How the Trump Administration Is Giving Even More Tax Breaks to the Wealthy

 

The Treasury Department and Internal Revenue Service are issuing rules that provide hundreds of billions of dollars in tax relief to big companies and the ultrarich.

The primary target: The administration is rapidly gutting a 2022 law intended to ensure that a sliver of the country’s most profitable corporations pay at least some federal income tax...

 It sought to stop corporations like Microsoft, Amazon and Johnson & Johnson from being able to report big profits to shareholders yet low tax liabilities to the federal government.

https://archive.ph/9EGs4

 

Government of, by, and for the 1%

4 hours ago, Alan Zweibel said:

How the Trump Administration Is Giving Even More Tax Breaks to the Wealthy

 

The Treasury Department and Internal Revenue Service are issuing rules that provide hundreds of billions of dollars in tax relief to big companies and the ultrarich.

The primary target: The administration is rapidly gutting a 2022 law intended to ensure that a sliver of the country’s most profitable corporations pay at least some federal income tax...

 It sought to stop corporations like Microsoft, Amazon and Johnson & Johnson from being able to report big profits to shareholders yet low tax liabilities to the federal government.

https://archive.ph/9EGs4

 

Government of, by, and for the 1%

The estimates are that this will cost the government $220 billion in lost revenue over a 10 year period.

Cool

That's a complex issue for governments.

 

And it's not as simple as "they are protecting their rich buddies".

 

If you tax the ultra wealthy too much, they come up with schemes to hide their money offshore.

 

Or they simply leave the country.

 

There was an article on here where the UK is taxing rich people who leave a 20% exit tax. 

 

Anyway, good luck if you think you have a solution. Because every thing the govt does has an opposite (negative) effect. 

 

 

16 hours ago, Alan Zweibel said:

Government of, by, and for the 1%

 

No.

Trump was pressuring Tim Cook to move operations back to the US.

Apple set up in Ireland because Ireland has an attractive tax scheme.

But US is losing money.

You're overly cynical. 

 

16 hours ago, Alan Zweibel said:

Government of, by, and for the 1%

 

Look, Trump is pressuring Tim Cook / Apple to move production out of India.

It's not for greedy purposes.

It creates more jobs and tax revenues in the US.

 

 

3 minutes ago, save the frogs said:

 

Look, Trump is pressuring Tim Cook / Apple to move production out of India.

It's not for greedy purposes.

It creates more jobs and tax revenues in the US.

 

 

Exactly 

The rich are entitled to whatever they can get. --- Karl Marx

 

 

555

 

Since World War II, according to many economic metrics including job creation, GDP growth, stock market returns, personal income growth, and corporate profits, the United States economy has performed significantly better on average under the administrations of Democratic presidents than Republican presidents.

 

The unemployment rate has risen on average under Republican presidents, while it has fallen on average under Democratic presidents.

 

Budget deficits relative to the size of the economy were lower on average for Democratic presidents.

 

Ten of the eleven U.S. recessions between 1953 and 2020 began under Republican presidents. Of these, the most statistically significant differences are in real GDP growth, unemployment rate change, stock market annual return, and job creation rate.

4 minutes ago, Schoggibueb said:

Ten of the eleven U.S. recessions between 1953 and 2020 began under Republican presidents. Of these, the most statistically significant differences are in real GDP growth, unemployment rate change, stock market annual return, and job creation rate.

Did the Republicans cause the 2008 housing bubble to bust?  Or the dot com bubble to pop?  Did they cause the COVID pandemic? 

This doesn’t surprise anyone who noticed the presence of the hyper wealthy at Trump’s inauguration.

 

This administration is paid for and owned by those same hyper wealthy.

 

The rubes who voted for it were suckered… again.

31 minutes ago, Chomper Higgot said:

The rubes who voted for it were suckered… again.

And sadly, looking at the comments, don't realise that.

2 hours ago, save the frogs said:

 

No.

Trump was pressuring Tim Cook to move operations back to the US.

Apple set up in Ireland because Ireland has an attractive tax scheme.

But US is losing money.

You're overly cynical. 

 

And you are badly misinformed. Please share with us the evidence that Apple is losing money on its US operations. 

1 hour ago, Fact said:

Did the Republicans cause the 2008 housing bubble to bust?  Or the dot com bubble to pop?  Did they cause the COVID pandemic? 

In fact, the Bush administration slashed regulation and oversight of banks and other lending institutions. And of Wall Street as well.

Troll posts removed.

 

@Harrisfan final warning, discuss the topic and not other posters.

2 hours ago, save the frogs said:

 

No.

Trump was pressuring Tim Cook to move operations back to the US.

Apple set up in Ireland because Ireland has an attractive tax scheme.

But US is losing money.

