“This is the GOP long con in a nutshell. Trump blazes away with raw and hideous racism. Meanwhile, he and his party look for ways to ship yachtloads of cash to the super wealthy.”
A group of over 20 Republican senators on Monday urged President Donald Trump’s Treasury Department to bypass Congress to unilaterally hand the wealthiest Americans another massive tax cut.
According to Bloomberg, the Trump White House is “developing a plan” to cut taxes for the rich by indexing capital gains to inflation.
“Indexing capital gains would slash tax bills for investors when selling assets such as stock or real estate by adjusting the original purchase price so no tax is paid on appreciation tied to inflation,” Bloomberg reported last month.
The Republican senators called on Mnuchin to use his “authority to eliminate inflationary gains from the Department of the Treasury’s calculation of capital gains tax liability.”
This is the GOP long con in a nutshell. Trump blazes away with raw and hideous racism. Meanwhile, he and his party look for ways to ship yachtloads of cash to the super wealthy. Don’t let them get away w it.
Ted Cruz Demands Emergency Tax Cut for the Rich https://t.co/Z50EEDkRmY
— Ben Wikler (@benwikler) July 30, 2019
Critics have questioned whether the White House has the authority to take such an action. As the New York Times reported last July—when the Trump administration first considered going around Congress to index capital gains to inflation—former President George W. Bush’s Treasury Department determined the move “would be illegal.”
Chye-Ching Huang, director of federal fiscal policy at the Center on Budget and Policy Priorities, said Monday that 86 percent of the benefits of indexing capital gains to inflation would go to the top one percent.
This would add ~$100-200 billion to deficits
86% would go to the top 1%, with new loopholes for the wealthy.
— Chye-Ching Huang (@dashching) July 29, 2019
The GOP push for more tax cuts for the rich comes as the Trump administration is working to take food stamps from three million low-income Americans, Seth Hanlon, senior fellow at the Center for American Progress, noted on Twitter.
It would truly be something if Trump cuts taxes for the rich by executive fiat right after cutting nutrition assistance for the poor by executive fiat. (See: https://t.co/tbanxnJF64) https://t.co/oqc9KLHPac
— Seth Hanlon (@SethHanlon) July 29, 2019
The Republicans sent their letter as mounting data shows Trump’s $1.5 trillion tax cut legislation, which took effect last year, has done virtually nothing for workers while further enriching wealthy Americans and large corporations.
Earlier this month, a group of Democratic lawmakers led by Sen. Sherrod Brown (D-Ohio) sent their own letter (pdf) pressing Mnuchin to “reject reported plans to use questionable authority to—yet again—lavish tax cuts upon our country’s wealthiest, while middle class families and working people continue to see costs rise and wages stagnate.”
The letter was signed by Sens. Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), and a dozen other senators.
“We remain concerned this administration’s relentless preoccupation with cutting taxes for our country’s wealthiest taxpayers while leaving behind middle class families and working people,” wrote the senators, “even to the extent that it would consider exceeding its legal authority to do so.”
Fox News reporter and right-wing conspiracy theorists planned to wiretap family of slain DNC staffer Seth Rich: report
The Daily Beast on Monday evening broke a bombshell report on a secret 2017 meeting in Texas on a right-wing conspiracy theory where espionage was discussed.
"One of their topics was responding to online critics of wealthy Texas businessman Ed Butowsky, who had recently been outed as a driving force behind a retracted Fox News story about murdered Democratic National Committee staffer Seth Rich," The Beast reported. "The group that gathered at Butowsky’s home included a conspiracy theorist, a Fox reporter fighting for her career, a former private intelligence contractor married to star journalist Lara Logan, and a Democratic PR operative who lost his business in the face of sexual assault allegations."
Maddow breaks down potential ‘direct financial connection’ between the Russian government and Donald Trump
MSNBC anchor Rachel Maddow read bombshell excerpts from a new book set for release on Tuesday.
The host interviewed David Enrich, finance editor at The New York Times, about his forthcoming book Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.
The host of "The Rachel Maddow Show" read excerpts from the book.
"There was no doubt that Deutsche Bank had extensive business dealings with Russia, and those dealings included acting as a conduit for dirty money to get out of Russia and into the western financial system," Enrich wrote.
Congress still has one big tool left to rein in Trump’s corruption: Oversight Committee Democrat
Senate Republicans may have managed to quash the impeachment trial without calling forth any new witnesses or seriously considering the evidence against President Donald Trump. And the president may feel vindicated and largely invulnerable as a result.
But, Rep. Raja Krishnamoorthi (D-IL) told CNN's Anderson Cooper on Monday, that doesn't mean Democrats don't have one last big play to rein in the president's abuses of power. They can use the first and strongest authority delegated to them: the power of the purse.
"What can Democrats really do when it comes to oversight of the president?" asked Cooper. "I mean, now that impeachment is over, does seem like there are fewer and fewer guardrails, if any."