Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump's "Big, Beautiful Tax Cut"

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Kate 🤍🇺🇸
@ImSpeaking13
This is a must read. Confidential records show that Trump’s beautiful tax cut for “small businesses,” championed by Ron Johnson, benefited two families more than any others in the country. Both worth billions and among Johnson’s biggest donors.

Secret IRS Files Reveal How Much the Ultrawealthy Gained by Shaping Trump’s “Big, Beautiful Tax Cut”
Billionaire business owners deployed lobbyists to make sure Trump’s 2017 tax bill was tailored to their benefit. Confidential IRS records show the windfall that followed.
propublica.org
8:51 AM · Aug 11, 2021

https://www.propublica.org/article/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut


In November 2017, with the administration of President Donald Trump rushing to get a massive tax overhaul through Congress, Sen. Ron Johnson stunned his colleagues by announcing he would vote “no.”

Making the rounds on cable TV, the Wisconsin Republican became the first GOP senator to declare his opposition, spooking Senate leaders who were pushing to quickly pass the tax bill with their thin majority. “If they can pass it without me, let them,” Johnson declared.

Johnson’s demand was simple: In exchange for his vote, the bill must sweeten the tax break for a class of companies that are known as pass-throughs, since profits pass through to their owners. Johnson praised such companies as “engines of innovation.” Behind the scenes, the senator pressed top Treasury Department officials on the issue, emails and the officials’ calendars show.

Within two weeks, Johnson’s ultimatum produced results. Trump personally called the senator to beg for his support, and the bill’s authors fattened the tax cut for these businesses. Johnson flipped to a “yes” and claimed credit for the change. The bill passed.

*snip*

[Pinback]

1. Very important series on how the billionaire class shirks taxes.

Thanks for the info about the latest installment.

The Trump administration championed the pass-through provision as tax relief for “small businesses.”

Confidential tax records, however, reveal that Johnson’s last-minute maneuver benefited two families more than almost any others in the country — both worth billions and both among the senator’s biggest donors.

Dick and Liz Uihlein of packaging giant Uline, along with roofing magnate Diane Hendricks, together had contributed around $20 million to groups backing Johnson’s 2016 reelection campaign.

Funny how that works!

For those who benefited from the bill’s modifications, the collective millions spent on campaign donations and lobbying were minuscule compared with locking in years of enormous tax savings.

Americans With the Highest Income Reaped Most of the Pass-through Tax Break Benefits in 2018

There's much more at the link:
https://www.propublica.org/article/secret-irs-files-reveal-how-much-the-ultrawealthy-gained-by-shaping-trumps-big-beautiful-tax-cut

It's because of reporting like this that ProPublica is on my donation list every year. I encourage all DUers who are able to support their work to do so.

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