Trump's tax plans

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By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

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Opportunity zones are meant to spur new investment in poor areas. But Under Armour’s Kevin Plank is getting a tax break for investments that are not new and not in a poor tract. And Plank’s area was picked over neighborhoods that are actually poor.

One Trump Tax Cut Was Meant to Help the Poor. A Billionaire Ended Up Winning Big. — ProPublica

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Conservative commentator Johnny Burtka ripped President Trump’s 2017 tax law in light of a new report that found that some of the most profitable companies in the U.S. didn't pay any taxes last year as a result of the legislation. “It was a big mistake for Trump,” Burtka, executive director for The American Conservative magazine, told Hill.TV during an interview that aired on Monday. Burtka went on to accuse Trump of capitulating to "the Paul Ryan agenda.” "He had the infrastructure opportunity — so many other issues to lean into what really got him elected in the first place and he capitulated to the Paul Ryan agenda," he said.  

In December 2017, then-Speaker Paul Ryan (R-Wis.) led the Republican-controlled House in passing the final version of the Tax Cuts and Jobs Act of 2017 that had previously cleared the Senate. Upon signing the bill into law, Trump hailed it as a major boon for the economy, adding that “corporations are literally going wild over this.” It was subsequently hailed as Trump’s first major legislative accomplishment since winning the White House and marked the largest overhaul of the U.S. federal tax code in nearly three decades. But the tax overhaul has come under renewed scrutiny following a report released last week by the left-leaning Institute on Taxation and Economic Policy.

According to the report, 91 companies on the Fortune 500 list paid no federal taxes in 2018. The report, which analyzed the first year since the tax overhaul went into effect, covered hundreds of companies across a wide range of industries. These companies included Amazon, Chevron and IBM. The report also found that nearly 400 companies paid an average federal tax rate of about 11 percent on their profits last year. This is roughly half the official rate established under President Trump’s 2017 tax law, which lowered the U.S. corporate tax rate from 35 percent to 21 percent.

Conservative commentator rips Trump's signature tax overhaul: 'It was a big mistake' | TheHill

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Will explains, "The 4% growth Trump promised as a candidate and the 3% he promised as president became, pre-pandemic, 2.5 % during his first three years — a negligible improvement over the 2.4% of the last three Barack Obama years. This growth was partly fueled by increased deficit spending, from 4.4% of gross domestic product to 6.3%, by the International Monetary Fund's calculation."

Ex-Republican explains why he foresees a 'decade of Democratic dominance' - Alternet.org