3 thoughts on “Trickle-Down Economics, Trump Style

  1. Stinko says:

    “Facing a firestorm of criticism, Republican Sen. Bob Corker (TN) sent a letter Sunday night to Senate Finance Committee Chair Orrin Hatch, R-Utah, asking how the final tax bill ended up including a special tax cut provision experts say would particularly benefit investors in real-estate related LLCs. The letter follows an International Business Times investigative series showing that Corker, President Donald Trump, House Speaker Paul Ryan and a handful of key GOP lawmakers overseeing the tax bill have multimillion-dollar ownership stakes in such LLCs, meaning they could be personally enriched by the provision, which was added to the final tax legislation released on Friday. Corker this week could decide the fate of the entire $1.5 trillion tax bill in the closely divided U.S. Senate. He cast the lone Republican vote against the original Senate bill, which did not include the provision, but on Friday he announced he would support the final version of the legislation after GOP leaders added the provision to the final bill. Economist Dean Baker estimated that based on his financial holdings, “Corker could be saving as much as $1.1 million from this late addition to the tax bill.” http://www.ibtimes.com/political-capital/tax-bill-bob-corker-demands-answers-chairman-orrin-hatch-about-last-minute-tax
    “This new language can’t be found in either the House-passed or Senate-passed bills,” said Matt Gardner of the Institute on Taxation and Economic Policy, which has opposed the legislation. “Someone on the conference committee decided, behind closed doors, that neither the House nor the Senate bill gave a big enough tax break to businesses with few employees and lots of assets. We can’t know that the unknown author of this amendment had real estate investors like Senator Corker, or President Trump, in mind when this egregious giveaway was added to the bill, but it’s hard to see another obvious explanation.”

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