“The same administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore.”
The Trump administration is reportedly considering gutting regulations designed to prevent corporations from shifting profits overseas to avoid U.S. taxes, a move Democratic lawmakers and progressives condemned as yet another effort by the White House to enrich large companies at the expense of workers.
“One of the Trump administration’s top priorities has been making it as easy as possible for the wealthiest Americans and corporations to cheat and avoid taxes,” Sen. Ron Wyden (D-Ore.), the top Democrat on the Senate Finance Committee, said in a statement. “Rules preventing the offshoring of corporate profits should be strengthened—not weakened.”
“Another betrayal by President Trump—choosing corporations over American workers. Shameful.”
—Sen. Sherrod BrownBloomberg reported late Tuesday that the Treasury Department is taking aim at “regulations intended to prevent American firms from lowering their U.S. tax bills by shifting income to their offshore branches that they can loan to their domestic branches and deduct the interest off their Internal Revenue Service bills.”
“The move could make it easier for companies to use accounting tactics to minimize their U.S. earnings and inflate their foreign profits, which are frequently taxed at rates lower than the current 21 percent domestic corporate levy,” Bloomberg noted. “The existing regulations were aimed at stopping U.S. companies from moving their headquarters to a lower-tax country, known as a corporate inversions.”
This is DANGEROUS. Corporations that take their operations abroad to evade taxation are minimizing wealth generation for workers here in the U.S.
— Tax March 🚌 (@taxmarch) October 8, 2019
The Treasury Department, headed by former Goldman Sachs banker Steve Mnuchin, is considering repealing the Obama-era rules completely and replacing them “with something more business-friendly,” according to Bloomberg.
“Another betrayal by President Trump—choosing corporations over American workers. Shameful,” tweeted Sen. Sherrod Brown (D-Ohio).
Former Texas Rep. Beto O’Rourke, a 2020 Democratic presidential candidate, said the possible rule change combined with White House efforts to gut the safety net “tells you all you need to know” about President Donald Trump’s priorities.
“The same administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore,” tweeted O’Rourke.
Trump has condemned corporate offshoring of profits and jobs during speeches and rallies on the campaign trail, often singling out major companies by name. But, as Common Dreams reported, the $1.5 trillion tax cut legislation Trump signed into law in 2017 contained incentives for corporations to shift money overseas, prompting outrage from members of Congress and advocates for a progressive tax system.
Last year, Rep. Lloyd Doggett (D-Texas) and Sen. Sheldon Whitehouse (D-R.I.) introduced legislation that would close the loopholes in Trump’s tax law and equalize tax rates on corporate profits at home and abroad.
“President Trump promised the American people he’d end the march of jobs and profits overseas,” Whitehouse said in a statement. “Instead, he’s doled out massive new tax breaks that reward offshoring.”
Trump lawyer issues bonkers threat to sue CNN over ‘unfair’ coverage of the president
Trump attorney Charles Harder on Friday sent CNN CEO Jeff Zucker a bonkers letter in which he threatened to sue the cable news network for its "biased" coverage of the president.
The letter, which was posted on Twitter by Trump 2020 chief operating officer Michael Glassner, accuses CNN of deceiving the public with its slogan of putting "facts first," and it outlines the many ways the president has been treated poorly by the network.
"Never in the history of this country has a President been the subject of such a sustained barrage of unfair, unfounded, unethical and unlawful attacks by the so-called 'mainstream' media as the current situation," Harder writes. "My clients intend to file legal action against you to seek compensatory damages, treble damages, punitive damages, injunctive relief, reimbursement of legal costs, and all other available legal and equitable remedies to the maximum extent permitted by law."
The View’s audience boos Mick Mulvaney’s confession — and laughs when he denies video evidence
The audience on "The View" reacted in anger and then mockery to White House acting chief of staff Mick Mulvaney's confession to Ukraine quid pro quo -- and then his denial of what he plainly said on video.
President Donald Trump's chief staffer admitted during a press briefing that the White House held up congressionally approved aid to Ukraine as leverage to get the foreign ally to investigate a debunked conspiracy theory.
"We do that all the time with foreign policy, and I have news for everybody," Mulvaney told reporters. "Get over it. There is going to be political influence in foreign policy."
Trump flayed for self-pitying whine about how hard it is being president: ‘Resign — you won’t be missed’
President Donald Trump on Friday bitterly complained about the purported ill treatment he's received as president of the United States.
In an angry tweet, the president bemoaned having to deal with House Democrats' impeachment inquiry at the same time he's trying to do unspecified "important work" for the United States.
"Can you believe I am doing this important work for our Country, and have to deal with Corrupt Adam Schiff and the Do Nothing Democrats at the same time?" the president wrote. "It was not intended to be this way for a President!"
Can you believe I am doing this important work for our Country, and have to deal with Corrupt Adam Schiff and the Do Nothing Democrats at the same time? It was not intended to be this way for a President!