INVESTIGATION: Trump’s Tax Bill Includes Language Making It Harder For Future Presidents To Close Wall St Tax Loophole

Dec 28, 2017 by

David Sirota, IBT/Newsweek via 

2:25 PM (33 minutes ago)
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December 28, 2017


International Business Times has just published a new report showing that President Trump has declined to use his existing executive authority to fulfill his promise to close a tax loophole — and his refusal personally enriches his top adviser, and his other aides’ former Wall Street firms. Trump’s tax bill also included a provision that makes it far harder for subsequent presidents to use executive authority to close the loophole in the future.

Click here to read IBT’s new report

Documents reviewed by IBT show Trump’s moves that preserve the loophole came as Wall Street groups in the last few months lobbied the specific agencies whose rulemaking process could have closed the loophole. Blackstone CEO Steve Schwarzman hosted Trump at a fundraiser as the final tax bill was being negotiated. The tax bill’s language makes it more difficult to close the loophole — and Schwarzman has been a top critic of efforts to close the loophole, which benefits him and his firm.

Trump’s refusal to use his existing executive authority to close the loophole stands in contrast to his enthusiasm for using executive orders — even in cases in which courts and critics have questioned his legal authority.


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