Huge New Tax Loophole

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Huge New Tax Loophole

Postby KeithE » Tue Apr 24, 2018 7:18 pm

in the American Tax Cut and Jobs Bill.

Report Shows Nation's Richest—Including Trump—About to Enjoy $17 Billion Windfall Thanks to Huge Tax Loophole

As America's largest Wall Street banks continue to count the billions they've already raked in thanks to the Trump-GOP tax law, a government report published Monday shows that America's millionaires—as well as many rich lawmakers and President Donald Trump himself—are getting ready to share a $17 billion windfall thanks to a last-minute loophole tucked into the Republican plan.


Who benefits?

Image

In 2018 that means 44.3% goes to those with 7 figure income (approx 0.072% of people) , 49.5% to those with 6 figure income, and 6.3% to those with 5 or 4 figure incomes. Even worse in 2024 (but I trust this loophole changes by then).
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Re: Huge New Tax Loophole

Postby Haruo » Wed Apr 25, 2018 6:54 am

Hopefully, over the next five or six years, inflation will accelerate to the point where most of the middle class will be in the last two brackets, and those who aren't can be deported. Marx's prophecy about the withering away of the state can then be fulfilled, since at that level of inflation the amount of tax revenues generated by the Over-$1-million crowd will be so minuscule that the Congress won't even be able to pay the light bill for the Congressional Office Buildings.
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Re: Huge New Tax Loophole

Postby KeithE » Wed Apr 25, 2018 7:28 am

Haruo wrote:Hopefully, over the next five or six years, inflation will accelerate to the point where most of the middle class will be in the last two brackets, and those who aren't can be deported. Marx's prophecy about the withering away of the state can then be fulfilled, since at that level of inflation the amount of tax revenues generated by the Over-$1-million crowd will be so minuscule that the Congress won't even be able to pay the light bill for the Congressional Office Buildings.


Assume you are in TIC mode.

More likely of course is the very slow rate of wage increases of the least of these (while inflation will eat further away at their basic livelihood). Meanwhile this loophole and other loopholes to come will lead to filling a limited area like Long Island with Hampton-style mansions and what government offices lights that are left on will be in the service of those who can pay. Perhaps after Trump’s term, Trump Jr.* can erect many Trump Towers at resorts spots across the globe (e.g. Crimea) for vacationing Long Islanders. Of course they will need expansion of JFK Airport and call it Trump Airport (with casinos, strip clubs, and pay-by-the-hour rooms).

* Cheeseburgers will effectually take out Trump as our VA nominee softly warned.

My TIC offerings.
Last edited by KeithE on Wed Apr 25, 2018 7:34 am, edited 2 times in total.
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Re: Huge New Tax Loophole

Postby Haruo » Wed Apr 25, 2018 7:30 am

Let's hope we're not unwitting prophets. And get out the vote.
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Re: Huge New Tax Loophole

Postby Sandy » Wed Apr 25, 2018 9:12 am

No surprises here. It's been a pretty well known fact for a long time that no "tax cut" program proposed by the Republicans will ever truly amount to a tax cut for anyone but the wealthy. That may be why this one hasn't picked up much in the way of political traction. No one except the top 1% is actually feeling any of the benefits. It's April, and there are a lot of people, including Trump supporters, standing around wondering why they're not seeing the tax break they expected.
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