Category Archives: Tax Policy

Donald Trump has 900 million reasons NOT to change the tax laws

Donald Trump’s faked-up tax reform not only would funnel literally billions of dollars to the top 0.1% of earners, as the Washington Post explains, it also would have virtually no effect on his now-infamous $915 million Net Operating Loss.

Too bad, because as James B. Stewart points out in The New York Times,four simple changes to the tax code would go a long way toward closing the biggest loopholes that Trump has probably taken advantage of.

As The Donald himself would probably say, “It’s simple! So simple!!”

Not going to happen, of course. But in the meantime, here’s what could be Trump’s current theme song, as he lashes out at, well, everyone:

“Paranoia, paranoia, everyone’s coming to get me,” indeed. Thanks, Harvey Danger.

Trump’s tax plan benefits — Trump. Surprised?

Now we know what Donald Trump, the presidential candidate who won’t release his own tax returns, wants to do about taxes: Cut them for people like himself. His August speech in Detroit outlined his plans, which fall in line with what House Republicans, including zombie-eyed granny-starver Paul Ryan (thanks to Esquire’s Charles P. Pierce )have… Continue Reading

Don’t believe everything you read about the tax code — even in the New York Times

Reporting in 2014 on a proposed tax overhaul that went nowhere, The New York Times  referred to “the 70,000-page federal tax code.” People, I come bearing good holiday tidings:  The federal tax code is nowhere near that long. As Andrew L. Grossman, an attorney with the Congressional Joint Committee on Taxation, points out in Slate,… Continue Reading

Republican fantasy tax plans all “puppies and rainbows”

Let me paraphrase Josh Barro of The New York Times in summing up the tax talk you’re hearing in the Republican Presidential Debates: It’s all puppies and rainbows. As Barro points out here, Marco Rubio would eliminate all taxes on capital gains, which of course would benefit those in the U.S. who have accumulated the most… Continue Reading

Multinationals seek tax heavens, er, havens . . . oh, what’s the diff?

More and more U.S.-based corporations are growing wings and flying away from their U.S. tax obligations. Bloomberg puts it as simply as possible: “U.S. companies looking for lower tax bills are heading for the exits, and Congress is doing nothing to stop them.” The immediate impetus for the story was Pfizer’s proposed purchase of AstraZeneca,… Continue Reading

For privileged corporations, paying state taxes is increasingly becoming a thing of the past

States regularly offer tax incentives (or, depending on your point of view, corporate welfare) to major corporations in exchange for promises of expansion, corporate relocation, retention of old jobs, creation of new jobs, and anything else with the word ‘jobs’ in the sentence. If you think about it, it’s an almost mindless rush to the… Continue Reading