Wealthy People Buying MORE Private Jets Thanks To Republican Tax Cuts

According to a new report in The Wall Street Journal this week, more and more wealthy Americans are upgrading their private jets thanks to a special tax cut that Republicans worked into last year’s tax cut package. If you still think that this tax cut money is going to trickle down to you then you are absolutely dreaming, and this new report shows us EXACTLY who the Republicans had in mind when they passed this legislation. Ring of Fire’s Farron Cousins discusses this.

Trump’s Treasury Department Just Made Greedy Banks Even Richer

The Treasury Department has decided that banks don’t actually provide “financial services” as part of their business. While this is obviously laughable, that simple reclassification allows big banks to qualify for even more tax breaks under the Republican tax scam package that went into effect this year. Ring of Fire’s Farron Cousins explains how the new scam works.

Sanders: Voters' Views on Trump Is Trouble for GOP

Joe: Wrong Tax Cut, Wrong Time For Wrong People | Morning Joe | MSNBC

The GOP-controlled House is expected to give final approval on a sweeping tax plan on Wednesday, despite most Americans considering it a bad idea. The Morning Joe panel discusses.

Rep. Keith Ellison: GOP Tax Bill Would Reorder Society & Create “Hereditary Aristocracy” for Rich

On Saturday morning, Senate Republicans passed a nearly 500-page tax bill that will have dramatic impacts not only the U.S. tax code, but also healthcare, domestic spending and even oil and gas drilling. The plan would cut taxes by nearly $1.5 trillion. Major corporations and the richest Americans, including President Trump and his own family, would reap the most dramatic benefits. Overall, the bill is expected to add $1.4 trillion to federal budget deficits over the next decade. The bill passed the Senate 51 to 49, with every Democrat voting against the bill and all Republicans voting for it except for Senator Bob Corker of Tennessee. We speak with Minnesota Democratic Congressmember Keith Ellison. He’s the first Muslim member of Congress. Ellison is also the deputy chair of the Democratic National Committee.

Senate Republicans Kill Democratic Measure To Force Companies To Spend Tax Cuts On Workers

In an attempt to force the Republican Party’s hand on the tax bill, Senate Democrats proposed adding a new provision to their corporate giveaway legislation that would have forced companies to spend their tax cuts on workers and wages, something that Republicans say will happen if we give corporations more money. Every single Republican in the Senate voted against that measure, and Ring of Fire’s Farron Cousins offers up some explanations as to why that happened.

As GOP Tax Plan Faces Senate Vote, Critics Say Bill Would Give Hundreds of Billions to Top 1 Percent

Yanis Varoufakis on Global Capitalism & How Trump’s Tax Plan Is Class War against the Poor

President Trump and House Republicans have unveiled their long-promised proposal to reform America’s tax code, with Trump calling it a “big, beautiful Christmas present” for the American people. Critics say the gift is a tax cut for the richest Americans. We discuss the proposal with economist and former Greek Finance Minister Yanis Varoufakis, who argues, “It’s an out-and-out class war waged against the poorest, the weakest, the disenfranchised—the very same people that Donald Trump appealed to in order to get elected.”

Trump’s Proposed Tax Overhaul Would Give Billions to Trump & Cabinet While Sparking Global “Tax War”

As the Senate narrowly passes a budget bill that clears the path for a historic tax reform, we’ll look at how President Trump’s proposed tax overhaul would shower billions of dollars in tax cuts upon the wealthiest Americans—including President Trump’s family and members of his administration. An analysis by the Center for American Progress Action Fund shows President Trump’s family and Trump’s Cabinet members would, combined, reap a $3.5 billion windfall from the proposed repeal of the estate tax alone. Trump’s plan would cap the tax rate on “pass-through income” at 25 percent—a move that would also shower millions in savings upon millionaires and billionaires. We speak with economist James Henry of the Tax Justice Network and Pulitzer Prize-winning journalist David Cay Johnston, whose latest piece is titled “Nine Reasons Trump’s Tax Plan Will Hurt You.”

