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Posts Tagged ‘donald trump’

In early March, GOP leaders Kevin Brady and Paul Ryan unleashed their plan to repeal and replace Obamacare, publishing proposed legislation in the form of the American Health Care Act. Last week, the Congressional Budget Office released its score of the plan, and two of the primary criticisms that emerged from the report were as follows:

  1. The plan results in an $880 billion tax cut over the next decade, with at least $274 billion of the cuts going directly into the pockets of the richest 2%, and
    Medicaid would be cut by an equivalent $880 billion over the next decade, making it more difficult for low-income taxpayers to procure insurance.
  2. Last week, the GOP released amendments to its health care bill, and in response to the shortcomings highlighted by the CBO report, the changes to the bill would add more tax breaks for the rich and further slash Medicaid funding.

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

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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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Donald Trump was elected the 45th President of the United States last night, and while I allow that to sink in for a bit, it’s also worth nothing that Republicans retained control over the House and Senate. As a result, the GOP has unfettered control over the future of tax policy, meaning we may be in for some big changes. What can you expect?

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

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Hey, have you heard about Donald Trump? You know, the guy who is accused of not paying his creditors, repeatedly making racist and sexist comments, and stealing Christmas from 1981 to 1985? On, and who also happens to be one of the last two applicants for the most important job in the world? Well, someone released three pages of one of Trump’s tax returns from 20 years ago, a violation of privacy which aside from angering Trump, had the unexpected effect of transforming the overwhelming majority of Americans into experts on the tax law.

Continue reading on Forbes.com.

 

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

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