ROBBER BARON Trump Administration Mulls a Unilateral Tax Cut for the Wealthy

[CousinIT]

https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html

WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.

Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

. . . . .

The move would face a near-certain court challenge. It could also reinforce a liberal critique of Republican tax policy at a time when Republicans are struggling to sell middle-class voters on the benefits of the tax cuts that President Trump signed into law late last year.

[sandensea]

1. "Mnuchin said in an interview on the sidelines of the Group of 20 summit meeting in Argentina"

Coincidentally, Argetina's far-right president, Macri, did the very thing a week after taking office in late 2015 - a $4 billion tax cut decree for the wealthy (similar in %-of-GDP terms as this latest Trump brain fart) - and two years later, the results speak for themselves:

https://www.democraticunderground.com/110862078

[no_hypocrisy]

2. That's unconstitutional. The House is the only part of the government that

can allocate funding for government spending, including tax increases and tax cuts.

[exboyfil]

3. Something like that has a Last Days feel to it

Grab the last of the cash while you can.

[Leghorn21]

5. Yes, my sentiments exactly, boy, except you have expressed them perfectly.

...just

OH HOLY SHIT

[Raster]

6. Unfortunately, that is somewhat already happening...

...The GOP Tax Scam has the feel of Republicans enabling their "donors" to smash and grab at the United States government, knowing that their days of control are numbered.

[elser1939]

4. For 8 Years Under President Obama

all we heard was the deficit. We won't fund the government or the national debt, McConnell and Ryan gravely warned. (It was routinely done with W. Bush) Then Trump comes in and the GOP adds 1.5 Trillion to the deficit with a giveaway tax cut to the uber-wealthy. Now, apparently, it not enough; They need more!

Every Democrat in every Congressional debate should be raising hell over this and wake people up to that fact the Republicans have no credibility left on the economy!

[superpatriotman]

7. Stock values are not affected by inflation

The price is the price when it is acquired.

[pansypoo53219]

8. SWAMPY. BLUE COLLAR MY ASS.