Trump Administration Mulls a Unilateral Tax Cut for the Wealthy

[brooklynite]

Source: New York Times

WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.

Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.

“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,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

Currently, capital gains taxes are determined by subtracting the original price of an asset from the price at which it was sold and taxing the difference, usually at 20 percent. If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.

Read more: https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html

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MAGA!

[beachbum bob]

1. Love that to be an election issue, more cuts to those that don't need it

[marble falls]

4. Ought to be a winning strategy. For us!

[Still In Wisconsin]

2. Kinda looks like these assholes don't expect to be in control of things for long...

grabbing everything they can before they're run out of town on a rail.

[marble falls]

5. What he gives away a Democratic White House and Congress can get back in aces and spades.

[MarcA]

3. Traitors and Enemies of the People n/t

[turbinetree]

6. And guess who is going to pay for that short coming to the treasury...............

me..............................you....................the children......................


The only thing that this criminal enterprise thinks about is short term gain, just like a fucking investor.................to bankrupt..............me ...............you..............children ..........................and the countries future.......................


November 2018 cannot get here fast enough.......................vote

[regnaD kciN]

26. "OMG! We need to cut entitlements!!!"

You know that’s coming next...

[turbinetree]

30. Marco Rubio...............lets bring back this piece of shit and his comments .......

to understand what and how they ..................are like the serial sexual predator................everything is for short term game/gain.........................just like some bank sitting on "wall street" commons, with roaches trying to bankrupt my, your, paid into treasury bond warrants, called SS and medicare, the 4 trillion sitting, while running around on a floor, with there investor jackets on, with a number ...........................all for the short gain of greed...............

[Ccarmona]

7. Trying to Buy Back the Koch's Love

Who recently have been critical of the Trump Administration.

[iluvtennis]

8. This is asinine. We already have a 1 trillion deficit from the first tax cut and difficulty

funding the gov't. Trump is an imbecile

[Snellius]

9. Ass Backwards: Fixing things that aren't broken to break things that need to be fixed.

Tax cuts for the rich who are richer than ever.
Giving more money away when we're already more than broke.
Keeping out foreign workers when employers can't find help.
Tariffs to help exports of goods made too expensive to sell.
Jobs, jobs, jobs when national employment is almost full.

[RandomAccess]

10. Surely, I thought as I read the subject line,

surely this is Borowitz or The Onion.

But no, it's the greedy, kleptocratic Trump administration bald-facedly flaunting their reverse Robin Hood plans in full public view.

[roamer65]

11. Go for it, Dumpie.

The blue wave will become a supernova.

[Bernardo de La Paz]

12. It ain't pretty

[Hulk]

13. This is never going to stop....

They have no shame. Regardless of reality and how the filthy rich are getting filthier and richer....they continue to vie for MORE. ALways more. It's a fucking game with them.

[moose65]

14. You gotta hand it to them...

They keep their eyes on the prize!

It has long been my contention that the super wealthy really don’t give a shit about income tax rates. What they really care about are the capital gains rate and the estate tax. They’ll toss out a little income tax cut as a bone to the base, while behind the scenes they fight to lower the capital gains tax and the estate tax.

[djacq]

15. Orange Clown still playing Zero Sum Game

I'm sick of all this winning

[LakeSuperiorView]

20. The conservative mind tends to be binary.

Good/evil, black/white, positive/negative. You are with us or against us. For them, there is no middle ground, no compromise. They would rather destroy everything than start to fix the problem with a partial solution.

[Ruby the Liberal]

16. Time to hoover up whatever they can out of the Treasury

They know the game is over.

[benld74]

17. Any chance a flaming bag of sheet

Being placed outside
This
Turd’s
Front
Door
???

[kacekwl]

18. Didn't they just do that ?

[chowder66]

19. Once again the fucking POS party

is fucking everything up so badly that the next elected Democratic reps and president will have to spend every ounce of their time fixing this shit, which no one will care about enough because they won't "feel or reap" any benefits that matter enough in time for the next election. Then the idiots in this country will think nothing is getting done and once again vote in the fucking thieves and criminals. Rinse and Repeat.

This cycling has to stop and the pillaging of taxpayers hard earned money has to stop.
If they go through with this, this country should stop paying their taxes, take to the streets and cause non-violent chaos in and around the wealthy of this country. At their businesses, their neighborhoods, their go-to places.

Fucking money hoarders.

Sorry for the language but I'm furious with everything these assholes do.

[bucolic_frolic]

21. Are losses indexed to inflation too? If they are, that benefits the wealthy more than

small investors, who almost always lose money, whereas big investors, usually, don't. So the little guy indexes his losses and shrinks them, while the big guys have no losses to index.

[BadGimp]

22. This is SO craven and disgusting...

[JohnnyRingo]

24. What a generous man!

Cue the crying about how Medicare is bankrupting the treasury.

[They_Live]

25. Trump Administration Mulls a Unilateral Tax Cut for Themselves

Stop Thief!

[donkeypoofed]

27. I hope they do it !! it'll only speed their demise!

[dalton99a]

28. Their depravity gets worse by the hour

[duforsure]

29. Pretty slick move from trump

To use our money to bribe the super wealthy with to protect him from prison , and get him re-elected with. That ought to help voters decide this Nov., especially to vote against all republicans, and especially for voting for all Democrats , and we need everyone voting to retake the House AND the Senate. Trump keeps making it easier, and a threat against the American people with a shut down will only help it happen sooner. Hope he keeps talking and tweeting.

[Bayard]

31. Make this headline news everywhere

We will not go quietly!