Is Trump Slashing Healthcare Subsidies for the Poor to Decimate Obamacare & Cut Taxes for the Rich?

As President Trump moves to dismantle the Affordable Care Act in an executive order, and the White House announces it will stop paying billions of dollars in federal subsidies to insurance companies to help cover low-income people’s healthcare plans, we get response from Congress member Luis Gutiérrez, who says Trump’s dismantling of the ACA is an attempt to balance the budget. “It’s no coincidence that their next move is to give a tax break to the wealthiest in this nation,” Gutiérrez notes.

Will France's Tough New Counter-terrorism Law Erode Civil Liberties?

Trump Says Hurricanes Prove We Should “Speed Up” Tax Cuts For The Rich

During a cabinet meeting that took place on the eve of Hurricane Irma slamming into the state of Florida, President Trump said that the recent spate of hurricanes show that we desperately need to speed up cutting taxes for the wealthy. He offered no reasoning for linking this two completely separate issues, but he’s made it clear that giving the wealthy more money is his priority. Ring of Fire’s Farron Cousins discusses this.

Donald Trump Stands to Make Millions Off His Own Tax Plan

VANITY FAIR: Is anybody really surprised?

On Wednesday, Donald Trump’s administration revealed its massive, big-league plan to “reform” the tax code—or, more accurately, slash the corporate tax rate to 15 percent. Without any proposal to pay for such a massive cut, the White House proposal is unlikely to survive Congress in its current form. Still, the president has good reason to fight for it with every bone in his papaya-colored body: it’s likely to personally make him millions. » | Bess Levin | Wednesday, April 26, 2017

President Trump’s Laughable Plan to Cut His Own Taxes

THE NEW YORK TIMES: As a rule, Republican presidents like offering tax cuts, and President Trump is no different. But the skimpy one-page tax proposal his administration released on Wednesday is, by any historical standard, a laughable stunt by a gang of plutocrats looking to enrich themselves at the expense of the country’s future.

Two of Mr. Trump’s top lieutenants — Steven Mnuchin and Gary Cohn, both multimillionaires and former Goldman Sachs bankers — trotted out a plan that would slash taxes for businesses and wealthy families, including Mr. Trump’s, in the vague hope of propelling economic growth. So as to not seem completely venal, they served up a few goodies for the average wage-earning family, among them fewer and lower tax brackets and a higher standard deduction.

The proposal was so empty of illustrative detail that few people could even begin to calculate its impact on their pocketbooks. Further, depending on where they live, some middle-class families might not benefit much or at all, because the plan does away with important deductions like those for state and local taxes. » | The Editorial Board | Wednesday, April 26, 2017

Change You Can Believe In! Barack Obama to Sign Package Extending Tax Breaks for the Rich
THE GUARDIAN: Passage of bill reflects weakness of both the presidency and the Democratic party after Republican wins in November elections

Barack Obama was forced to sign the bill despite admitting that he opposed some of its provisions. Photograph: The Guardian
The US president, Barack Obama, will today sign into law measures approved by Congress extending tax cuts introduced by George Bush amid Democratic complaints that the breaks favour the rich.

Despite objections from many of Obama's fellow Democrats, the House of Representatives passed the $858bn (£548bn) package of renewed tax cuts last night. The package, which also extended benefits for the long-term unemployed for 13 months, was passed by 277 votes to 148. On Wednesday the Senate passed it by an overwhelming 83-15 margin.

Passage of the bill reflects the relative weakness of both the presidency and the Democratic party after the Republican sweep in November's congressional elections, giving them a majority in the House and big inroads into the Democratic majority in the Senate.

