Trump’s Minions Say He’s Mulling New Tax Breaks—They’re Mainly for the Rich
Donald Trump apparently wants to cut taxes for the rich yet again. Is this some kind of twisted midterms strategy? Hard to say. But as Timothy Noah points out in The New Republic, the current and former National Economic Council directors Kevin Hassett and Larry Kudlow were on Fox News last week talking about two […]
Donald Trump is reportedly considering new tax breaks, though they primarily favor the wealthy. Kevin Hassett and Larry Kudlow, both former National Economic Council directors, discussed two proposals on Fox News. One proposal involves expanding the capital gains exclusion for home sales, suggesting a $2 million threshold. This would benefit wealthy individuals, including those with multiple properties, exacerbating income inequality.
The current $500,000 exclusion already costs the government $574 billion from 2025-2029, and quadrupling it would further increase the national debt. The other proposal calls for indexing capital gains to inflation, which would disproportionately benefit the wealthiest 1%, adding $100 billion to $200 billion to the deficit. These measures, while potentially unconstitutional, would worsen wealth disparities and worsen the already high deficit, exacerbating the nation's financial challenges just as borrowing costs have reached a two-decade high.
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