January, 18 2017, 10:15am EDT
For Immediate Release
Contact:
Ron Eckstein, Communications Director, Americans for Tax Fairness
Trump's Proposed Treasury Secretary Could Get $3.3 Million Tax Cut Annually from Trump Tax Plan
Mnuchin’s claim that “[t]here will be no absolute tax cut for the upper class” under Trump’s tax plan is disproven by his potential big windfall
WASHINGTON
Americans for Tax Fairness estimates that Steven T. Mnuchin, President-elect Donald Trump's nominee for U.S. Treasury Secretary, could slash his personal tax bill by up to roughly $3.3 million a year should Trump's tax plan become law. He would save similar amounts if House Speaker Paul Ryan's tax plan were enacted. Repeal of the Affordable Care Act (ACA) alone could cut Mnuchin's taxes by up to about $500,000 a year by eliminating two Medicare taxes on high-income filers.
These estimates are based on the income and assets revealed in Mnuchin's recent financial disclosure statement filed with the U.S. Office of Government Ethics. ATF's analysis of Mnuchin's income between 2015 and 2016, and his financial assets and their current value, is available here.
ATF's analysis of Mnuchin's financial disclosure form shows:
- Mnuchin is easily among the highest-income one-tenth of one percent of Americans. His income was between $52.7 million and $71.6 million over the two-year period 2015-16, or $26.3 million to $35.8 million a year. (The varied estimates are due to the income ranges provided in financial disclosures.) His total assets appear to be valued at between $166 million and $397 million, assuming there is no double-counting in the financial disclosure. He is therefore positioned to benefit handsomely from Trump's proposed major tax overhaul and plan to repeal the ACA. These would both result in deep tax cuts heavily tilted toward the rich, and Mnuchin would spearhead the effort as Treasury Secretary.
- Mnuchin could slash his tax bill by about $2.5 million to $3.3 million a year should Trump's broader tax plan become law and his income remain at the level it's been in recent years. Mnuchin would save similar amounts if House Speaker Paul Ryan's tax plan were enacted. [See Table below] These estimates are based on the tax cut that the non-partisan Tax Policy Center has estimated the richest 0.1% would receive under the Trump and Ryan tax plans in 2017--a 9.3 percentage-point cut in the share of their income paid in federal taxes under Trump's plan and an 11.1 percentage-point cut under Ryan's plan. (These are conservative estimates for Mnuchin. His income is far above the average for the top 0.1%, therefore his percentage tax cut is also likely to be above average since Trump's tax plan highly favors the wealthiest households.)
- Republican lawmakers' efforts to repeal the ACA could slash Mnuchin's annual tax bill by roughly $345,000 to $510,000 by eliminating two Medicare taxes that are assessed on the richest 2%--the additional 0.9% Hospital Insurance tax and the 3.8% Medicare tax on unearned income. ACA repeal threatens the health care of 30 million Americans and would erode some rare progress made recently to reverse America's growing economic inequality.
- Mnuchin would benefit particularly from two tax cuts in the Trump and Ryan tax plans that are especially tilted towards the very wealthy:
- Mnuchin gets income from or has assets in at least 66 pass-through entities, valued between $34 million and $135 million and generating income of between $5.2 million and $13.9 million from 2015 to 2016. Pass-throughs include partnerships, limited partnerships, limited liability companies, and other forms of business in which the owners pay the firm's taxes on their own returns at individual rates. Pass-through income is even more concentrated among very high-income households than is business income generally. Trump's tax plan proposes to slash the tax rate on pass-throughs to as low as 15%, from the current top tax rate of 39.6%, which would undoubtedly result in a huge windfall for Mnuchin.
- Mnuchin's heirs could save tens of millions of dollars, perhaps over $100 million, if Trump succeeds in eliminating the estate tax. If Forbes magazine is correct in its $300 million estimate of Mnuchin's net worth, then abolishing the 40% tax on the wealthiest 0.2% of estates could increase the inheritances of Mnuchin's family by as much as $120 million. ATF's estimate that Mnuchin's assets could be worth up to nearly $400 million could mean a tax break for his heirs of up to $160 million.
"Steven Mnuchin' has stated that under Trump's tax plan '[t]here will be no absolute tax cut for the upper class,'" said Frank Clemente, executive director of Americans for Tax Fairness. "But that's at complete odds with the tax plans proposed by candidate Trump and House Speaker Paul Ryan. At his confirmation hearing, Mnuchin should be grilled about how as Treasury Secretary he would fix those plans so that they meet his test. Given how much Mnuchin stands to personally gain from these tax plans, the public may view Mnuchin's confirmation as Treasury Secretary as akin to having the bank robber guard the bank."