You're overly cynical. 

 

Apple set up in Ireland in order to carve out transactions and avoid tax.

 

Apple’s UK subscription customers pay their bills via Dublin, thereby Apple avoid UK corporate taxes.

 

Starbucks take this to the extreme by carving up the cost of the items customers pay into license and royalty payments across multiple jurisdictions in order to avoid corporate taxes.

 

The resolution is the EU’s CCCTB which both Ireland and the UK opposed.

 

Since BREXIT the U.S. has insisted that any trade deals with the UK must not increase taxes on U.S. corporations.

 

The UK as a rule taker.

2 hours ago, save the frogs said:

 

Look, Trump is pressuring Tim Cook / Apple to move production out of India.

It's not for greedy purposes.

It creates more jobs and tax revenues in the US.

 

 

Mind boggling naivety. Creating an iPhone or a Mac computer in the US is an impossibility. 

41 minutes ago, Alan Zweibel said:

In fact, the Bush administration slashed regulation and oversight of banks and other lending institutions. And of Wall Street as well.

This happpen under Bill Clinton.  

31 minutes ago, spidermike007 said:

That's how this man rolls. The massive corruption continues unabated. Trump's version of making America great again is transferring trillions of dollars from the middle class to the ultra wealthy, and making sure that major corporations pay little or no tax. 

SNAP is a wealth transfer.  Welfare is a wealth transfer.  Social Security is an intergenerational wealth transfer.  How in the world is a lower tax liability for a corporation a wealth transfer from the middle class to the wealthy? 

59 minutes ago, Alan Zweibel said:

In fact, the Bush administration slashed regulation and oversight of banks and other lending institutions. And of Wall Street as well.

Clinton did that.

1 hour ago, Alan Zweibel said:

And you are badly misinformed. Please share with us the evidence that Apple is losing money on its US operations. 

Apple's manufacturing operations are spread across multiple countries, with the majority of iPhone assembly occurring in China. The primary assembly facility is located in Zhengzhou, China, operated by Foxconn, a Taiwanese company, and is often referred to as "iPhone City" due to its massive scale and workforce of approximately 350,000 employees.

 

That is a loss of 350,000 American jobs!

 

Trump wants them back.

Similarly, Nike, despite being an American brand, manufactures the majority of its footwear in Vietnam, Indonesia, and China, with over 75% of its footwear produced in Vietnam alone as of 2024. The company also produces apparel in 41 countries, including Vietnam, Thailand, and Indonesia.

 

 

3 hours ago, save the frogs said:

 

Look, Trump is pressuring Tim Cook / Apple to move production out of India.

It's not for greedy purposes.

It creates more jobs and tax revenues in the US.

 

 

 

Are you sure? Most of Apple's production is still in China with a smaller portion in Brazil and India.

For example, 80% of iphones are still made in China. India only makes 10% of the total and it is primarily for the Indian and south east asian regional market.

40 minutes ago, Fact said:

SNAP is a wealth transfer.  Welfare is a wealth transfer.  Social Security is an intergenerational wealth transfer.  How in the world is a lower tax liability for a corporation a wealth transfer from the middle class to the wealthy? 

I assume the rationale is that tax cuts, mainly for the wealthy, will be compensated by taxes actually paid by the middle class, such as tariffs, and a decrease of some benefits.

3 minutes ago, candide said:

I assume the rationale is that tax cuts, mainly for the wealthy, will be compensated by taxes actually paid by the middle class, such as tariffs, and a decrease of some benefits.

 

During Donald Trump’s first term (2017–2021), real wages increased by 7.1%, the highest gain over a single presidential term since the 1970s.

4 hours ago, save the frogs said:

 

No.

Trump was pressuring Tim Cook to move operations back to the US.

Apple set up in Ireland because Ireland has an attractive tax scheme.

But US is losing money.

You're overly cynical. 

 

It's also gay friendly ! !!

4 minutes ago, Harrisfan said:

 

During Donald Trump’s first term (2017–2021), real wages increased by 7.1%, the highest gain over a single presidential term since the 1970s.

Wake up. It's Trump's second mandate now! 🤣

Just now, candide said:

Wake up. It's Trump's second mandate now! 🤣

 

During Donald Trump’s first term (2017–2021), real wages increased by 7.1%, the highest gain over a single presidential term since the 1970s.

36 minutes ago, Harrisfan said:

That is a loss of 350,000 American jobs!

 

Trump wants them back.

What a laugh. You really belive in that bs?

 

 

5 minutes ago, Harrisfan said:

 

During Donald Trump’s first term (2017–2021), real wages increased by 7.1%, the highest gain over a single presidential term since the 1970s.

No link so I call BS on that claim, and BS on every claim you make that you don't back up (which is pretty much all of them).