July 31, 2018
By Bernie Becker
SOME TAX POLICY BUZZ: It’s never wise (click here) to bet that Washington can make substantive policy changes on taxes (or in lots of other areas, to be honest) in an election year — there’s a reason, after all, why Republicans raced to finish the Tax Cuts and Jobs Act in 2017.
And yet, there was a lot of excitement in the political world about Monday’s New York Times report that the Treasury Department was thinking about acting unilaterally to index capital gains to inflation.
It’s a change that conservatives like Americans for Tax Reform’s Grover Norquist have been seeking for a big chunk of President Donald Trump’s time in the White House, under the argument that the new policy would give another jolt to the economy. It’s also something that Treasury Secretary Steven Mnuchin doesn’t seem quite sure that he can do on his own, and an idea whose economic impact he says still needs studying....
Remember the Tax Pledge? Enough is never enough. So, Munchen can stop promising greater job growth. It is a lie. This is Republican rhetoric coming true.
This is classic Reagan. Deregulation. When the USA ended it's dependency on coal-fired power plants, some were simply demolished. The USA was breathing easier in moving to the end of nearly 35 percent of their CO2 emissions.
So, when Trump won the election all the regulations regarding Old Republican Money such as coal mines were removed and the coal mines were once again open, but, in all honesty, how many jobs were returned? (click here)
The US Congress turned loose the USA coal mining to international markets and the cap on CO2 emissions of the USA are now exported. Mnuchin can lie and get away with it, but, the truth is known to Americans and they aren't doing all that much better and as years go by will do worse and worse. But, Wall Street is grooming itself for more tricks of the trade in their favor.
Get this. The Trump White House is the first to see significant increases in interest rates. Why? Because the immediate tax cuts of 2017 were dumped into the market and all sorts of spending occurred and stockholders received increases and retroactive dividends. The interest rates went up TO STEM INFLATION. Now, Munchkin, sorry Mnuchin, states capital gains needs to be attached to inflation rates to reduce the taxes the wealthy pay.
So, let me get this right. First, the Trump Tax Plan dumps enormous amounts of money that sincerely belonged to the USA Treasury into the private sector and real greed. Inflation is entering the picture because of all that dumping of monies and now Mnuchin wants to prevent those monies from coming back to the USA's treasury.
Cause inflation and repeat the greed. Sounds Republican to me.
