Tag Archives: pandering politicos

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 been promoting. Just three features to highlight:

Cut taxes to boost the after-tax income of middle-income families in the 40th to 60th percentile by 0.2% .

–Give the top 1% an after-tax boost more than 20 times larger–5.3%. Of course, in dollar amounts the tax breaks to the top 1% would dwarf what middle-class Americans receive.

–Eliminate the estate tax.

Let me be clear about the estate tax: You, dear reader, probably have nothing to fear from the estate tax. As The New York Times points out,the estate tax doesn’t even apply to 99.8% of all estates–only to those worth more than $5.4 million for an individual. With a modicum of planning, married couples get an exclusion of $10.9 million.

Think about that for a minute. $10.9 million. Do you think you know anyone who is going to be subject to the estate tax?

Wait. I know someone: Donald Trump. Trump’s tax plan is a tax plan for Trump. What a surprise.

IRS plays dead on campaign finance

Any small business that has been audited knows the IRS can be a junkyard dog when examining records for deductible meals, travel, mileage, and other business expenses. Not so when it comes to reviewing political organizations. As The New York Times summarizes, the IRS has pretty much rolled over on groups that use nonprofit “social… 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

What to expect from the Ryan Administration

Mitt Romney will only release one year of past tax returns and won’t give any specific budget proposals. But sooner or later, he had to pick a vice-presidential candidate. So we can now look to Paul Ryan’s proposals as chairman of the House Budget Committee (Romney previously called a proposed Ryan budget “excellent work”) for… Continue Reading