@meidastouch

"let’s be very clear about what it [ #IRS deal/ #SlushFund ] really does. It’s a vehicle for Trump himself.... We’re talking about a potential waiver of tax investigations & audits into his own finances. With all of his schemes, that possibly covers BILLIONS of dollars in #tax liability. The cash for #January6th insurrectionists, as horrifying at it is, is also a cover story for #Trump to enrich himself"
https://www.meidasplus.com/p/important-saturday-afternoon-updates

#DonaldTrump #Corruption #Taxes #Politics #News #US

That the fate of an #US attorney general would be jeopardized by the administration’s apparent determination to keep in place a #tax deal offering a sitting president enormous financial advantages illustrated a defining characteristic of #Trump’s second term∶ a president’s personal interest…is now a factor in governing.

#law #LegalEthics #DOJ #SlushFund

I'm all for a progressive tax system, and like many I think the rich should contribute more to the exchequer.... but its worth noting that currently around one third of income tax & capital gains tax is paid by the top 1%.

It is most of the upper half of the income distribution that has benefitted from a decade or more of tax & benefits changes... and so fairness should start with higher taxes on those above median wages (which may prove politically more difficult?)

#politics #tax
h/t FT

Joel Suss (FT( has an interesting, simple proposal for tax:

End most (all?) VAT exemptions, but (the important bit) provide real time rebates below a certain level (he suggests round 60% of median income - £20k) so the poor pay no VAT at all.

This would make the collection of VAT easier, but (the crucial bit) would need a workable system for immediate rebates (and then there would be the step-up problem when you passed the threshold wage).

But interesting idea nonetheless!

#politics #tax