President Trump told his top economic advisers that he had decided, for now, to forgo using executive authority to deliver a tax cut that would primarily benefit wealthy investors
More than a year of administration deliberations ended with a presidential decision not to index capital gains for inflation.said last month he believed this could be accomplished with his executive authority. But the idea of circumventing Congress was challenged by some within the administration who argued it would defy a legal opinion issued in 1992, under President George Bush. The decision not to push for an investor tax cut spares Mr. Trump from what would have been a new round of attacks by Democrats, who have assailed the tax cut on so-called capital gains as a handout to the rich, and most likely a prolonged court fight over whether the executive branch has the authority to enact the cut without action from Congress. “President Trump was thoroughly briefed on the complex economic, legal and regulatory issues, and concluded that at this time he does not feel enough of the benefits will go to the middle class,” Judd Deere, a White House spokesman, said Wednesday evening in an email. Mr. Trump left open the possibility that he could revisit the idea. The Wall Street Journal first reported the decision . Republican senators and conservative anti-tax groups have pushed Mr. Trump over the past year to order the Treasury Department to change the definition of “cost” for calculating capital gains. Such a move would allow taxpayers to adjust the initial value of an asset for inflation when it sells, effectively reducing the profit earned on the sale and, with it, the tax liability. Analyses by outside groups, including the Penn Wharton Budget Model, have found that the vast majority of the gains from the move would go to the top 1 percent of taxpayers, who disproportionately pay capital gains taxes. Advocates of the tax cut had argued that millions of middle-class Americans would also benefit, by reducing taxes on the sale of stocks held in their portfolios or pension funds. Supporters of the plan included Larry Kudlow, the director of Mr. Trump’s National Economic Council, the conservative anti-tax advocate Grover Norquist and a group of Republicans led by Senator Ted Cruz of Texas. Twenty-one Republican senators wrote Mr. Trump this summer to champion the move. Critics of the idea included Treasury Secretary Steven Mnuchin, whose department is bound by a 1992 opinion from the Office of Legal Counsel that determined the Treasury Department does not have the authority to index capital gains to inflation by regulation. Democrats also opposed it overwhelmingly: 42 Democratic senators wrote Mr. Mnuchin, asking him to reject the idea. Alan Rappeport contributed reporting. A version of this article appears in print on , Section Read more: The New York Times
Of course he will. PABPresident It’s not just wealthy people who benefit... but lying is more fin. Couldn’t be motivated by the impending election, the precarious position of the Republicans, and the understanding that his tax cuts never benefit the middle and lower income groups, could it? Of course not, he’s just being magnanimous.
Some airplanes did something. persistentpengn Including himself 👎 Excluding others😧 He's too worried about his own corrupt personal financial mess. TrumpTaxScam TrumpTaxReturns He's trying to give another tax break to the rich? If he won reelection can you imagine, no taxes on the rich and all the tax burden on the middle class and poor. Think that's far fetched, look at the last one
You can't tax by executive fiat ... maybe Mitch needs to remind Donald. By the way, why is Mitch laying down to Trump. 'Ah won't pass a bill that the President won't sign.' Fuck that - give him the bill and sell it, Mitch. Such a lazy and lousy excuse for not passing gun laws. He going to do it sooner or later. This orange ass do anything to inrich him self and his rich buddies.
CyrusToulabi Which means, he will? A tax cut through executive authority? Did he decide that because someone mentioned it wasn't how these things are done? This guy is waiting to get re-elected to dismiss Congress entirely. Or til he repudiates election by order, then Congress, Dem majority pffft.
Trump Drafts Executive Order Increasing Postal Service Inspections for FentanylThe Trump administration has drafted an executive order that would increase inspections of mailed packages, in an effort to crack down on shipments of counterfeit goods and deadly drugs from foreign nations including China NOOOOOOOOO!!! It's the only way i can cop SUPREME items. Does that include his MAGA hats and Ivanka’s merchandise? Will that include packages shipped by all his family’s goods manufactured in these foreign nations, including China!
just kidding. Such lies How is it that king Trump would be able to do it anyway? Reading between the lines it seems like he was actually told he couldn't. That’s mighty white of him. Tis the season for NFL football 🏈...and the BATTLE OF UGLY REPUBLICAN MEN .....this should be EXCITING TV /TWITTER this fall! The MOOCH is doing his part..COME ON Bolton ..do your part! Somebody needs to tweet about somebody’s wife! This SH is gonna be GOOD!
Gall based politics. The sheer gall of giving the 1% another tax giveaway - they don't pay as much percentage wise as those who earn a wage already. Indexing would give long term gains NO inflation, another free ride. 'Outrageous' is not sufficient to describe this move. Because his buddies didn't sell any stocks this year, they will take the tax break when they decide to sell
Perfect Onion headline. So, in Trump's America, we just don't use that whole Constitution thing where The House has the soul power to make tax law then.
Trump Again Mulls Capital Gains Tax CutsPresident Trump is planning to meet with his economic advisers on Wednesday to discuss whether his administration should lower capital-gains taxes by indexing gains to inflation. Because the deficit isn’t high enough? Uh-oh. Banksters won't be happy.
Oligarchs will be disappointed. 😢 Please go deeper into your claim that the 'planes took aim and brought down the World Trade Center' (and killed thousands)...? So would you describe it like 'some planes did something'....🤔 He will single handedly bankrupt this country. Too bad there wasn't any past indicators that showed Trump to be financially irresponsible.
He better back off, or I will burn my tax notice on his lawn! Too little TOO LATE. Enriching himself and the top 2%. Surprise, surprise. I think they've been given enough. He's basically giving himself a tax cut.
Trump rules out for now cutting capital-gains taxesThe White House is expected to discuss indexing capital gains to inflation, a tax proposal that Trump appeared to back away from. Good news and be fair. 😊BREAKING: The Supreme Court is allowing nationwide enforcement of a new Trump administration rule that prevents most Central American immigrants from seeking asylum in the U.S - AP Damn. Coming from someone that falls right in the middle and doesn’t qualify for any breaks for kids college. Trading is the only way to make it happen.
Trump denies knowledge of Air Force stay at Trump resort in ScotlandThe president denies knowledge of why U.S. Air Force crew overnighted at a Trump resort in Scotland, U.S. Air Force has launched a review of guidelines for crew lodging Trump is lying,again! Deny & lie are his best skills! The man that owns the property AND is in charge of the Air Force knows nothing. Got it.
Controversial Trump aide John Bolton exits WH knocking TrumpPresident Trump has fired controversial National Security Advisor John Bolton on Twitter, after they ‘strongly disagreed.’ Sparking more controversary, Bolton offered a different recount, saying he previously ‘offered to resign.’ Former Obama official Richard Stengel argues ‘the problem with replacing Bolton’ is ‘when someone leaves the Trump administration, they’re never replaced by a better actor.’ stengel Ummm, you got shitty windows MSNBC. honestelaine stengel He WILL be replaced by someone who is not. stengel MSNBC sucks BERNIE SANDERS 2020
Supreme Court: Trump Admin Can Block Migrant Many Asylum Claims at the BorderThe Supreme Court allowed the Trump administration to enforce rules proposed in July designed to deter asylum applications from Hondurans, Salvadorans, and Guatemalans Excellent news. Finally.