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Paul Krugman pulls back the curtain on Trump shipping billions of taxpayer dollars to foreign investors

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In a column for the New York Times, Nobel Prize-winning economist Paul Krugman exposed Donald Trump’s massive tax cut for wealthy Americans and what it also contains: a literal hand-out of billions of dollars to foreign investors.

Sarcastically calling it “Trump’s Secret Foreign Aid Program,” the columnist said the president has successfully pulled off a massive “giveaway” to the rich — including wealthy foreigners.

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“Donald Trump often complains that the media don’t give him credit for his achievements. And I can think of at least one case where that’s true. As far I can tell, almost nobody is reporting that he has presided over a huge — but hidden — increase in foreign aid, the money America gives to foreigners. In fact, the hidden Trump program, currently running at around $40 billion a year, is probably the biggest giveaway to other nations since the Marshall Plan,” Krugman wrote, before pithily adding, “Unfortunately, the aid isn’t going either to poor countries or to America’s allies. Instead, it’s going to wealthy foreign investors.”

As the economist explained, “Trump’s only major legislative achievement so far is the 2017 Tax Cut and Jobs Act. The core of that bill was a sharp reduction in corporate tax rates, which has led to a drastic fall in tax revenues, on the order of $140 billion over the past year.”

“Who gains from this tax cut? Supporters of the bill claimed that the benefits would be passed on to workers in the form of higher wages, and they made a big deal over a flurry of corporate bonus announcements in early 2018,” he explained, then added that businesses took later those tax savings and ended up spending them on stock buybacks.

As he explained, “Basically, shareholders, who have received increased dividends and seen a lot of capital gains as corporations use their windfall not to invest, but to buy back their own stocks. And a big share of these gains to shareholders has gone to foreigners.”

Pointing out the global economy that exists now “in which wealthy investors normally own assets in many countries,” Krugman pointed out that “Overall, foreigners own about 35 percent of the equity in corporations subject to U.S. taxes. And as a result, foreign investors have received around 35 percent of the benefits of the tax cut. As I said, that’s more than $40 billion a year.”

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Then he cut to the chase.

“Trump’s giveaway to foreign investors isn’t going to make or break us, although it’s probably enough to ensure that the tax cut will be, overall, a net drain on economic growth,” he wrote. “Still, even in America, $40 billion here, $40 billion there, and eventually you’re talking about real money. Furthermore, it does seem worth pointing out that even as Trump boasts about taking money away from foreigners, his actual policies are doing exactly the opposite.”

You can read more here.

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Trump may win his impeachment trial battle and end up in even bigger trouble afterward: columnist

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In a column for Politico, senior media editor Jack Shafer claimed that President Donald Trump appears to be winning his Senate impeachment trial battle but that he is setting himself to lose the war in the long run.

According to the columnist, the president is likely responsible for directly coming up with his impeachment defense but also notes that he hasn't looked past the trial and what awaits him if he gets his wish and Senate Republicans dismiss the charges against him.

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Leader of Neo-Nazi militia unmasked as American based in Russia

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The American founder of The Base has been directing the neo-Nazi extremist group from Russia.

The militia group founder's identity has been revealed as Rinaldo Nazzaro, who left New York for St. Petersburg less than two years ago, reported BBC.

The Guardian also confirmed Nazzaro as the group leader who goes by "Norman Spear" and "Roman Wolf," and claims to have served as an intelligence, military and security contractor in Russia and Afghanistan.

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CNN’s Camerota baffled as GOP senator spins Chuck Schumer power-grab conspiracy theory

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CNN host Alisyn Camerota seemed visibly stunned on Friday morning as a Republican senator spun an elaborate conspiracy theory about Sen. Chuck Schumer by claiming the impeachment trial of Donald Trump is just a cover for the New York Democrat to make himself Senate majority leader.

Defending President  Trump, Sen. John Barrasso (R-WY) complained about having to watch videos of House impeachment hearing witnesses multiple times during the Senate impeachment trial, before turning his ire on Schumer.

"You know, Alisyn, what this is about -- and Chuck Schumer has been out front about it -- this isn't about removing the president. It's about Chuck Schumer trying to become the majority leader in the United States Senate," he accused. "He has targeted specific members of the Senate. He has attacked the Senate, the process, the senators [by] running commercials against them."

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