Clemente continued: "The enormous tax breaks that will be given to Mnuchin and other wealthy Americans by repealing the ACA and enacting the Trump tax plan are a betrayal of working families. Mnuchin and his friends on Wall Street get a huge tax cut, but millions of families lose their health care. Mnuchin needs to answer the question: 'What will you do as Treasury Secretary to keep your pledge to working families that there 'will be no absolute tax cut for the upper class?'"
Estimated Tax Savings for Steven Mnuchin from Trump and House GOP Tax Plans
Mnuchin total annual income, low estimate: $26,345,000 | ||||||||||
Mnuchin total annual income, high estimate: $35,778,000 | ||||||||||
Trump Tax Plan 2017 | House GOP | |||||||||
Top 0.1 percent income threshold | $3,750,000 | $3,750,000 | ||||||||
Top 0.1 percent average income | $11,430,000 | $11,430,000 | ||||||||
Top 0.1 percent average percentage point tax cut | 9.3% | 11.1% | ||||||||
Mnuchin tax cut, based on lower income estimate | $2,450,000 | $2,924,000 | ||||||||
Mnuchin tax cut, based on higher income estimate | $3,327,000 | $3,971,000 | ||||||||
Sources: | ||||||||||
Income: Americans for Tax Fairness calculations based on Mnuchin's financial disclosure report filed with the U.S. Office of Government Ethics, Jan. 10, 2017 and available here. Tax Cuts: Estimates based on Tax Policy Center analyses of Trump and Ryan tax plans.[i] Trump tax plan is available here. House GOP tax plan is available here. |
[i]The calculations are based on Tax Policy Center estimates of how much the average taxpayer in the top 0.1% would save under the GOP plans. Mnuchin's income and therefore estimated tax savings are expressed in ranges because the financial disclosure form allows for data to be reported in such bands. However, over 80% of the lower estimate is based on almost $42 million of precisely identified income figures. Moreover, the estimates are conservative in that the size of the tax cuts in TPC's estimates rise with incomes, and Mnuchin's income exceeds the average income of the top 0.1 percent.
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
(202) 506-3264LATEST NEWS
IDF Kills 18 Children in Rafah Hours After US House Approves Billions in Military Aid
"Members of Congress should understand that approving more military aid could subject them to personal liability for aiding and abetting an ongoing genocide in Gaza."
Apr 22, 2024
Hours after the U.S. House approved legislation that would send billions of dollars in additional military aid to Israel, the country's forces killed nearly two dozen people in Rafah, the southern Gaza city where more than half of the enclave's population is sheltering.
Gaza health officials said Sunday that the weekend strikes on Rafah—a former "safe zone" that Israel has been threatening to invade for weeks—killed 22 people, including 18 children. The Associated Pressreported that the first of the Israeli strikes "killed a man, his wife, and their 3-year-old child, according to the nearby Kuwaiti Hospital, which received the bodies."
"The woman was pregnant and the doctors saved the baby, the hospital said," AP added. "The second strike killed 17 children and two women from an extended family."
Israeli forces have killed more than 14,000 children in Gaza since October, but the Biden administration and American lawmakers have refused to back growing international calls to cut off the supply of weaponry and other military equipment even as U.S. voters express support for an arms embargo.
The measure the House approved on Saturday includes $26 billion in funding for Israel, much of which is military assistance.
"Just a day after the House voted to send $14 billion in unconditional military funding to [Israeli Prime Minister Benjamin] Netanyahu's campaign of death and destruction, he bombed the safe zone of Rafah AGAIN, killing 22 Palestinians, of which 18 were CHILDREN!" U.S. Rep. Delia Ramirez (D-Ill.), one of the 58 House lawmakers who voted against the legislation, wrote on social media late Sunday.
"History books will write about today and the past seven months, and how our nation's leaders lacked the courage and moral clarity to stand up to a tyrant," she added. "Shameful."
The military aid package for Israel now heads to the U.S. Senate, which is set to consider the bill early this week. U.S. President Joe Biden, who has continued to greenlight arms sales to Israel amid clear evidence of war crimes, is expected to sign the measure if it reaches his desk.
"Rather than sending more weapons to Israel, Congress should declare an immediate arms embargo on Israel."
U.S. law prohibits "arms transfers that risk facilitating or otherwise contributing to violations of human rights or international humanitarian law," according to a White House memo issued in February. The U.S. State Department has said repeatedly that it has not found Israel to be in violation of international law, a position that runs directly counter to the findings of leading humanitarian organizations and United Nations experts.
The investigative outlet ProPublicareported last week that a "special State Department panel recommended months ago that Secretary of State Antony Blinken disqualify multiple Israeli military and police units from receiving U.S. aid after reviewing allegations that they committed serious human rights abuses" prior to the October 7 Hamas-led attack on southern Israel.
"But Blinken has failed to act on the proposal in the face of growing international criticism of the Israeli military's conduct in Gaza, according to current and former State Department officials," ProPublica noted.
