A Quote by Michael Hudson
Trump has said that he wants to remove the tax deductibility of interest. If he can do that, fine. But I hope that Trump knows that it's not the President that sets tax policy. It's Congress.
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The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.
Donald Trump said that if President Obama releases his birth certificate, Trump will release his tax return. Obama said he won't run for a second term if Trump releases that thing on his head.
Mr. Trump has said that he wants a vice president who knows Washington, is able to deal with the Congress, and could be viewed as somebody who could be president.
The Democrats - Democrats on board, the Congress said tax policy.But their tax policy was pretty bad, that added $800 billion to the deficit.
It's far from clear in general that Donald Trump is a guy who really thinks about the details of policy and is going to do the kind of heavy lifting you have to do as president to get those policies through in Congress. I think the hope is that Paul Ryan and his crew will push policies through Congress and Trump will just sign them. That's not really how policy works.
Actually, Congress just did pass a tax plan like Donald Trump`s.They passed a tax plan which some Democrats voted for, significant number of Democrats which gave huge tax breaks to wealthy people and corporations.
President Trump has doubled the Child Tax Credit and added thousands back into the average Americans' paycheck through tax cuts and wage growth.
According to an analysis by the Tax Policy Center, Donald Trump`s tax plan is going to increase the national debt by more than 50 percent over ten years.
JFK and Reagan's growth model included tax cuts and a steady dollar. Trump has taken a gigantic step toward restoring prosperity with his tax-cut-centered fiscal policy.
Notably, the Trump tax cuts also doubled the child tax credit, reducing the tax burden on working families so that they have more resources to devote to their children.
Trump himself stands to benefit dramatically from the tax cuts. One of the things they're cutting is the alternative minimum tax. Last time we have tax returns for him was in 2005, where he paid about $31 million because of the alternative minimum tax. He won't have to pay that, if this tax bill goes through. So, not only is he reordering our constitutional democracy, he is personally enriching himself - which is not new, because, of course, he's done it ever since he swore an oath to become president of the United States.
Whenever I'm asked if the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100.
The American people deserve to know what's on Trump's tax returns. And Trump must show that he truly embraces accountability and transparency and understands what it means to work on behalf of the public interest.
Imagine in what the president [Donald trump] wants to do, the 400 wealthiest families in America will get a tax break of $7 million a year.
President-elect Trump has the vision. And what Mike Pence brings to the table as vice president-elect is somebody who knows Capitol Hill. So he can take Donald Trump's vision, help translate that into actual policy, legislative language, bill text, working through the process so that it ends up back on Donald Trump's desk so that he can sign it into law.
The focus, to my mind, is to make sure that Donald Trump does not become president of the United States. I think by temperament he is unqualified to be president. I think his views - you have a guy who's running for president who rejects science, doesn't even believe climate change is real, let alone wants to do something about it, wants to give hundreds of billions of dollars in tax breaks to the top two-tenths of one percent.
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