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Treasured Social Butterfly
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Special Tax Cut

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Trump Administration Mulls a Unilateral Tax Cut for the Wealthy
The move would reinforce a liberal critique of Republican tax policy as Republicans are struggling to sell middle-class voters on the benefits of the tax cuts President Trump signed into law late last year.
July 30, 2018
WASHINGTON — The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.


Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.


“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone.

 

https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html

 

Let me see if I got this right.

 

If you buy stocks at $10 a share, then years later sell it for $30, you don't pay taxes on the $20 profit. First you deduct for inflation. Wow! What a bargain!

 

They keep coming up with new ideas to increase the debt.

 

debt mountain.jpg

 

 

 

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