Sarah Leah Whitson, executive director of Democracy for the Arab World Now (DAWN), said in a statement Sunday that senators "should reject sending additional weapons to Israel not only because our laws prohibit military aid to abusive regimes, but because it's extremely damaging to our national interests."
DAWN's advocacy director, Raed Jarrar, added that "at a time when Israel is bracing for International Criminal Court arrest warrants against its leaders, members of Congress should understand that approving more military aid could subject them to personal liability for aiding and abetting an ongoing genocide in Gaza."
"Rather than sending more weapons to Israel," said Jarrar, "Congress should declare an immediate arms embargo on Israel."
Keep ReadingShow Less
Ahead of Treaty Negotiations, Hundreds March to 'End the Plastic Era'
"As adults who come to Ottawa to negotiate the plastic treaty, you must protect our rights to live in a healthy and safe environment," one young activists said.
Apr 21, 2024
Days before national delegates gather for the fourth and penultimate negotiations to develop a Global Plastics Treaty in Ottawa, Canada, around 500 Indigenous and community representatives, members of civil society and environmental groups, and experts and scientists gathered for a "March to End the Plastic Era" on Sunday.
The protesters, organized under the banner of Break Free From Plastic, called for a treaty that significantly reduces plastic production and centers the frontline communities most impacted by the plastics crisis.
"Delegates must act like our lives depend on it—because they do," Daniela Duran Gonzales, senior legal campaigner with the Center for International Environmental Law, said in a statement. "Our climate goals, the protection of human health, the enjoyment of human rights, and the rights of future generations all rest on whether the future plastics treaty will control and reduce polymers to successfully end the plastic pollution crisis."
"Short-sighted business interests must be out of the room because the only way to achieve equitable livelihoods is when we have a healthy planet."
The official meeting of the Intergovernmental Negotiating Committee (INC) to craft a "international legally binding instrument on plastic pollution, including in the marine environment," will run from April 23 to 29 in the Canadian capital.
Break Free From Plastic called the negotiations a "make or break" moment for the treaty, which is supposed to be completed in late 2024 in Busan, South Korean. However, civil society groups have expressed concern that oil-producing countries and the plastics industry will water down the agreement and steer it toward waste management and recycling, which has been revealed to be a false solution to plastic pollution knowingly promoted by the industry for decades.
The last round of negotiations concluded in late 2023 in Nairobi, Kenya, with little progress made after 143 fossil fuel and chemical lobbyists attended.
Salisa Traipipitsiriwat of Thailand, who is the senior campaigner and Southeast Asia plastics project manager for the Environmental Justice Foundation, said ahead of Sunday's march that it was "crucial for world leaders to step up and put the people and planet at the forefront."
"Short-sighted business interests must be out of the room because the only way to achieve equitable livelihoods is when we have a healthy planet," Traipipitsiriwat added.
On Sunday, marchers gathered for a press conference at 10:30 am ET before marching at around 11:30 am from Parliament Hill to the Shaw Center, were negotiations will begin on Tuesday. Crowds began to disperse around 1:30 pm. Participants carried large banners with messages including, "End the plastic era," "End multigenerational toxic exposure," and pointing out that 99% of plastics came from fossil fuels. The gathering featured live music and art, including a giant tap pouring out plastics and a "Plastisaurus rex" with the message "Make single-use plastic extinct."
(Photo: Break Free From Plastics)
"Now's the time to be bold and push for a treaty that cuts plastic production and holds polluters accountable," Julie Teel Simmonds, a senior attorney at the Center for Biological Diversity, said in a pre-march statement. "I'm inspired to be joining so many advocates in Ottawa, standing up against the enormous harm the fossil fuel and petrochemical industries are causing to people's health and the planet. I hope to see countries showing ambition this week, and I urge them to remember what's at stake for future generations."
Civil society groups have compiled several demands for an ambitious and effective treaty. These are:
- Centering human rights, especially those of Indigenous communities, young people, and workers most impacted by plastic pollution;
- Protecting the rights of Indigenous peoples throughout the treaty process;
- Dealing with plastics across their entire lifecyle;
- Reducing production as a "nonnegotiable" part of the treaty;
- Eliminating toxic chemicals and additives from plastics;
- Bolstering reuse systems for plastics that are non-toxic;
- Prioritizing first prevention, then reuse, recycling, recovery, and disposal when managing plastic waste;
- Ending "waste colonialism" by strengthening regulations for trading plastics;
- Guaranteeing a "just transition" for people employed across the plastics lifecycle;
- Including "non-party" provisions in the treaty;
- Establishing a mechanism to fund countries so they can fully implement the treaty; and
- Enshrining conflict-of-interest policies as a protection against plastics industry lobbying.
The coalition emphasized the need to tackle the problem of plastic from cradle to grave.
