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mahatmakanejeeves

(57,564 posts) Mon Nov 27, 2017, 02:32 PM Nov 2017

Trump could personally benefit from last-minute change to Senate tax bill

Source: Washington Post

Business

Trump could personally benefit from last-minute change to Senate tax bill

By Damian Paletta November 27 at 12:27 PM

Last-minute changes to the Senate tax bill could personally benefit President Trump, who has investment stakes in roughly 500 entities that could be affected by the planned adjustments.

Republicans are seriously considering expanding a new tax credit that these types of entities use to lower their taxable income in a way that benefits most people tied to these firms. Trump and other senior administration officials have been in personal contact with lawmakers about the changes.

The changes focus on pass-through entities, companies that direct income through the individual income tax code and not the corporate tax code. There are millions of these entities, and they are most often sole proprietorships, limited liability companies or partnerships. Trumps stakes in these entities include many large and small ventures, including the Trump Organization.

Trumps 2005 tax return showed that he had more than $109 million in income from businesses, partnerships and pass-through entities, although he has not released updated figures, so the precise impact is not known.
....

Erica Werner, Drew Harwell and Jonathan OConnell contributed to this report.

Damian Paletta is White House economic policy reporter for The Washington Post. Follow @damianpaletta

Read more: https://www.washingtonpost.com/news/business/wp/2017/11/27/trump-could-personally-benefit-from-last-minute-change-to-senate-tax-bill/

Here's a comment from bonmom:

6 minutes ago (Edited)
Any tax breaks the wealthy take will have to be subsidized by the middle class to make up for the loss in taxes. We get to pay a larger share of the public services while the wealthy pay less and use the same services to a greater extent for their large holdings, businesses, and excesses.

How can ANYONE, in ANY state, believe these people have their interests in mind? The dumbing down of the education system has certainly paid off as the robot voters drink the red Kool-Aid.

"It is difficult to free fools from the chains they revere." -- Voltaire

5 replies

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Trump could personally benefit from last-minute change to Senate tax bill (Original Post) mahatmakanejeeves Nov 2017 OP

Just do this Eliot Rosewater Nov 2017 #1

Was there any doubt about that? Perseus Nov 2017 #2

With all American patriots, I fart in the face of republican Comade Casino* and republican cronies Achilleaze Nov 2017 #3

As a sole proprietor who knows a lot of sole proprietors I can say. Yonnie3 Nov 2017 #4

Of course he benefits - he always does FakeNoose Nov 2017 #5

Eliot Rosewater

(31,113 posts)

1. Just do this

Reply to mahatmakanejeeves (Original post)

Mon Nov 27, 2017, 02:52 PM

Nov 2017

Perseus

(4,341 posts)

2. Was there any doubt about that?

Reply to mahatmakanejeeves (Original post)

Mon Nov 27, 2017, 02:59 PM

Nov 2017

People like Trump and his co-hosts make decisions based on how it will personally benefit them, they have no concept of consequences, and they really don't care as long as they end up on top.

Not sure who said it, not sure if it was Dan Rather, who is very concerned that the USA citizens are not rallying against the Tax Cut changes that are being proposed by this administration. Please forgive me for not remembering people's names, but someone who was interviewed by Rachel Maddow said it best "The American people should be having daily rallies protesting this proposed tax reform, no one but the very rich will benefit from it, and it will have a very negative effect on the rest of the country."

Wake up USA, ignorance IS NOT a bliss, what you don't know WILL hurt you, we all need to fight for our rights, we need to get these thieves out of office. Politics is not a sport, bad decisions will have dire consequences, and yes "It CAN happen here", a crazy group of men can and will give away the country to a rival power just for personal gain, it has happened before in other countries, and the USA has not been vaccinated to prevent something like this from happening.

Before the elections a radio show asked the question "In three words of less, why do you think Trump should not become President", I was driving and didn't call, I wish I had because my first thought was that the man-child has no concept of consequences, and people like that are very dangerous. We are witnessing that problem every day, but don't forget that is not only Trump, there is a big corrupt tribe supporting him.

Achilleaze

(15,543 posts)

3. With all American patriots, I fart in the face of republican Comade Casino* and republican cronies

Reply to mahatmakanejeeves (Original post)

Mon Nov 27, 2017, 03:00 PM

Nov 2017

* republican Draft-Dodger-in-Chief

Yonnie3

(17,461 posts)

4. As a sole proprietor who knows a lot of sole proprietors I can say.

Reply to mahatmakanejeeves (Original post)

Mon Nov 27, 2017, 03:02 PM

Nov 2017

We have never been in danger of paying more than 25%. In fact we think it is a good year when we get into that bracket. Sole proprietor's businesses are pass through.

Genuine small businesses, not the political definition, might benefit from a deduction from income. The reduction in rates for businesses does not affect businesses netting (profits) less than ~92,000 dollars per year. Many sole proprietorships make less than this.

Smoke meet mirror.

FakeNoose

(32,703 posts)

5. Of course he benefits - he always does

Reply to mahatmakanejeeves (Original post)

Mon Nov 27, 2017, 03:16 PM

Nov 2017

...but why should we even care? The American people definitely DO NOT benefit in anyway.

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