Trump cut taxes for rich foreigners while Americans suffer

[UNCjigga]

Yes, rich foreign investors are more important than your healthcare. Hell, Trump would be happy to sell American citizenship if they can pay for it. How’s he getting away with this? Because his base is too stupid to realize that this is happening without any input from Congress.

The Treasury Department and Internal Revenue Service, through a series of new notices and proposed regulations, are giving breaks to giant private equity firms, crypto companies, foreign real estate investors, insurance providers and a variety of multinational corporations.

The primary target: The administration is rapidly gutting a 2022 law intended to ensure that a sliver of the country’s most profitable corporations pay at least some federal income tax. The provision, the corporate alternative minimum tax, was passed by Democrats and signed into law by President Joseph R. Biden Jr. It sought to stop corporations like Microsoft, Amazon and Johnson & Johnson from being able to report big profits to shareholders yet low tax liabilities to the federal government. It was projected to raise $222 billion over a decade.
…
These breaks come in addition to the roughly $4 trillion package of tax cuts that President Trump signed into law in July. The legislation, passed entirely by Republicans, heavily benefits businesses and the ultrawealthy. It is projected to add trillions of dollars to the federal deficit and came with steep cuts to health care for the elderly and food stamps for the poorest Americans.

https://www.nytimes.com/2025/11/08/business/trump-administration-tax-breaks-wealthy.html?unlocked_article_code=1.zk8.cZaF.REsGKONEvn_m&smid=url-share

 

[ivwshane]

Fucking A. I’m so tired of this tax system gaming republicans and big corporations keep playing and f the democrats who also keep adding the exemptions and loopholes.

To answer my own question to another post you made UNCjigga, from your article;

The alternative minimum tax isn’t the administration’s only effort to roll back taxes on large businesses and wealthy individuals. Last month, the Treasury and I.R.S. granted new tax relief to foreign investors in U.S. real estate. In August, they withdrew regulations to prevent multinationals from avoiding taxes by claiming duplicate losses in multiple countries at once. And, as The New York Times previously reported, the Treasury and I.R.S. have rolled back a crackdown on an aggressive tax shelter used by big companies, including Occidental Petroleum and AT&T. That amounts to another $100 billion in cuts — and likely far more, according to tax advisers.

And of course Trump is exceeding his legal authority and now so is the treasury.

With its various tax relief provisions, the administration is now effectively adding hundreds of billions of dollars in new breaks for big businesses and investors. The Treasury is empowered to write rules to help the I.R.S. carry out tax laws passed by Congress. But the aggressive actions of the Trump administration raise questions about whether it is exceeding its legal authority.

 

[BonzaiDuck]

This is the way I see it and the way I saw it with 30 years of federal civil service under my belt. I was "THERE" inside the Beltway for most of that career. I didn't miss much.

They need to enforce the tax laws evenly. They need to return audits to the level they'd been in prior decades, and the GOP should not be trying to gut the IRS. They should do the hires that Biden was attempting to complete.

Second, the progressive nature of taxation, and going to get the offshore tax-evaders, should be pursued.

Third -- you won't like this -- we've come to this point with a Criminal president and the bloated debt and deficit because taxes are too low. Raising them is not likely to hurt the little guy much. But this is the weakness in our national character. Bush should've raised taxes in 2003 when he pursued the war. Instead he lowered them. We should attempt to return to the state of things that Clinton had accomplished by the late 1990s.

 

[hal2kilo]

This is the way I see it and the way I saw it with 30 years of federal civil service under my belt. I was "THERE" inside the Beltway for most of that career. I didn't miss much.

They need to enforce the tax laws evenly. They need to return audits to the level they'd been in prior decades, and the GOP should not be trying to gut the IRS. They should do the hires that Biden was attempting to complete.

Second, the progressive nature of taxation, and going to get the offshore tax-evaders, should be pursued.

Third -- you won't like this -- we've come to this point with a Criminal president and the bloated debt and deficit because taxes are too low. Raising them is not likely to hurt the little guy much. But this is the weakness in our national character. Bush should've raised taxes in 2003 when he pursued the war. Instead he lowered them. We should attempt to return to the state of things that Clinton had accomplished by the late 1990s.

