A little-noticed Trump rule would give $2.5 billion tax cut to big bank fat cats
COMMON DREAMS - COMMENTARY
10 AUG 2018 AT 13:36 ET
As Wall Street banks continue to enjoy record profits thanks to President Donald Trumps $1.5 trillion tax scam, Trumps Treasury Departmentheaded by former Goldman Sachs executive Steve Mnuchinquietly moved to hand big banks yet another major gift on Wednesday by hiding a $2.5 billion tax cut in the fine print of an esoteric new rule proposal (pdf).
At first glance, the Trump administrations rule appeared to be little more than a mundane set of regulations aimed at providing owners of so-called pass-through businesses everything they need to comply with the Republican Tax Cuts and Jobs Act, as Reuters put it.
But Capital & Main journalist David Sirota decided to take the radical step of actually reading the proposal in its entirety, and he found that the White Houses rule also seeks to exclude banking from the financial services categorya move that would allow thousands of large banks to take advantage of the controversial tax cut for pass-through income included in Trumps tax bill.
As they were hashing out the details of their tax bill behind closed doors, Sirota notes, Republican lawmakers included a provision that prohibited businesses in the financial services sector from qualifying for the tax cut in an effort to counter assertions that the bill could enrich big banks.
https://www.rawstory.com/2018/08/little-noticed-trump-rule-give-2-5-billion-tax-cut-big-bank-fat-cats/