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

This Isn’t Tax Policy; It’s a Trump-Led Heist

THE NEW YORK TIMES: What do you do if you’re a historically unpopular new president, with a record low approval rating by 14 points, facing investigations into the way Russia helped you get elected, with the media judging your first 100 days in office as the weakest of any modern president?

Why, you announce a tax cut!

And in your self-absorbed way, you announce a tax cut that will hugely benefit yourself. Imagine those millions saved! You feel better already!

I’m deeply skeptical that President Trump will manage to get a tax reform package passed into law, and that’s just as well. Trump’s new tax “plan”(more like an extremely vague plan for a plan) is an irresponsible, shameless, budget-busting gift to zillionaires like himself.

This isn’t about “jobs,” as the White House claims. If it were, it might cut employment taxes, which genuinely do discourage hiring. Rather, it’s about huge payouts to the wealthiest Americans — and deficits be damned! If Republicans embrace this “plan” after all their hand-wringing about deficits and debt, we should build a Grand Monument to Hypocrisy in their honor.

Trump’s tax “plan” is a betrayal of his voters. He talks of helping ordinary Americans even as he enriches tycoons like himself. » | Nicholas Kristof | Wednesday, April 26, 2017

Tories Downgrade Their Promises on Tax Breaks for Married Couples
TIMES ONLINE: The Tories have downgraded their promise of tax breaks to married couples, saying that due to the dire state of the public finances it will only be possible to offer a limited scheme.

Previously the policy had been a headline pledge for the Tories, with David Cameron expressing strong support for the idea as something that the party "will definitely do".

The scheme that the Tories have favoured up till now was to allow spouses to transfer their income tax personal allowances to one another, likely to be of particular benefit to higher income couples where one partner does not work.

But with Treasury figures suggesting that such a scheme would cost £4.9 billion to implement, the shadow chief secretary to the treasury has said that the Conservatives were likely to opt initially for a more limited scheme. >>> Jenny Booth | Tuesday, January 05, 2010

Ken, You’re Losing It!
Ken Clarke, a known Europhile, was recently brought back into the Conservative fold. He has spoken out against the married couple's allowance. Photo courtesy of The Telegraph
THE TELEGRAPH: David Cameron's decision to bring back Ken Clarke was called into question after it emerged the new shadow business secretary had condemned a key plank of his Tory social policy.

Mr Clarke apparently dismissed the idea of encouraging marriage through the tax system as "social engineering", and warned that the Tory leader was taking on the attitudes of the American "religious right".

The explosive comments – reported to have been made at a seminar in Nottingham last month, before he joined the shadow cabinet – will heighten speculation of major differences between the former chancellor and his new boss.

Mr Clarke was brought back by Mr Cameron earlier this month to bolster his economic team during the global financial crisis.

The well-known Europhile pledged he would not seek to change the party's sceptical position on the EU.

But last week remarks emerged from the same event at Nottingham University in which he warned that Mr Cameron risked looking like a "right-wing nationalist" because of his stance on Europe.

And, according to website www.publicservice.co.uk, he also criticised social issues.

Speaking about his time as Chancellor he told the conference, "I got rid of the married couples allowance.

"I really don't think it's anything to do with politicians whether you (get married) and most of the younger people I know don't seem very keen on it.

"My view of Conservatism is that it's not for us to tell you (what to do through) the tax system – my wife didn't put up with me because I was getting £150 by way of tax allowance.

"This is social engineering, for God's sake, and when I joined the party we weren't in favour of it." Ken Clarke 'Dismissed' David Cameron's Marriage Policy >>> | Tuesday, January 27, 2009

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