New Tax Cuts: Billions-for-Billionaires II

Probably Not A Billionaire

Hey guys, remember that time Prznint Stupid claimed the Billions-for-Billionaires Bill was going to raise the yachts of the middle class, and on average we got a 1¢ bonus? And against all odds, the billionaires made out like bandits, bigly?

Good times, huh?

And here we go again:

“President Donald Trump is considering bypassing Congress to cut capital gains taxes by changing the way they are calculated, Bloomberg reported Thursday, citing people familiar with the matter.

Ya think? Pelosi is sharpening her pointy stick even as I write this. The phrase to note here is bypassing Congress, which is some sort of journalism-ese (is too a wurd!) for Executive Order.

Pardon me, do continue.

“Under the plan, profits on investments would be indexed to inflation, Bloomberg reported. This would slash taxes primarily for wealthy investors selling assets like stock or real estate by not taxing income based on appreciation from inflation.

Chimpy McStagger, as you might recall, thought about this, but even Dick Cheney’s administration said it was too illegal for them. And if that doesn’t convince you that this is highly illegal, then maybe noted Bond Villain wannabe and living typo Steve Mnuchin is keeping his distance from da boss might convince you.

Per the Bloomberg article (emphasis mine):

The work is largely taking place at the White House because the Treasury Department has been slow-walking the process, over concerns that the change could be challenged on legal grounds and that it might require Congress to rewrite the law, the people said.

Anyway, here’s the plan for the heist (estimated $102 billion over a decade): when an asset like real estate or a stock is sold, tax is paid on the appreciation tied to inflation, this plan would lower taxes on long-held investments like real estate. Bloomberg says that “the top 1% [would receive] 86% of the benefit.”

Makes you wonder why Prznint Real Estate Developer-in-Chief is thinking about it, don’t it?

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6 Responses to New Tax Cuts: Billions-for-Billionaires II

  1. Dennis Cole says:

    And it WILL get challenged in court, and end up in front of the Supremes, and then, guess what? MY Quatloos are being wagered on them rubber-stamping this, or chickening out, and letting the lower court’s ruling stand – because the GOPers are almost finished loading as many appeals courts as possible, and those lower courts will almost ALWAYS rule in favor of their “Lords & Masters,” so if they rule in favor, all the Supremes have to do is drop it like a hot fuckin rock.

    Liked by 1 person

  2. What this amounts to is insuring investments against inflation. One of the goals of investing is to preserve the value of your savings against inflation. So an investor chooses a stock, or a bond, or a mutual fund with the expectation that the return on that investment will be greater than the rate of inflation.

    If capital gains taxes are indexed for inflation, then an investment that earns a positive return, but doesn’t keep up with inflation, will be subsidized.

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  3. Sirius Lunacy says:

    And ain’t it funny how they can’t, JUST CAN’T, index the federal minimum wage to inflation!

    Liked by 2 people

    • roket says:

      Also too, ain’t it funny how they can’t, JUST CAN’T, reduce the penalty and/or taxes on an early withdrawal from a 401k.

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  4. Pingback: ‘Bypassing Congress’ To Cut Taxes For Wall Street Again | Celebrity Gossip Fix

  5. Astamari says:

    Trump is out of control at this point and I think it is a nasty combination of his extreme narcissism and galloping senility that is leading to this chaos.

    Like

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