Discussion: Trump Signs $1.5 Trillion Tax Overhaul Bill Into Law

The numbers will speak indeed.
It will not be pretty for the middle class and poor folk.

trump sez "merry Christmas.

2 Likes

Trump touted the size of the tax cut, declaring to reporters in the Oval Office before he signed it Friday that “the numbers will speak.”

Time will tell, it will be years, a couple at least, before the impact of this bill on the middle class the majority of Americans is known.

Will we ever know how many hundreds of millions will flow into your families bottomless pockets? Unlikely.

But I do hope “that the numbers will speak” loud and clear next November and that the legislators that kissed your bigly pink ass yesterday are ridden out of D.C. on rails.

All of 'en.

5 Likes

If he had waited until 2018 to sign it, the tax breaks would not be in effect until 2019.

Trump wanted his money NOW (as did the Republican Donor Class) so he signed it now.

He’s right though. “The Numbers will speak.”

So will the voters in 2018.

10 Likes

I found myself musing over the idea that he did his Big Thing for his “supporters”. Whatever changes he makes, beyond throwing the country into a dystopian hell pale in terms of his “mission”. Toss in the gifts for Putin he has provided and he really is going to just ramble about the White House. We will be taking out the trash for a long time.

Considering the growing heat he is facing on the Collusion front, there are conclusions to this that are unavoidable. While he wants to present to the world he is a fighter, he really is just a bully. When he has been faced down, he finds a way to walk, making it look like it was a strategic decision, frequently hurting someone on the way out the door. For all that damn praise, he is a weak man.

So, I was thinking, hmm time to resign and go back to enjoying himself at the club. He can go out with a bang, the victor that is wounded by the ignorant hordes. later he will go full on Nora Desmond, but I digress. I have thought he is too layered in his complcity on this to do it, again, being §resident provides a bit more armor than being a private citizen, but it cannot be tenable at this point. I would be willing to put a few chips on Red or Black in this scenario.

2 Likes

How does one “veil” their tax return from the IRS?
The paper in the link wouldn’t let me read

4 Likes

I was thinking the very same thing – changed his mind the morning after Dems made sure that PAYGO made it into the CR. Not a coincidence.

5 Likes

Some estimates say the cuts could add to the nation’s soaring deficit.

Some estimates? I know this is the AP, but really. There isn’t a single non-GOP estimate that doesn’t warn about the spiraling deficits.

7 Likes

Yes, Donnie, and they will say, “You are indicted for money laundering and co-operating with a foreign gov’t to manipulate a federal presidential election in your favor.”

6 Likes

If he doesn’t like the numbers, he’ll say they’re fake.

3 Likes

Yep, Susan Collins offered the amendment on the Senate side and is trying to make it sound like it justifies her tax cut vote. Her constituents are not fooled.

6 Likes

The problem with Trump preemptively quitting is, it doesn’t stop the investigations at this point. And that makes him and his even more vulnerable. As much as he hates the job, (I have very little doubt, he really does hate the day-day of being President), he is too exposed to just walk away from it now.

I do think its very possible that there is an end game that involves dropping prosecution in return for him resigning. I don’t think its the most probable end game, but it is definitely a possibility. But we aren’t anywhere near that point right now. I think we have a good year to year and half (maybe even longer) before those scenarios start to form up more clearly.

8 Likes

Huh. Perhaps Kremlin directed him to sign immediately? :expressionless: :unamused:

3 Likes

“Some estimates say the cuts could add to the nation’s soaring deficit”

Yes, “some estimates” as in every single one.

8 Likes

Just click continue reading - you should be able to see it. But in short, he used a preservation easement.
"Since then, Trump has applied the tax break to his golf courses and estates to potentially deduct more than $100 million from his taxes, even though the IRS once listed such deductions among their “Dirty Dozen Tax Scams.” One tax expert said that if Trump is under audit, as he says he is, his frequent and vigorous use of the deductions “absolutely” could be why.

Congress created the charitable deduction in 1969 as an incentive to conserve land and preserve historic buildings, but by the 2000s, it became widely abused by the wealthy. In such easements, owners donate control of property, be it land or historic features, to a nonprofit, reducing an estate’s value.

One way it was abused: Donors claimed the deduction when they got something in return, which means, in essence, that it wasn’t a charitable donation. In Trump’s case, he did get something in return: permission to turn the private residence into a money-making club.

At the time, the IRS did little to scrutinize such deals, tax experts told The Post, and even if they had, it would have been harder to confirm because the deal was not put in writing.

The Post discovered the appraisal, which Trump paid for to calculate the deduction, amid documents in a lawsuit he filed against Palm Beach County. Easement appraisals normally are considered private tax documents.

Trump has not released his tax returns so the status of the deduction is unknown."

BTW - I used to work with the author of this article, she is a local and a good investigative reporter.

11 Likes

Thanks for the clarification.

The ‘tax overhaul’ is basically just a reshuffling of the deck chairs on the Titanic.

Trounce took the chaise lounges that the commoners used and heaved them overboard to make room for the Golden thrones of the VIP travelers, in a manner of speaking that is.

There was X pools of money and this ‘overhaul’ just poured the vast quantity of that money into the deep pockets of the already wealthy and completely unneedy.

1 Like

"The numbers will speak " and when they do and manifest as negative and counter to the bullshit claims, he will call them fake news…the usual script.

1 Like

The president said he was going to wait to sign it until after Jan. 1 but changed his mind.

He wanted to make it seem like he read it before signing, but then decided oh what the fuck, everyone knows I don’t read anything.

1 Like

"Some estimates say the cuts could add to the deficit"

Some say the AP could be a news service.

11 Likes

Like making almost all the uber rich turn themselves into pass through corps (max tax rate 21%) as they pass through life wreaking havoc among the hoi polloi.

3 Likes