Intercept -Gary Cohn, Trump’s top economic adviser, is leaving the White House after just 14 months — but not before delivering a number of gifts to Wall Street and his old firm, Goldman Sachs.
That list starts with a 40 percent cut in corporate income tax that Cohn, along with Treasury Secretary Steven Mnuchin (another former Goldman Sachs exec), championed. ... For Goldman, that translates into a tax savings of around $1 billion a year.
Cohn, who served as president of Goldman Sachs for 10 years before leaving to work in the Trump White House, delivered other generous tax gifts to corporate America during his brief tenure, including a tax break for the U.S. companies that have parked nearly $3 trillion in profits in Grand Cayman, Bermuda, or other tax havens.
The same bill that slashed taxes on corporations and the very wealthy allows these firms to bring that cash back to the United States without incurring huge tax bills. Companies bringing that money home won’t have to pay the 35 percent tax rate in place when that money was earned, or even the reduced 21 percent rate, but a steeply discounted 15.5 percent — a huge gift for tech firms such as Cisco, Qualcomm, and Apple.
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