September, 28 2015, 03:45pm EDT
Trump Tax Plan Would Cost More than $10 Trillion Over 10 Years
WASHINGTON
Donald Trump released a tax plan today that is missing some details. But a preliminary analysis of the plan by Citizens for Tax Justice finds that it would cost more than $10 trillion in its first decade. The plan would reduce taxes on all income groups, but by far the biggest beneficiaries would be the very wealthy.
Following is a statement about the plan by Robert McIntyre, director of Citizens for Tax Justice:
"Yet another presidential candidate is making a mockery of populism by trumpeting a massive tax break for the rich as a plan that will benefit average Americans. The top one percent of Americans will receive an average tax break of $184,000 per year while the bottom 20 percent will receive an average tax cut of only $250.
"Trump claims the plan will be revenue neutral, but he has made bombastic exaggerations before and this time is no different. In fact, there is no possibility that this plan would not be a gigantic tax cut for the rich and a gigantic revenue loser for the government.
"Trump claims he will pay for the plan by closing tax loopholes for the rich. But in truth, his plan would expand loopholes for the rich and cut their tax rate by 40 percent. His plan also would cut the corporate tax from 35 to 15 percent, which also would mainly benefit the rich. And his plan repeals the estate tax, a tax that the very richest of the rich pay.
"The most widely-promoted tax hike in Trump's plan, closing the "carried interest loophole," would barely amount to a slap on the wrist for the hedge fund millionaires Trump says should pay more. The top tax rate on carried interest would increase only from the current 23.8 percent to 25 percent. Even this small tax hike would be dwarfed by the impact of dropping the top regular income tax rate from 39.6 percent to 25 percent on regular income.
"Trump has made many false claims about his tax plan. Of course, he's been known to say many other things that aren't true, too."
A table showing the likely effects of Trump's tax plan follows:
Citizens for Tax Justice, founded in 1979, is a 501 (c)(4) public interest research and advocacy organization focusing on federal, state and local tax policies and their impact upon our nation. CTJ's mission is to give ordinary people a greater voice in the development of tax laws.
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Critics Blast 'Reckless and Impossible' Bid to Start Operating Mountain Valley Pipeline
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Mountain Valley Pipeline LLC sent a letter Monday to Federal Energy Regulatory Commission (FERC) Acting Secretary Debbie-Anne Reese seeking final permission to begin operation on the MVP next month, even while acknowledging that much of the Virginia portion of the pipeline route remains unfinished and developers have yet to fully comply with safety requirements.
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"MVP brazenly asks for this authorization while simultaneously notifying FERC that the company has completed less than two-thirds of the project to final restoration and with the mere promise that it will notify the commission when it fully complies with the requirements of a consent decree it entered into with the Pipeline and Hazardous Materials Safety Administration last fall," she continued.
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Appalachian Voices noted that MVP's request comes days before pipeline developer Equitrans Midstream is set to release its 2024 first-quarter earnings information on April 30.
MVP is set to traverse much of Virginia and West Virginia, with the Southgate extension running into North Carolina. Outgoing U.S. Sen. Joe Manchin (D-W.Va.) and other pipeline proponents fought to include expedited construction of the project in the debt ceiling deal negotiated between President Joe Biden and congressional Republicans last year.
On Monday, climate and environmental defenders also petitioned the U.S. Court of Appeals for the D.C. Circuit, challenging FERC's approval of the MVP's planned Southgate extension, contending that the project is so different from original plans that the government's previous assent is now irrelevant.
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David Sligh, conservation director at Wild Virginia, said: "Approving the Southgate project is irresponsible. This project will pose the same kinds of threats of damage to the environment and the people along its path as we have seen caused by the Mountain Valley Pipeline during the last six years."
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Others renewed warnings about the dangers MVP poses to wildlife.
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U.S. workers' rights advocates and groups celebrated on Tuesday after the Federal Trade Commission voted 3-2 along party lines to approve a ban on most noncompete clauses, which Democratic FTC Chair Lina Khansaid "keep wages low, suppress new ideas, and rob the American economy of dynamism."
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Demand Progress' Emily Peterson-Cassin similarly commended the commission "for taking a strong stance against this egregious use of corporate power, thereby empowering workers to switch jobs and launch new ventures, and unlocking billions of dollars in worker earnings."
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Democracy defenders on Tuesday hailed a ruling from a U.S. federal judge striking down a 19th-century North Carolina law criminalizing people who vote while on parole, probation, or post-release supervision due to a felony conviction.
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"The challenged statute was enacted with discriminatory intent, has not been cleansed of its discriminatory taint, and continues to disproportionately impact Black voters," Biggs wrote in her 25-page ruling.
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