Yesterday evening, Monday August 21, Treasury Secretary Steve Mnuchin made a statement that effectively reversed Donald Trump’s campaign promise to close the carried interest loophole.
You can neither cut your way to prosperity nor grow your way out of inequality.
I’m an investor, researcher, and the great-grandson of the meatpacker Oscar Mayer. I’m deeply concerned by the extreme inequalities of income, wealth and opportunity that have opened up in U.S. society.
Tuesday the Illinois State Senate took a bold step in fighting inequality by becoming the first state chamber in the country to vote in favor of closing the carried interest loophole.
The following letter was sent to the DC Council on May 18, 2017 by The Patriotic Millionaires, the DC Chapter of Resource Generation, and Andy Shallal, DC resident and owner of Busboys and Poets.
It is absurd to think that corporations, particularly large, multi-national corporations who pay millions in stockholder dividends and corporate bonuses, should pay a lower tax rate than most working Americans.
I am outraged. “45” spent his entire campaign claiming that he would stand up for everyday Americans, and yet his recent tax proposals are nothing more than thinly disguised handouts for the wealthy. Not the wealthy…the super wealthy!
Repealing the ACA tax under Trump’s tax plan will leave a healthcare deficit and is the first step towards ACA repeal, which the Congressional Budget Office reported would kick nearly 24 million Americans off health insurance over the next 10 years.
Under Trump’s proposal the corporate tax rate would be lowered to 15%, but without closing any of the loopholes that would allow this move to be revenue neutral.
The Trump administration proposal — to switch to a territorial system — would mean many large international corporations paying a lot less in taxes to the United States government.
Eliminating the estate tax would only expand the gap between the wealthy, who have never done better, and the majority of Americans, many of whom are still struggling to get by.
The alternative minimum tax, or AMT, exists to keep very wealthy Americans from using deductions and loopholes to avoid paying taxes.
Trump’s plan offers nothing more than a tax cut for corporations and wealthy Americans and a return to the failed policies of trickle-down economics.
Today, in response to President Trump’s trickle-down tax plan, the Patriotic Millionaires announced a vital new campaign: Defend the Estate Tax.
President Trump’s trickle-down tax plan looks like nothing more than another attempt to cut taxes for the wealthy.
Mr. President, the American people have a right to see your taxes. We need to know if you will personally benefit from proposed legislation. We need to know if you are entangled in nefarious dealings.
This April 18, millions of Americans will fulfill one of their most important duties as citizens of this great country…. they will pay their taxes. Teachers, police officers and construction workers will pay their taxes. I am a millionaire and I pay my taxes. We as a country need to know whether our President does the same.
We all make sacrifices for the greater good when we pay our taxes, and from those to whom much has been given, much shall be required. Does Donald Trump understand this? Given the opportunity to shape tax policy, will he choose a policy for the greater good or one that protects his fortune?
The 2016 election was a turning point in American politics. It signaled that a huge swath of Americans were fed up with the way that the system had treated them and were looking outside of it for answers.
There might be a few legitimate reasons for someone to have a company based out of the British West Indies. Perhaps they happen to be one of the 57,000 people who live there.