"Plastic doesn't just become pollution when it's thrown away," said Jessica Roff, the U.S. and Canada plastics and petrochemicals program manager for the Global Alliance for Incinerator Alternatives. "Plastic is pollution, from the moment the fossil fuels are extracted from the ground to the eternity of waste it spawns."
Chrie Wilke, global advocacy manager for the Waterkeeper Alliance, said "Clearly the crux of the plastic pollution crisis is too much plastic being produced. There is no way to recycle our way out of this. We must face the fact that plastic and petrochemicals, at current production levels, endanger waterways, communities, and fisheries across the globe. Cutting production and implementing non-plastic alternatives and reuse systems is essential."
(Photo: Ben Powless/Survival Media Agency)
Activists also emphasized the environmental justice implications of plastic pollution, and how some communities and groups are more burdened than others, both from the dangers of the production process and from waste disposal.
"Children and youth like me suffer the most and are recognized as a vulnerable group," said Aeshnina 'Nina' Azzahra, the founder of River Warrior Indonesia. "My playground and my future are at risk. We all want our environment to be plastic-free, but please don't put your burden on the other side of the world—this is NOT fair. As adults who come to Ottawa to negotiate the plastic treaty, you must protect our rights to live in a healthy and safe environment."
Jo Banner, co-founder and co-directer of The Descendants Project, said:"Frontline community members, such as myself, are participating in these treaty negotiations with heavy hearts as our communities back home are struggling with sickness and disease caused by the upstream production of plastic."
"Although our hearts are heavy, they are full with passion urging negotiators to aim for an ambitious treaty that caps plastic production," Banner added. "Areas such as my hometown, located in the heart of Louisiana's Cancer Alley, need a strong treaty now. There is no more time to waste."
Keep ReadingShow Less
'Obvious Evidence of Genocide': Mass Grave Discovered in Gaza's Nasser Hospital
Palestinian rescue workers said they found hundreds of bodies, some with their hands bound and others with their skin, organs, or heads removed.
Apr 21, 2024
Palestinian civil defense discovered hundreds of bodies buried by Israeli forces in a mass grave inside the complex of Khan Younis' Nasser Medical Complex on Saturday.
Rescue workers said they had removed at least 200 bodies as of 12:00 pm local time on Sunday, and they estimated that at least another 200 remained, Middle East Eye reported.
"We found corpses without heads, bodies without skins, and some had their organs stolen," the director-general of the Government Media Office said in a statement shared by Quds News Network.
"Following the mass graves at Al-Shifa hospital, it looks like Israel is a voracious death machine turning hospitals in Gaza into graveyards."
The Israel Defense Forces (IDF) withdrew from Khan Younis on April 7. While they occupied the city, they stormed the Nasser Medical Complex in February, arresting several doctors, damaging the structure with shelling, and rendering it unable to function as a hospital.
Al Jazeera reporter Hani Mahmoud said the bodies found in the Nasser grave included children, young men, and older women. Rescues said that some of the bodies they found had been buried with their hands tied behind their backs, according to Middle East Eye.
"Our teams continue their search and retrieval operations for the remaining martyrs in the coming days as there are still a significant number of them," Palestinian emergency services said in a statement shared with Al Jazeera.
The news came as the U.S. House of Representatives voted on Saturday to send another $26 billion to Israel, including for military aid.
"These mass graves are obvious evidence of genocide and the most unthinkable war crimes. And yet, the House just signed off on $26 billion in weapons to fuel the genocidal Israeli military, while Israel threatens a full scale ground invasion to massacre Palestinians in Rafah," the U.S. Campaign for Palestinian Rights said on social media.
This is not the first mass grave that has been discovered near a Gaza Strip hospital since Israel began its devastating bombardment and invasion following Hamas' deadly October 7 attack on southern Israel. When the IDF withdrew from the al-Shifa hospital earlier this month, Palestinian journalist Hossam Shabat reported seeing hundreds of dead bodies outside the hospital, many that had had their hands and legs bound and their bodies run-over by bulldozers. Al Jazeera reported that several mass graves were found near al-Shifa.
"Following the mass graves at Al-Shifa hospital, it looks like Israel is a voracious death machine turning hospitals in Gaza into graveyards. Wake up world!" Palestinian politician and activist Hanan Ashrawi wrote on social media.
Muhammad Shehada, the communications chief for Euro-Med Human Rights Monitor, expressed shock that there was not more media coverage of the Nasser grave.
"I CANNOT find a single headline in any mainstream media about this!" Shehada wrote on social media. "Imagine it was Ukraine? or Israel?"
Over the weekend, the the Gaza Health Ministry reported that the death toll from Israel's war on Gaza surpassed 34,000, though this is likely an undercount since several people remain trapped beneath rubble.
Keep ReadingShow Less
Most Popular