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You mean on the bill that they were excluded from any involvement in and not even allowed to read until hours before the vote? That bill? You know, the kind of claims that the right loves to falsely make about the Affordable Care Act despite the fact that in that case, there were actually months and months worth of debate and hundreds of amendments offered, including well over 100 GOP amendments that were incorporated into the bill that every single republican still voted against.
I'm happy with what he's done so far and this is the first year.
Obama and the Democrats could have repealed this appalling tax break when they had complete control of Congress in 2009 and 2010 yet left it in place.
meh OP, it's his first year and it's not as if they were able to pass it with one democrat vote. Maybe if Dems were interested in doing something constructive instead of focusing on hammering Trump they could have worked it in.
I hope he'll get it done because we know that Dems won't.
This is the old Trump, isn't it great to have a president that lives up to his promises.
He is 0 for 2 on carried interest and real estate partnerships, what happened.
Quote:
“Well I’ll tell you this. And the answer is, yes, the carried interest is really a tremendous burden on the country. I have friends that are make — and enemies, mostly enemies, frankly, otherwise maybe I wouldn’t be saying this, but I am saying it for the good of the country. And none of them are going to support me, and I don’t want their support, although I could get it if I want it. And, speaking to that, Hillary Clinton has many hedge fund people supporting her. So, in the end, I would say that the hedge fund people make a lot of money and they pay very little tax. I’m about the middle class. I want the middle class to be thriving again. We’re losing our middle class.”
Trump added that even though this would increase taxes on people in limited real estate partnerships, which he is in, “I’m okay with it, I’m ready, willing. And you’ve seen my statements. I mean, I do very well. I don’t mind paying some tax. The middle class is getting clobbered in this country. You know, he middle class built this country, not the hedge fund guys. But I know people in hedge funds, they pay almost nothing, and it’s ridiculous, okay?”
This is the old Trump, isn't it great to have a president that lives up to his promises.
He is 0 for two on carried interest and real estate partnerships.
My taxes will be lower, I'm no longer forced to buy HS insurance and if I don't, I won't have to pay a tax and the confidence levels are way up, my investments are doing good. I'm happy with what he's done so far and this is the first year.
My taxes will be lower, I'm no longer forced to buy HS insurance and if I don't, I won't have to pay a tax and the confidence levels are way up, my investments are doing good. I'm happy with what he's done so far and this is the first year.
I don't know what HS insurance is but assuming it has something to do with healthcare, good for you. BTW, who do you expect to pay your bills, I hope it is not me or others?
"Carried Interest" is not the kind of interest you pay on a loan, it is actually is more like equity an investor has in a company or property. I would be happy if it were taxed as a long term capital gain.
"Carried Interest" is not the kind of interest you pay on a loan, it is actually is more like equity an investor has in a company or property. I would be happy if it were taxed as a long term capital gain.
No, the "carried interest" is the definition of a loophole. It is a way for somebody with 1bil.+ salary to pay capital gains tax instead of the regular income rate.
The Democrats keep trying to tell America how bad off they are since Trump was elected, when in reality, exactly the opposite has happened.
What republicans have done is increase the deficit over 1 trillion with this tax plan. Democrats think about future generations, republicans only think about here and now and how it will help them.
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.)
Trump supporters don’t care.
They’ll celebrate if they get $18/week as a tax cut.
No, the "carried interest" is the definition of a loophole. It is a way for somebody with 1bil.+ salary to pay capital gains tax instead of the regular income rate.
A “loophole” is unintended. There is nothing unintended about the carried interest rules.
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and this is the first year.
