never manages to get enough votes for passage. Continue reading “Ignoring the Will of the People”