Trump Proposes New Rule To Implement His Tax Law That Would Benefit Himself
August 9, 2018
Trump and Republicans promised that the Trump tax law would benefit workers. That has not happened. Instead, Trump’s Treasury Department has proposed a new rule that could wind up benefiting Trump. It’s no wonder Republican candidates have abandoned running on the Trump tax law.
Trump’s Treasury Department proposed a new rule to implement the Trump tax law that could wind of benefiting Trump’s business and the wealthiest Americans.
New York Times: “A new 20 percent tax break included in last year’s $1.5 trillion tax overhaul could wind up benefiting President Trump’s real estate empire given how the Treasury Department plans to implement the provision, several tax experts said.”
New York Times: “Tax experts say it appears to be largely a victory for business groups, who had argued for a more generous interpretation of a deduction that the congressional Joint Committee on Taxation estimates will primarily benefit Americans earning $1 million and up.”
Trump and Republicans promised the Trump tax law would “trickle down” to increase workers’ wages and create jobs. Instead, Midwest workers are rallying against job cuts made since the Trump tax law passed.
Indianapolis Star: “A group of Midwest AT&T workers rallied in Indianapolis Wednesday as part of a multi-state tour to protest AT&T job cuts made since President Donald Trump approved a sweeping tax cut in December. Two AT&T workers and one former employee started their ‘Broken Promises Tour’ earlier this week to highlight what they say is a failure by AT&T leadership to use the federal tax cut to invest in workers and create jobs.”
The Trump tax law is rapidly losing popularity. Only 25 percent of voters say they’ve seen an increase in their paychecks, and Republicans are now abandoning running on it all together.
Bloomberg: ““A June 27 Politico/Morning Consult poll found that 37 percent of registered voters nationally support the tax law, and only 25 percent of registered voters have noticed an increase in their paychecks.”
Associated Press: “Republican candidates in the nation’s premiere midterm battlegrounds have embraced a central message in their fight to maintain the House majority this fall — and it has little to do with the surging economy or the sweeping tax cuts that the GOP celebrated as a once-in-a-generation achievement just eight months ago.”
Vox: “And Republicans, who have been adamant that talking about a booming economy will save them in the 2018 midterms, seem to have abandoned touting their tax cuts altogether. Instead they’re turning to the Trump playbook: Don’t talk about the tax bill, and stoke the culture wars.”