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The Billionaire’s Loophole In The GOP Tax Reform Bill

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The Billionaire’s Loophole In The GOP Tax Reform Bill
« on: Dec 19, 2017, 04:36:24 am »
 

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dailycaller.com
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The Billionaire’s Loophole In The GOP Tax Reform Bill
http://dailycaller.com/2017/11/16/the-billionaires-loophole-in-the-gop-tax-reform-bill/





'A tax loophole that benefits billionaire investors remains largely untouched in both the House and Senate Republicans’ tax reform bills, despite President Donald Trump’s repeated promises to do away with it.

Leaving the provision unchanged effectively means that a home builder or other local business person would pay a higher tax rate on their income than a Wall Street hedge fund manager would pay even on a larger income.

The loophole is known as the carried interest, a feature of the U.S. tax code that allows hedge funders, real estate investors, venture capitalists, and private equity managers to pay taxes at the long-term capital gains rate instead of the rate imposed on the highest bracket of income earners.

Carried interest is the share of total profits from clients’ investments that hedge fund, private equity and a number of other investment managers collect. These firms earn income by collecting a percentage of their client’s profits (most commonly a 20 percent fee on profits). The profits these managers bring in are taxed at the 20 percent capital gains rate (plus a 3.8 percent Obamacare surtax), as opposed to the top rate on ordinary income of 39.6 percent.

The president highlighted the carried interest provision on the campaign trail as something his administration would close because it was letting rich hedge fund managers “get away with murder.”'



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Re: The Billionaire’s Loophole In The GOP Tax Reform Bill
« Reply #1 on: Jan 25, 2018, 05:01:03 am »
 

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Here's Proof the GOP Tax Cut Is Already Wreaking Havoc on American Workers
http://www.alternet.org/economy/heres-proof-gop-tax-cut-already-wreaking-havoc-american-workers





'Though their products appear at every stage of life from infancy to old age, thousands of workers at Kimberly-Clark will see their livelihoods cut. Kimberly-Clark, the maker of brands like Huggies, Kotex, Kleenex and Depend, revealed its restructuring plans on January 23, and shamelessly explained the mass job cuts were made possible because of the GOP tax cut.

As part of its 2018 "Global Restructuring Program," between 5,000-5,500 people will lose their jobs, which a Kimberly-Clark statement claims is “12 to 13 percent of current headcount.” According to its website, Kimberly-Clark has 42,000 employees across 35 countries. The New York Times reported that the lay-offs will have a global impact.

Kimberly-Clark’s CFO Maria Henry said during a call Tuesday that the GOP tax cut bill's “cash flow benefits” to the company will assist in paying for the layoffs and that “tax savings would also be used to make capital investments and to ‘allocate significant capital to shareholders,’” according to the Times.

While the need for the restructuring may be due to market forces demanding competitive lower prices, and the societal forces of a decreased birth rate in some countries (and thus less demand for some of Kimberly-Clark’s products), the job losses are uniquely tied to the recent GOP tax bill, which provided cuts for corporations.'



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Month After Getting $3.5 Billion Tax Break From Trump, Bank of America Hikes Fees on Poorest Customers
http://www.commondreams.org/news/2018/01/23/month-after-getting-35-billion-tax-break-trump-bank-america-hikes-fees-poorest





'Consumer advocates and banking customers are expressing outrage after an announcement by the Bank of America that it would begin charging fees to account-holders who maintain low balances.

The decision, announced Monday, comes a month after the Republican tax law gave the bank an expected $3.5 million tax break, and less than a week after it posted $2.4 billion profits in the last quarter of 2017.

Critics argued that such news should garner at least as much attention as the bank's announcement last month that it would use some of the financial windfall to give its 145,000 employees a one-time bonus of $1,000 each—a relatively small portion of its tax savings.

Bank of America's free online checking accounts—popular with low-income customers—will now be subject to $12 monthly fees unless the customer has a direct deposit of at least $250 per month or maintains a balance of at least $1,500.

Those impacted by the change will be the very people likely to overdraw their accounts due to their low wages, argue critics.

The fees could also drive customers away from banking altogether, adding to the 9.6 million Americans who don't use a bank account—forcing many to rely on check-cashing services, which can end up costing them hundreds of dollars annually.'



Read More : Month After Getting $3.5 Billion Tax Break From Trump, Bank of America Hikes Fees on Poorest Customers



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