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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Introduces Developer Tax Credit For People Like Him
BREAKING: Trump Introduces Developer Tax Credit For People Like Him
Senator Chuck Schumer is vowing to go after Trump for his new developer tax credit.
Trump is trying to push through a $1 trillion infrastructure program, which would rely on private investment rather than public monies. On the face of it, it sounds like a good idea that is, to not add to the budget deficit but whats most troubling about the program is that it looks like one big giant Ponzi scheme.
We will not support tax credits for developers, Schumer told reporters.
Paul Krugman, the Distinguished Professor of Economics at the Graduate Center of the City University of New York, is also calling it exactly that a huge scam that he says will only serve to benefit a few wealthy individuals. Not only will they get tax cuts, but future profits from the endeavor. Rather than them funding the government, the government will be funding them via no taxes.
Krugman further pointed out that while Trumps plan wouldnt require government investment up-front, taxpayers would end up footing the bill that would be every bit as high if not higher.
Instead, (the Trump team) calling for huge tax credits: billions of dollars in checks written to private companies that invest in approved projects, which they would end up owning. For example, imagine a private consortium building a toll road for $1 billion. Under the Trump plan, the consortium might borrow $800 million while putting up $200 million in equity but it would get a tax credit of 82 percent of that sum, so that its actual outlays would only be $36 million. And any future revenue from tolls would go to the people who put up that $36 million.
While its understandable Trump would want to improve the nations eroding infrastructure, this just isnt the way to do it. The fact that Trump is himself a developer is also worrisome. While he has handed control of his company to his sons, that still doesnt dissolve himself of putting his hand into something that could potentially benefit himself financially at a later date, as well as his family.
Heres Senator Schumer talking about how he worries about Trump and his plan to benefit wealthy people just like himself-video at link...
http://news.groopspeak.com/breaking-trump-introduces-developer-tax-credit-for-people-like-him/
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Trump Introduces Developer Tax Credit For People Like Him (Original Post)
babylonsister
Jan 2017
OP
Wellstone ruled
(34,661 posts)1. Heard of this idea years ago.
Fortunately wise heads prevailed. Sucker wants the US taxpayers to bail out his sorry ass.
malaise
(269,187 posts)2. We're living the Con
of all times unless he is stopped
babylonsister
(171,094 posts)3. Exactly. nt
Initech
(100,104 posts)4. He's gone mad with power.
Solly Mack
(90,787 posts)5. K&R
I'd scream but...