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Archive for the ‘president trump’ Category

Sometime in the past few days, the first two pages of President Trump’s 2005 Form 1040 mysteriously landed in the mailbox of Pulitzer Prize-winning journalist and tax professor David Cay Johnston. In the interest of full disclosure, the same two pages showed up at my house late last week, but they were shipped C.O.D., and I’d be damned if I was going to shell out the 49 cents.

Johnston shared the documents with Rachel Maddow and MSNBC, setting off BREAKING NEWS sirens that inspired millions of Americans to flip on the TV to watch Maddow unveil the President’s intimate — and private — financial information.

Now normally, the opportunity to ogle the President’s tax returns would not create a stir; after all, every sitting president since Nixon has published their returns as part of an unwritten agreement with the American people to be transparent and forthright. President Trump, quite famously, has deviated from that long-held practice, first refusing to release his returns during his campaign because he was “under constant IRS audit,” and then pointing to his subsequent election as a referendum that “no one other than journalists” cares about his taxes.

Of course, people DO care: over 1 million individuals signed an online petition insisting that Trump publish the missing returns, but to date, the President has resisted. This of course, has only added to the intrigue, and in today’s world, when there’s enough intrigue, there will eventually be a leak.

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Last week, GOP leadership revealed its long-awaited plan to repeal and replace Obamacare by publishing the American Health Care Act. Rather than representing a unifying piece of legislation for the Republican party, however, the proposed legislation created an immediate division within the GOP, with many leading Republicans derisively calling the plan “Obamacare Lite” and others questioning the impact it would have on the number of insured individuals, or stated more appropriately, the number of insured voters in advance of the 2018 mid-term elections.

Despite the lukewarm reception with which it was met, the American Health Care Act moved through the House Ways and Means Committee along party lines; though it did require 18 hours of debate, with Democratic committee members decrying the Committee’s willingness to move the bill forward without a complete measure of its cost or the lost insured.

Yesterday, the Congressional Budget Office answered those questions, releasing its official scoring of the American Health Care Act, and the results are not pretty. An $883 billion tax cut, $274 billion of it going to the richest 2%. $880 billion stripped from Medicare. And 24 million fewer insured individuals over the next ten years.

Let’s take a look at how the CBO came up with the numbers it did. But first, we need to understand a bit about how Obamacare works.

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Time’s up.

On February 9th, President Donald Trump made the following promise:

“We’re going to be announcing something over the next, I would say, two or three weeks that will be phenomenal in terms of tax.”

Now, say what you will about Trump’s presidency, but to date, he’s followed through on his promises. He said we’ll have a wall? We’re getting a wall. He said he’d keep terrorists out? He’s enacted sweeping — and potentially unconstitutional — immigration reform. Twice. He said he’d drain the swamp? He…well, two out of three ain’t bad.

But where’s the tax plan? Drastic individual and business tax cuts were a huge part of Trump successful campaign, but in the first 50 days of his presidency, he has produced nothing.

What’s the holdup?

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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In President Trump’s recent speech to Congress, he said very little about his much-anticipated plan for tax reform. One thing he did say was this:

We will provide massive tax relief for the middle class.

This promise was surely met by cheers from coast to coast, as it should have been. But it raises an interesting question: how does a middle-class taxpayer measure whether the President delivers on his promise? Do you simply view the tax cuts for the middle class in isolation? Or must the cuts be viewed in their larger context, relative to those bestowed upon the richest Americans?

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Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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As you may have heard, within months President Trump will begin construction on a giant wall along our southern border, sealing us off from Mexico.

The wall, of course, will cost money — approximately $15 billion, in fact. Earlier today, White House Press Secretary Sean Spicer explained that the U.S.could “easily pay for the wall” by imposing a 20% tax on all imports from Mexico.

If you were one of the millions of TV viewers who instantly reacted to that statement by tilting your head to the side like a confused Labrador, then this post is for you.

Continue reading on Forbes.com.

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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