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Taxpayers lost $323 billion in deductions under Trump’s tax plan giveaway to the rich: report

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According to a report at HuffPo, over 11 million taxpayers lost $323 billion in tax deductions in the first year under President Donald Trump’s tax plan that also saw refunds go down.

The report states, “The deduction wallop detailed in the government report centers on capped deductions for state and local taxes — including real estate taxes. Formerly all local taxes could be deducted for federal taxes; now it’s capped at $10,000, which particularly hurts homeowners in major metropolitan areas — especially in the Northeast and California — where housing tends to be more expensive. ”

The HuffPo notes that deduction cap was used to help pay for massive tax cuts for corporations which saw their tax rates cut 40 percent — from 35 percent to 21 percent.

The report is based upon “an audit conducted by the Treasury Inspector General for Tax Administration that examined Treasury Secretary Steven Mnuchin’s efforts to block local governments’ attempts to stop the federal government from taking an extra bite out of community residents.”

Additionally, taxpayers have seen refunds plummet 17 percent based upon filings in the first three weeks of tax season.

You can read more here.

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Breaking Banner

Reporting team that busted Trump’s tax secrets crumbles — thanks to ‘wrecking ball’ NYT journalist

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In October 2018, The New York Times published a landmark story on how President Donald Trump and his siblings committed large-scale tax fraud in the 1990s to maximize their inheritance.

Even for a story about Trump, who is seemingly invulnerable to financial scandal, it was hugely consequential — among other things, it led to Trump's sister resigning as a federal judge — and the reporters won a Pulitzer Prize for their efforts.

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2020 Election

Joe Biden’s ‘Jim Crow moment’ was dreadful — but he may be Democrats’ best shot at beating Trump

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The Democratic Party's presidential nomination and the White House are Joe Biden's to win — unless he sabotages himself.

Last Tuesday while speaking at a fundraising speech in New York, Biden reflected on his early career in the Senate, working alongside Sen. James Eastland of Mississippi and and Sen. Herman Talmadge of Georgia, a pair of old-line segregationists:

I was in a caucus with James O. Eastland. He never called me 'boy,' he always called me 'son.' Well guess what? At least there was some civility. We got things done. We didn't agree on much of anything. We got things done. We got it finished. But today, you look at the other side and you're the enemy. Not the opposition, the enemy. We don't talk to each other anymore.

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2020 Election

Who are all these white men running for president — and why?

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The country’s last presidential election was wide open, with incumbent president Barack Obama termed out of office and his vice president, Joe Biden, opting not to run as his replacement. While the vacancy looked like an opportunity for the 16 Republican men (and one woman) who ran in 2016, Democrats essentially cleared the field for Hillary Clinton, the first woman to win the party’s presidential nomination. Her only two challengers were white men; one who eventually became a star at the center of his own political movement and the other who was shortly reduced to strumming his guitar shirtless for attention.

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