Which side of the river did you live on?

 

[BonzaiDuck]

Which side of the river did you live on?

I always lived on the Northern Virginia side. I didn't know anybody who lived in the District, except for the wife of a super-rich fellow, and their estate was on East-West Highway so maybe outside DC. She was in the SES at age 38. Sort of kooky but lovely in her own way -- I knew her in 1983, but she'd gone to Interior Dept and then to OPM. Around 1998 -- could've been in 2004 when I visited again for a month -- I had a neighbor who'd been with NATO from the time of his WWII discharge, later going to OPM and retiring. I just casually asked him around that time "Did you know Kris M______?" I was stunned when he replied "I fucked her!" It was her rumored reputation.

Another person I knew who lived in DC during 1974 was a woman named Alice. She had this cramped apartment and you could only imagine cockroaches, but I never saw any.

I variously had an apartment in a nice place off South Kings Hwy south of Alexandria, then in Arlington a block from Fort Myer, then Manassas and finally a condominium in Woodbridge.

I remember jogging on the GW bike trail (along the river), and at one time I took a fishing pole there and caught a turtle that must've weighed 10 lbs or more.

None of these memories are unpleasant, but every time I think of my life then, I severely regret not coming back to So Cal after my first year ending in '73. I threw my life away on that place.

 

[hal2kilo]

I always lived on the Northern Virginia side. I didn't know anybody who lived in the District, except for the wife of a super-rich fellow, and their estate was on East-West Highway so maybe outside DC. She was in the SES at age 38. Sort of kooky but lovely in her own way -- I knew her in 1983, but she'd gone to Interior Dept and then to OPM. Around 1998 -- could've been in 2004 when I visited again for a month -- I had a neighbor who'd been with NATO from the time of his WWII discharge, later going to OPM and retiring. I just casually asked him around that time "Did you know Kris M______?" I was stunned when he replied "I fucked her!" It was her rumored reputation.

Another person I knew who lived in DC during 1974 was a woman named Alice. She had this cramped apartment and you could only imagine cockroaches, but I never saw any.

I variously had an apartment in a nice place off South Kings Hwy south of Alexandria, then in Arlington a block from Fort Myer, then Manassas and finally a condominium in Woodbridge.

I remember jogging on the GW bike trail (along the river), and at one time I took a fishing pole there and caught a turtle that must've weighed 10 lbs or more.

None of these memories are unpleasant, but every time I think of my life then, I severely regret not coming back to So Cal after my first year ending in '73. I threw my life away on that place.

I grew up in Arlington. Just about all the neighbors were either DOD, Military, Power Commission, FBI, you name it. Filled out those government impact forms just about every year I was in public school. Maternal grandfather worked for the GSA, Paternal grandfather worked for the Civil Service Commission, and my paternal grandmother worked for the Treasury Dept. as a printer's assistant. My dad and uncle worked for the "agency".

 

[BonzaiDuck]

I grew up in Arlington. Just about all the neighbors were either DOD, Military, Power Commission, FBI, you name it. Filled out those government impact forms just about every year I was in public school. Maternal grandfather worked for the GSA, Paternal grandfather worked for the Civil Service Commission, and my paternal grandmother worked for the Treasury Dept. as a printer's assistant. My dad and uncle worked for the "agency".

Do you mean . . . your Dad and Uncle worked . . . for the "Company"? In offices at Langley? That's a bureaucracy for gathering, organizing and interpreting intelligence, and must employ a lot of people.

Did you ever see a fictional movie from the early 2000's, entitled "Rubicon"? I remember the news when that lone gunman set up near the highway entering Langley and started picking off people coming to work. I'm sure that happened when I was still living and working in the Capital.

You have a long and distinguished family history with the federal service -- and more than one branch of it. What do people tell you? Do they treat you badly? With indifference? Or are they astounded?

