Trump’s decision to withhold tax returns obscures how he'll fare under overhaul

[homersapien 10,232]

https://www.politico.com/story/2017/12/19/trump-effect-tax-reform-bill-305024

By MATTHEW NUSSBAUM  12/19/2017 03:34 PM EST

President Donald Trump has a history of winning bets that the traditional political rules do not apply to him, and his precedent-breaking decision not to release his tax returns is again proving no exception.

As major tax cut legislation barrels toward the Oval Office, the White House on Tuesday again declined to release Trump’s tax returns and defended — without providing any evidence — his assertion that the bill will “cost me a fortune.”

Now he is set to sign a major tax overhaul that could enrich him significantly, without giving the public the means to tell for sure.

Independent analyses have found that the bill, which passed the House on Tuesday afternoon and is expected to pass the Senate Tuesday evening — though procedural hurdles could delay it reaching the president's desk — will provide massive benefits to the ultra-rich, including Trump and his family.

Still, the White House maintains his personal taxes would go up, though press secretary Sarah Huckabee Sanders acknowledged Tuesday that "on the business side" Trump could benefit.

“This actually could impact the president in a large way,” Sanders said when pressed on  the matter.

Read the rest at: https://www.politico.com/story/2017/12/19/trump-effect-tax-reform-bill-305024

[homersapien 10,232]

"......Trump could clear up the question of how he fares under the tax bill if he released tax returns. But Sanders said on Tuesday that Trump’s tax returns remain under audit and that he will not release them until the audit is completed.

“I don’t think it’s that complicated — as long as they’re under audit, he’s not going to release his taxes,” she said.

Being under audit does not prevent individuals from releasing their tax returns."

 

[Elephant Tipper 340]

Who cares ?  He, like everyone else will benefit.  smh

[homersapien 10,232]

5 hours ago, Elephant Tipper said:

Who cares ?  He, like everyone else will benefit.  smh

Certainly not the [his supporters].  They are still buying the "trickle down" theory. Besides, they knew [who he was] when they voted for him.

 

[Elephant Tipper 340]

And you seem to think that people making $10/hr are going to be the job creators.

 

[Brad_ATX 13,653]

46 minutes ago, Elephant Tipper said:

Who cares ?  He, like everyone else will benefit.  smh

We may benefit short term, but long term all estimates show this to be a colossal mistake by adding $1.5 trillion to the deficit, opening the door for monster cuts in Medicaid/Medicare/Social Security (which Republicans have already signaled they are going after), and allowing drilling Alaska, despite our current glut of oil production showing that it's not needed.  The bill is assuming an average of roughly 3% growth, but every independent analysis shows that is highly unlikely over a 10 year span.  This is the problem with dynamic scoring.  It allows people like Paul Ryan to make up numbers out of thin air without any scientific reason to back it up.

I might also mention that the only cuts in the bill that permanent are the corporate tax cuts.  Individual taxes rise in 10 years, meaning eventually we will all be paying more than what we currently do.  The "bet" being made by Congress is that a future Congress won't have the guts to take away a tax break, but mishandled finances may force their hand otherwise.

Not sure how old you are, but I'm only 34.  I get to pay for this rushed screw up for the next 4+ decades.  Hoo-fricking-ray.

[homersapien 10,232]

5 hours ago, Elephant Tipper said:

And you seem to think that people making $10/hr are going to be the job creators.

Jobs are created when there is a demand to justify the capital investment.  No one invests in new capacity unless there is demand.  Trickle down theory has it exactly backwards.  It's a con job to further enrich those who are already rich.

[Elephant Tipper 340]

4 hours ago, homersapien said:

Jobs are created when there is a demand to justify the capital investment.  No one invests in new capacity unless there is demand.  Trickle down theory has it exactly backwards.  It's a con job to further enrich those who are already rich.

You may be a "capitalist" when it comes to investing, but even socialists declare themselves to be for capitalism when their portfolio goes up.  No, you're a socialist at heart.

[HVAU 673]

4 hours ago, Elephant Tipper said:

You may be a "capitalist" when it comes to investing, but even socialists declare themselves to be for capitalism when their portfolio goes up.  No, you're a socialist at heart.

There are gradients of both capitalism and socialism.  Our economic system contains elements of both.  Thinking of one as simply either a capitalist or a socialist is myopic, an attitude that many political commentators prefer for their audience as it allows them to be more easily manipulated.

[Elephant Tipper 340]

7 hours ago, HVAU said:

There are gradients of both capitalism and socialism.  Our economic system contains elements of both.  Thinking of one as simply either a capitalist or a socialist is myopic, an attitude that many political commentators prefer for their audience as it allows them to be more easily manipulated.

Agreed, but when social policies are discussed, homer's arguments fall to the socialist column.  When his bank account is involved, he's a capitalist.