Jennifer is prolific, today alone she has 6 articles!
Trump’s tax plan puts American oligarchs first
By Jennifer Rubin
July 31 at 9:45 AM
President Trump’s tax legislation is about as unpopular as he is. According to the RealClearPolitics average, about 36 percent approve of the tax plan while 43 percent disapprove. It’s easy to see why: The enormous boost in wages ($4,000, guaranteed!) that the White House disingenuously promised never materialized; in fact, wages are stagnant as fuel and health-care costs rise. If you are unlucky enough to make your living in agriculture, Trump’s tariffs have sapped farm income and many crop prices.
Americans can see for themselves that the largest beneficiaries of the plan are wealthier Americans, and specifically corporate executives and shareholders who have received the bulk of the corporate tax relief in the form of stock buybacks. Politico reports:
Some of the biggest winners from President Donald Trump’s new tax law are corporate executives who have reaped gains as their companies buy back a record amount of stock, a practice that rewards shareholders by boosting the value of existing shares.
A POLITICO review of data disclosed in Securities and Exchange Commission filings shows the executives, who often receive most of their compensation in stock, have been profiting handsomely by selling shares since Trump signed the law on Dec. 22 and slashed corporate tax rates to 21 percent. That trend is likely to increase, as Wall Street analysts expect buyback activity to accelerate in the coming weeks. . . . “What did companies do with their cash?” said the Morgan Stanley analysis. “In short, a large increase in stock buybacks was the biggest change” in the first quarter of this year from the last quarter of 2017.
Specifically, about $600 billion in stock buyback plans have been announced. With Republicans lagging in the polls, Trump has a brilliant new idea: more tax cuts for the rich! No, it’s not just a Democratic prediction of what will come if the GOP remains in power; it’s an actual plan from the White House. The Post reports:
more:
http://www.washingtonpost.com/blogs/right-turn/wp/2018/07/31/trumps-tax-plan-puts-american-oligarchs-first/?utm_term=.18f3387c4dda
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