Monday, July 30, 2018

Trump at War Again on Working Class America - His Base.

This guy knows he's got the Gullibillies in the bag - or as Jacques Parizeau would say, the lobster pot.

After just adding a trillion and a half dollar deficit burden onto the shoulders of America's rank and file (their kids, mainly), Trump is mulling over another $100 billion handout to the rich by slashing the already marginal taxes on capital gains.
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.

Currently, capital gains taxes are determined by subtracting the original price of an asset from the price at which it was sold and taxing the difference, usually at 20 percent. If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.
Trump figures he can do this by executive decree, bypassing Congress.

And therein lies Trump's genius. At a time of a booming economy, don't pay down debt. Cut taxes. Add debt knowing that, if you introduce more cuts to the taxes that the richest of the rich pay, all that extra debt will fall on the shoulders of those wage-earning idiots, the Gullibillies, who were stupid enough to vote for you. He's not only cutting their throats but they handed him the knife.


Toby said...

No matter how much damage Trump inflicts on his Gullibillies he can always blame the Democrats or Liberals or Hillary Clinton and they will believe every word.

Jay Farquharson said...

Jay Farquharson said...

There you go. They’re already considering Norquists constitutionally nonsensical proposal to do a massive new tax cut for the wealthiest Americans by executive fiat. No need for Congress.— Josh Marshall (@joshtpm) July 30, 2018

Trailblazer said...

Trump is well on track to be out of bankruptcy before he is deposed!


Anonymous said...

Mr. Norquist said... that making the change would raise revenue for the government by creating new economic efficiencies and faster growth. “I think it’s going to happen and it’s going to be huge.”

Bwahahahaha! The old Laffer Curve! Does anyone still believe that crap?! Reporters should be telling Grover to show his evidence or they'll report that he's lying.


Jay Farquharson said...

Reporters jobs these days is actually to report accurately on what both sides said,

So if one side say's it's raining,

And the other side say's it's sunny,

It's not their job to look out the window and report, or check to see if someone's pissing on their leg.

Northern PoV said...

from The Independent, the master weighs in:
"Israeli intervention in US elections ‘vastly overwhelms' anything Russia has done, claims Noam Chomsky
The 89-year-old said the media was largely ignoring vital issues such as climate change "

Anonymous said...

That's stenography, Jay. It requires actual skill.