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‘It’s a not a real thing’: Watch Paul Ryan’s senior tax counsel blow up Trump’s ‘magic unicorn’ tax plan

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With President Donald Trump working overtime this week to come up with a tax cut wish list for Congress — including a massive cut to the top corporate tax rate — the senior tax counsel for House Leader Paul Ryan (R-WI) declared Trump’s plans dead before it has ever even been submitted.

According to a report from the Wall Street Journal, Trump’s proposal would slash the top corporate rate down to 15 percent and would primarily benefit, “professionals that organize themselves in an LLC or partnership. Doctors, lawyers, consultants, lobbyists.”

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Speaking at an international finance summit last week, Ryan’s tax law specialist George Callas called out Trump’s plan for a massive tax cut without offsetting cuts to pay for it a “magic unicorn.”

“A plan of business tax cuts that has no offsets, to use some very esoteric language, is not a thing,” Callas patiently explained to the panel and attending crowd. “It’s not a real thing. And people can come up with whatever plans they want. Not only can that not pass Congress, it cannot even begin to move through Congress on day one. And there are political reasons for that. No. 1 of which is, members wouldn’t vote for it. But there are also procedural, statutory procedural, legal reasons why that can’t happen.”

Watch Callas’s blistering dissent below:

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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NYC public advocate confronts defender of Eric Garner’s killer: ‘Stop pretending black folks aren’t human’

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Former New York City Public Advocate Jumaane Williams and former FBI special agent James Gagliano debated the firing of Daniel Pantaleo, an NYPD officer who caused the death of Eric Garner.

Gagliano called the firing a "glaring miscarriage of justice."

"I look at it from the perspective of the law," Gagliano opined. "It's easy to watch the video and feel passion for the [Garner] family. We've had his wife on here, we've had his mother on here, we've had his children on here."

Gagliano insisted that he is not an "unabashed police shill." He said that basing the firing on the video of Garner's death is "unfair to the officer."

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#PrayForAmazonia goes viral as Twitter users call attention to ‘international emergency’ of fires devastating Brazil’s rainforest

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"The Amazon rainforest has been burning for three weeks! We are on the verge of losing it completely if the fire isn't put out. The loss of trees, the loss of biodiversity is what is accelerating climate change."

The hashtag #PrayForAmazonia went viral on Tuesday as social media users attempted to draw the world's attention to the Amazon rainforest, which has been devastated for weeks by fires so intense they can be seen from space.

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Trump-loving neo-Nazi charged with insanely violent threats against Latino woman

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Federal agents arrested a Washington state man who allegedly threatened to "exterminate" Latinos as part of a race war he believed would be launched by President Donald Trump.

According to court documents, Eric Lin frequently praised Nazi leader Adolf Hitler online and sent multiple death threats against a woman in Miami and plotted to pay a man to beat her up, reported the Miami New Times.

"The time will come when Miami will burn to the ground — and every Latin Man will be lined up against a Wall and Shot and every Latin Woman Raped or Cut to Pieces," Lin wrote Aug. 8, according to investigators.

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