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Trump himself - as a presidential candidate - said that the Carried Interest tax deduction is unfair to America workers. But the new tax plan passed by Republicans leaves the deduction in place.
Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers." Trump-O-Meter: Eliminate the carried interest loophole | PolitiFact
This leaves me with some questions:
(1) Knowing full well that this will be regarded as a blatantly broken campaign promise, and given the obviously great opportunity to eliminate it as part of their "tax overhaul," why didn't the Republican get rid of the loophole?
(2) But what I'd really like to know is: How do Trump supporters feel about this broken promise? It was clearly part of his overall effort to be perceived as a friend of middle class America workers, but now it seems he has simply caved in to the super-rich (or, perhaps, was never really very serious about this promise in the first place).
Apparently this tax break only benefits about 2000 people but, of course, these are 2000 of the wealthiest people, so does this mean that these 2000 people really carry that much political clout? Or do middle-class Trump supporter actually support the Carried Interest tax deduction?
"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy." How the Carried-Interest Loophole Makes the Super-Rich Super-Richer – BillMoyers.com
Added Note:
I see that some of you are saying you don't care. Why don't you care? The current tax cuts are likely to push the federal deficit higher than ever. Closing this loophole would save billions.
The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. (And many suggest that this is actually a very low estimate.)
Last edited by Gaylenwoof; 01-04-2018 at 11:45 AM..
I had lots of complaints about the tax overhaul until I sat down with my accountant and discovered nothing has changed. I'll get a little back from the feds that'll just go to NY.
And I don't give a rat's azz about a tax break that benefits 2000 people. I also don't begrudge the many millions of people who benefit from the Earned Income Tax Credit.
I do get annoyed with libs who constantly and ignorantly preach divisiveness.
Its very unfortunate but it was always going to be a broken campaign promise when Trump's own campaign finance chair was a Goldman Sachs fat cat and he packed his administration with these Wall Street big shots. He knows where the power in America lies and who he serves.
Trump's failure to get rid of this loophole in spite of apparently trying shows he holds no power compared to the lobbyists. The swamp is alive and well and may be stronger than ever under this incompetent administration.
You lost on this tax issue, get over it, and stop posting threads on this.
Why? It is relevent, it is a BIG broken campaign promise, it impacts our Treasury and it enriches the very rich at the expense of average wage earners.
To add insult to his 'populist base, Trump himself is directly enriched at the expense of those who voted for him- promised to 'fight for'.
You lost on this tax issue, get over it, and stop posting threads on this.
In other words, you are perfectly ok with the fact that Trump lied and broke the promise he made to eliminate this loophole?
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