Everything to know about Trump's tax plan for America's rich

Tuesday, 14 November 2017, 11:08:46 PM. GOP leaders try to rush through complicated tax code changes, inspiring a special-interest bacchanal the likes of which Washington has never seen.
Speaker of the House Paul Ryan looks on as President Donald Trump speaks about tax reform legislation in the Cabinet Room at the White House, November 2, 2017. Drew Angerer/Getty Share U.S. Taxes Donald Trump drain the swamp Lobbyists There’s chaos in Washington—and many of Al Mottur’s clients are worried. A leading lobbyist for Brownstein Hyatt Farber and Schreck, Mottur has been in the capital for decades. But the 50-year-old has never seen anything like Congress’s attempt to completely rewrite the tax code by Christmas. And many of his firm’s clients are afraid they’ll get slapped with new taxes. “The enormity of what [the Trump administration is] trying to do to the economy and the tax code,” he says, “is inversely proportionate to the time they’re giving it.” Is Donald Trump really draining the swamp? Not so much. He’s just changing the water. The December holidays are about a month away, but the Republicans are already decorating their bill with trillions of sparkly ornaments. The biggest giveaways include a huge reduction in the corporate income tax rate—from 35 percent to 20 percent—and the elimination of the estate tax. (It affects only a few thousand extremely wealthy families, including the Trumps and their in-laws, the Kushners.) Beyond the bill’s big-ticket items, there are small ones that have special interests eager to hire top talent like Mottur to cover their assets. He’s loath to talk about what he’s doing behind the scenes, but he’s urging clients to...Read more
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