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Seth Hanlon Profile picture
@SethHanlon
Nov 5, 2017 • 59 tweets • 10 min read • Read on X
The Republican tax bill looks like it was written by Donald Trump’s accountants and tax lawyers, and I’m not even joking. 1/
It would be hard to design a tax plan more friendly to billionaire real estate magnates like the Trumps and Kushners of the world. 2/

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More from @SethHanlon

Seth Hanlon Profile picture
Nov 30, 2017
💥💥OMG - WE KNEW IT!! MNUCHIN HAS BEEN LYING ALL ALONG! 💥💥

Whistleblower: The Treasury analysis showing that tax cuts pay for themselves that Mnuchin has been promising (and even suggested already exists!) DOES NOT EXIST AT ALL. Career economists shut out of the process! 1/
Link to bombshell @arappeport story:
nytimes.com/2017/11/30/us/…

2/
Mnuchin said on Nov. 13 that they had already published this nonexistent analysis.

3/
Read 9 tweets
Seth Hanlon Profile picture
Nov 30, 2017
My colleague @ggrhendricks and I looked at how much @SenRonJohnson and @RealDonaldTrump could benefit from the last-minute sweetener that was added to the #GOPTaxBill today. 1/
Johnson, joined by Senator Steve Daines, has been pushing make the huge loophole that the bill creates for people like Johnson and Trump even bigger. 2/
The underlying Senate bill allows a 17.4% deduction from net income from passthrough entities (e.g., S-corps, LLCs, partnerships), meaning that the top tax rate on that income would effectively be cut from 39.6% to 31.8%. 3/
Read 16 tweets
Seth Hanlon Profile picture
Nov 28, 2017
I really don’t know where @SenBobCorker is going with this idea of a “trigger,” but it’s critical that he is asked some specific questions this week to hold him to his promises. 1/
Those questions include:

(A) how is he applying his preferred “current policy” baseline to the Senate tax bill, given its many sunsetting provisions?

(B) what revenue levels need to be hit to avoid the trigger? 2/
Remember, Corker has promised not to vote for any bill that adds “one penny” to deficits because deficits are “the greatest threat to our nation.” 3/

nbcnews.com/politics/polit…
Read 22 tweets
Seth Hanlon Profile picture
Nov 18, 2017
WOW. We knew the Senate Republican tax bill was bad but these graphs from the Institute for Taxation and Economic Policy (@iteptweets) are still shocking.

The bill RAISES taxes on low- and middle-income households while cutting them on high-income households.

1/
The top 1% gets a tax cut of $9,000 in 2027. At the same time that the poorest income groups get a tax hike of about $200. 2/
You won't believe this but it's true. The Senate GOP bill gives a bigger tax cut to FOREIGN INVESTORS than any group of U.S. taxpayers. In fact, the bottom 60% is basically paying for the tax cut for foreign investors.

America First? Country first? Make America Great Again?

3/
Read 9 tweets
Seth Hanlon Profile picture
Nov 17, 2017
I stand by my tweets 100% on this. The WSJ here quotes the industry and congressional sponsors. The issue is complicated, and it is a real issue. 1/
The provision that was put into the tax bill on Tuesday night settles a longrunning dispute between the jet management companies and the IRS, providing very valuable certainty for them. 2/
It did so in the SAME overnight amendment that made all of the tax cuts in the bill for individuals expire after 2025. Which will create vast uncertainty for everyone. 3/
Read 12 tweets
Seth Hanlon Profile picture
Nov 17, 2017
One of the more insidious ways that corporations game our political system is by funding intellectually shoddy work that supports their policy goals. This is a thread about an organization here in Washington called the “Tax Foundation.” 1/
The Tax Foundation has gained a lot of credence in the debates on tax policy. Its experts are often quoted in the press. They are smart people. 2/
But the fact is, the Tax Foundation is a mission-driven, advocacy organization that advocates for tax cuts, and especially, corporate tax cuts. 3/
Read 28 tweets

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