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Steven Mnuchin, foreclosure king of America


And speaking of reversals, the “Mnuchin Rule,” as it was dubbed in January, 2017, underscored the then-prevailing Trump administration position that the wealthy should not be afforded tax cuts. By October, however, Mnuchin had changed his rule. “When you’re cutting taxes across the board,” he explained to Politico, “it’s very hard not to give tax cuts to the wealthy with tax cuts to the middle class. The math, given how much you are collecting, is just hard to do.”


Actually, the math isn’t hard to do at all. My eight-year-old niece could do it.  If you make more than a certain amount, your tax rates shouldn’t get cut. That’s the only math that makes sense. But in the land of tax subterfuge, even if you leave a top tax bracket rate as it is, you can still ensure that the wealthy get all the breaks in other ways.


On November 2nd, the Republicans finally released their “Tax Cuts and Job Act,” which contained new blows to middle-class wellbeing, including the elimination of deductions for medical expenses, student loan interest, and state and local taxes. For corporations, already flush with cash, the plan calls for a significant, not to say staggering, tax break.  Their tax rate would be slashed from 35% to 20%.


And don’t forget repealing the estate tax, that other classic benefit for “the masses.” Count on one thing: there will be no reversals from Mnuchin or Trump on that because the math couldn’t be clearer.  Only the hyper-wealthy have estates big enough to reap rewards from such a change. At an Institute for International Finance conference, even Mnuchin had to agree that this was a benefit of the rich, by the rich, and for the rich: “Obviously, the estate tax, I will concede, disproportionately helps rich people.” Indeed, the heirs to the estates of fewer than 1 in 500 Americans who die each year would benefit in any way from such a repeal, though the children or other relatives of 13 of the 24 members of Donald Trump’s cabinet and the president himself would baga collective estate tax break of about $1.5 billion.

Article source: https://www.salon.com/2017/11/10/steven-mnuchin-foreclosure-king-of-america_partner/

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