I originally -- in 1972 -- had an attic apartment on N. Stafford Street off Lee Highway. Moving back from Alexandria, I had one of those apartments in buildings on N. Wayne Street. Once during a snowstorm, I decided to read James Jones' "From Here To Eternity". Those apartments are described in the first chapters of the book! Down the street and across from Ft. Myer (President's Old Guard), there was a little shopping strip in old brick buildings, to include this shoe repair place, and this very old African American cobbler. He did all the Old Guard's dress boots. I had the best shoes in all of DC! Anyway, the apartments, the little shopping mall and Ft. Myer -- all on Route 50.

 

[hal2kilo]

Do you mean . . . your Dad and Uncle worked . . . for the "Company"? In offices at Langley? That's a bureaucracy for gathering, organizing and interpreting intelligence, and must employ a lot of people.

Did you ever see a fictional movie from the early 2000's, entitled "Rubicon"? I remember the news when that lone gunman set up near the highway entering Langley and started picking off people coming to work. I'm sure that happened when I was still living and working in the Capital.

You have a long and distinguished family history with the federal service -- and more than one branch of it. What do people tell you? Do they treat you badly? With indifference? Or are they astounded?

I originally -- in 1972 -- had an attic apartment on N. Stafford Street off Lee Highway. Moving back from Alexandria, I had one of those apartments in buildings on N. Wayne Street. Once during a snowstorm, I decided to read James Jones' "From Here To Eternity". Those apartments are described in the first chapters of the book! Down the street and across from Ft. Myer (President's Old Guard), there was a little shopping strip in old brick buildings, to include this shoe repair place, and this very old African American cobbler. He did all the Old Guard's dress boots. I had the best shoes in all of DC! Anyway, the apartments, the little shopping mall and Ft. Myer -- all on Route 50.

Funny you bring up Ft. Myers, my ex-mother in law worked there during WWII helping to break the Japanese code. She worked on crossword puzzles all the time, until, Alzheimer's. Now, my ex is in hospice for the same affliction. Life is rarely fair.

 

[BonzaiDuck]

Funny you bring up Ft. Myers, my ex-mother in law worked there during WWII helping to break the Japanese code. She worked on crossword puzzles all the time, until, Alzheimer's. Now, my ex is in hospice for the same affliction. Life is rarely fair.

It drives me batty if I think too far ahead. I get anxious. I have an appointment with a social worker at the county agency on aging. I just want advice, but I want it early. I've said it in relevant forums: I watched my Moms succumb to dementia and then Alzheimers over some 8 or 9 years, and providing more intensive care for the last six of those.

It slowly put a scare into me, but since I was focusing on Moms' welfare, I only sense it now, especially if I spend too much time alone.

 

[hal2kilo]

It drives me batty if I think too far ahead. I get anxious. I have an appointment with a social worker at the county agency on aging. I just want advice, but I want it early. I've said it in relevant forums: I watched my Moms succumb to dementia and then Alzheimers over some 8 or 9 years, and providing more intensive care for the last six of those.

It slowly put a scare into me, but since I was focusing on Moms' welfare, I only sense it now, especially if I spend too much time alone.

Well, if you've made it this far, you probably won't suffer dementia as a result from Altzheimer's. Just general decrepitude.

 

[BonzaiDuck]

Well, if you've made it this far, you probably won't suffer dementia as a result from Altzheimer's. Just general decrepitude.

It seems that one thing leads to another. Moms was diagnosed with "mild dementia" in 2012. When she died 11 years later in late 2023, the death certificate had as cause of death "early onset Alzheimers".

She was just a tough old bird managing her life with me as part of it -- when she was the age I am now, or 78.

 

[hal2kilo]

It seems that one thing leads to another. Moms was diagnosed with "mild dementia" in 2012. When she died 11 years later in late 2023, the death certificate had as cause of death "early onset Alzheimers".

She was just a tough old bird managing her life with me as part of it -- when she was the age I am now, or 78.

Early onset at 78? My experiences have been the opposite, my mother was increasingly combative and illogical when I got the hell out of the house and went away to school. Within, a few years like in her mid fifties was having trouble writing letters and was completely out of it, with my dad taking care of her by early sixties. My ex I suspect was on the same path as, I ended up divorcing her because she also was not keeping the accounts straight, really keeping a house, and was increasingly illogical in her arguments about the kids future and discipline. Everything went to crap for her within a short time after I divorced her. She lost the house I walked away from.