Trump's Crony Capitalism

[Rajoo]

Trump, Cabinet could avoid millions in taxes thanks to this little-known law

Trump has managed to select one of the richest cabinets. This article gives an insight on the perks of joining Trump's cabinet.

President-elect Donald Trump’s ultra-wealthy Cabinet nominees will be able to avoid paying millions of dollars in taxes in the coming weeks when they sell some of their holdings to avoid conflicts of interest in their new positions.

The tax advantage will allow Trump officials, forced by ethics laws to sell certain assets, to defer the weighty tax bills they would otherwise owe on the profits from selling stock and other holdings.

The benefit is one of the more subtle ways that the millionaires and billionaires of Trump’s White House, which already will be the wealthiest administration in modern American history, could benefit financially from their transition into the nation’s halls of power.

This is of particular importance to understand the magnitude of the billionaire's welfare about to be absorbed by the tax payers.

Trump’s nominee for commerce secretary, billionaire investor Wilbur Ross, has a net worth nearly 10 times that of all of Bush’s first Cabinet in 2001 combined, including tens of millions of dollars in stock and more than $1 billion in cash and assets, Bloomberg data show.

No wonder Romney is groveling at Trump's feet.

https://www.washingtonpost.com/busin...=.b96f244c85c4

[nailer]

Originally Posted by Rajoo

Trump, Cabinet could avoid millions in taxes thanks to this little-known law

Trump has managed to select one of the richest cabinets. This article gives an insight on the perks of joining Trump's cabinet.



This is of particular importance to understand the magnitude of the billionaire's welfare about to be absorbed by the tax payers.


No wonder Romney is groveling at Trump's feet.

https://www.washingtonpost.com/busin...=.b96f244c85c4

This is just the beginning and he's not even in office. We entered a new golden age of capitalism with our 1980 election and survived the Great Recession. Why you're mad may be why TJ is happy. It's going to take an economic catastrophe to loosen the ever tightening grip corporate capitalism has and Trump takes us a lot further down that path than Clinton would've.

[whell]

God forbid that Trump surround himself with folks who know what success looks like.

[finnbow]

Originally Posted by whell

God forbid that Trump surround himself with folks who know what success looks like.

While I'll give Trump credit in convincing some competent people to work for him, it's anything but clear that these appointees will have the interest of the Trump base at heart (or if even he does, as opposed to just using them (as he tends to do with many people with whom he has relationships as evidenced by over 3,500 lawsuits against him)), other than through tax breaks for themselves trickling down upon the base (if you buy into that discredited model).

[barbara]

I suspect some of those competent people are glad to get on board for the purpose of keeping a close eye on Trump.

[donquixote99]

They are on board to run things.

Trump used the red state voters to get in. They will use Trump to govern.

They mean to be good masters, but they mean to be masters.

It's not all bad. There's going to be no registration of the Muslims, or that sort of thing. We have Eric Trump's assurances on that.

Probably only a relatively small number of deportations, for show.

I think though that there will be more war. Lot's of money in war.

[finnbow]

Originally Posted by barbara

I suspect some of those competent people are glad to get on board for the purpose of keeping a close eye on Trump...

... lest he become the populist he promised to be or the Democrat he had been for decades.

[Tom Joad]

Originally Posted by nailer

This is just the beginning and he's not even in office. We entered a new golden age of capitalism with our 1980 election and survived the Great Recession. Why you're mad may be why TJ is happy. It's going to take an economic catastrophe to loosen the ever tightening grip corporate capitalism has and Trump takes us a lot further down that path than Clinton would've.

That's one way it might play out.

Another way is that Trump turns out to be a real populist and forces the Republican Party to the left, while the defeat of Hillary Clinton empowers the Bernie Sanders people to force the Democrats to the left.

Either way, I see Trump's win over Clinton to ultimately be a win for the left.

[finnbow]

Originally Posted by Tom Joad

That's one way it might play out.

Another way is that Trump turns out to be a real populist ...

I'd lay off the hallucinogens. His cabinet picks should have made it clear that he isn't the populist that he portrayed himself to be for the sake of the working class vote.

[Tom Joad]

Originally Posted by finnbow

I'd lay off the hallucinogens. His cabinet picks should have made it clear that he isn't the populist that he portrayed himself to be for the sake of the working class vote.

That doesn't mean shit.

What matters is the legislative agenda that he pushes once he gets in office.