Obama has been forced to bend to the resurgent Republicans, his current position on taxes contrasting sharply with his stance earlier this year when he and his fellow Democrats fought against renewing tax reductions for the wealthiest Americans – those with household incomes above $250,000 – while supporting continued cuts for middle-class taxpayers. >>> Mark Tran | Friday, December 17, 2010

Clinton's Shout-Out to Krauthammer
Syndicated columnist responds to former president's comments

Barack Obama Gives Way to Republicans Over Bush Tax Cuts
THE GUARDIAN: Allies say president 'blackmailed' into extending tax cut for wealthier Americans which may cost $4tn in lost revenue

Barack Obama talks with the Republican whip Eric Cantor after a meeting with bipartisan congressional leadership. Photograph: The Guardian
Barack Obama is bowing to Republican demands to extend a deep tax cut for wealthier Americans, to the fury of some of the president's allies who say he has succumbed to "blackmail".

In a bruising political battle that appears to set the tone for Obama's dealings with the Republicans in Congress following their victories in last month's midterm elections, the president had sought to extend a tax cut for middle-class Americans introduced by the Bush administration seven years ago which expires at the end of this month. But he wanted to see a return to pre-cut rates for households with an income above $250,000 a year, on the grounds that wealthier Americans could afford to pay more. The move would generate trillions of dollars for the financially-strapped treasury over the next decade.

The Democratic leadership believed that provided the middle class was looked after, the Republicans would find it difficult to justify tax cuts for the wealthy. The House of Representatives, still controlled by Democrats until the new Congress is sworn in next month, passed Obama's plan by a clear majority last week. But Republicans blocked the legislation in the Senate at the weekend and said they would rather see everyone's taxes rise than agree to scrapping the cuts for the wealthy.

Some Democrats called on Obama to stand firm and let the Republicans carry the blame for the inevitable middle-class backlash. But leading Democrats say the president is backing down and has agreed to extend tax cuts for everyone. In return, the White House appears to have extracted an agreement to extend benefits for the long-term unemployed. >>> Chris McGreal in Washington | Tuesday, December 07, 2010

Mandate for Change in Germany: Merkel's Center-Right Coalition Wins, Opening Door to Tax Cuts and Labor Revamp
THE WALL STREET JOURNAL: BERLIN -- A center-right alliance led by German Chancellor Angela Merkel was set for victory in Germany's national elections on Sunday, opening the door to modest tax cuts and labor-market changes that could help strengthen the fragile recovery in Germany's crisis-battered economy.

Ms. Merkel's conservative Christian Democratic Union and its pro-business ally, the Free Democratic Party, were set to win a small majority in Germany's lower house of parliament, the Bundestag, according to early results. The CDU, its Bavarian conservative sister-party, the Christian Social Union, and the FDP won 48.4% of the national vote on Sunday, according to projections by state broadcaster ARD.

"For corporate Germany, this is a good signal," said Thorsten Polleit, economist at Barclays Capital in Frankfurt. "The FDP, which will feel very confident now, and much of the CDU will want to bring down government spending in order to cut income taxes."

The parties are expected to form a new national government quickly, replacing the fractious bipartisan coalition between Ms. Merkel's CDU and the left-leaning Social Democratic Party that has ruled Germany since 2005.

For the U.S. and other German allies, the election result will bring continuity in German foreign policy, including on Afghanistan, where the FDP is expected to continue to support German troops' presence, while calling for an exit strategy in the medium term. Unlike the SPD, which has had a sometimes difficult relationship with the U.S., the FDP has long been a staunch proponent of Germany's trans-Atlantic partnership.

President Barack Obama called Ms. Merkel on Sunday to offer his congratulations, the White House said in a statement, adding: "The President and Chancellor Merkel agreed that with the election of a strong German government, our cooperation will further strengthen and deepen."

Ms. Merkel, a 55-year-old physicist who is Germany's first female chancellor and its first leader to grow up in the former East Germany, told her cheering supporters in Berlin Sunday night she wants to be "a chancellor for all Germans," an attempt to reassure voters that she would temper market-oriented changes with concern for social harmony. Ms. Merkel said that she would govern for "the workers as well as for the entrepreneurs." >>> Marcus Walker | Monday, September 28, 2009