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Trump is planning yet another massive tax windfall for the rich

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Hard to believe, but the Trump administration is proposing yet another massive tax windfall for the rich.

It would be to reduce their capital gains taxes. Those are taxes on the increased value of their stocks and bonds, businesses, and other valuables when they sell them. Trump would do this by eliminating whatever portion of that increased value was due to inflation.

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Here are three reasons why reducing capital gains taxes would be another tax scam for the rich.

1. The people who’d get most of the benefits are already richer than ever and pay a lower effective tax rate than they have in decades. An estimated 63 percent of the benefits of this proposal would go to the wealthiest one-tenth of 1 percent of Americans, while the bottom 80 percent of us would get only 1 percent of its benefits, according to a University of Pennsylvania Wharton School analysis.

If anything, Congress should raise capital gains taxes, not lower them. The capital gains tax rate is already lower than the rate on ordinary income. Yet the wealthy now own most of the nation’s assets and enjoy most of the capital gains. In 2016 (the most recent date for which data are available), the richest 10 percent owned 84 percent of the entire stock market.

2. The cost of this change would be a whopping $10 billion a year, for the next 10 years. That’s just about the yearly cost of funding free lunches for 20 million poor kids. Yet the federal debt is already ballooning. Over ten years, this proposal would increase it by an estimated $100 to $300 billion.

3. Trump and his administration say they have the power to make this change by themselves without even being authorized to do so by Congress. Rubbish. Congress has already decided that capital gains taxes should not be indexed for inflation. That’s why, when the same idea came up during the George H.W. Bush administration, the Department of Justice’s Office of Legal Counsel stopped it cold.

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It’s another big handout to the wealthy, another huge increase in the federal deficit, and it’s illegal. Don’t let Trump and his enablers get away with this tax scam for the rich.


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‘I’m entitled’: Kayleigh McEnany defends her 11 mail-in votes while calling it ‘fraud’ for the masses

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White House Press Secretary Kayleigh McEnany on Thursday faced questions from Fox News about why she had voted by mail 11 times even though President Donald Trump has called absentee ballots a "scam."

McEnany was asked about her voting history after the Tampa Bay Times reported that she had used mail-in voting nearly a dozen times in recent years.

"So why is it OK for you to do it?" Fox News host Ed Henry asked McEnany. "I understand you are traveling, you're in a different city. But how can you really be assured that your votes were counted accurately but when other people do it, it's fraud."

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‘They want their civil war’: Far-right ‘boogaloo’ militants have embedded themselves in the George Floyd protests in Minneapolis

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Young, white men dressed in Hawaiian-style print shirts and body armor, and carrying high-powered rifles have been a notable feature at state capitols, lending an edgy and even sometimes insurrectionary tone to gatherings of conservatives angered by restrictions on businesses and church gatherings during the coronavirus pandemic.

Just as many states are reopening their economies — and taking the wind out of the conservative protests — the boogaloo movement found a new galvanizing cause: the protests in Minneapolis against the police killing of George Floyd.

A new iteration of the militia movement, boogaloo was born out of internet forums for gun enthusiasts that repurposed the 1984 movie Breakin’ 2: Electric Boogaloo as a code for a second civil war, and then modified it into phrases like “big luau” to create an insular community for those in on the joke, with Hawaiian-style shirts functioning as an in-real-life identifier. Boogaloo gained currency as an internet meme over the summer of 2019, when it was adopted by white supremacists in the accelerationist tendency. In January, the movement made the leap from the internet to the streets when a group boogaloo-ers showed up at the Second Amendment rally in Richmond, Va.

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WATCH: Man holds black DoorDash driver at gunpoint for delivering food to an Arizona apartment complex

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A man in Mesa, Arizona, is facing assault and weapons charges after he allegedly held a delivery driver at gunpoint this Sunday, 12News reports.

Police say Valentino Tejeda pulled a gun on 24-year-old Dimitri Mills in the parking lot of Tejeda's apartment complex, and when Mills and his girlfriend tried to explain they were making a food delivery to a neighbor, Tejeda still insisted that Mills, who is black, was somehow a threat.

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