Tax reform has been a key part of President Trump’s agenda and he has long touted the Republican tax plan as the biggest tax cut ever. The GOP is getting closer to achieving its goal of getting a tax reform bill to President Trump’s desk by Christmas. Though the tax bill would cut taxes for corporations, it also benefits private-equity investors, which Trump had promised to change.
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FOX Business’ Trish Regan weighed in on the GOP tax bill on “The Intelligence Report.”
“This guy, Stephen Schwarzman (Blackstone Group CEO) who’s made over $400 million in one year and percentage-wise, well guess what his tax bracket is actually lower than a New York City cop. How do you like that? And it’s because he calls his income ‘investments.’ The president promised to fix this remember?”
Despite the president’s promises, the loopholes still exist in the tax bill in Congress that benefit private-equity investors such as Schwarzman.
“You mean to tell me special-interest lobbyists are so alive and well in Washington that they convinced the entire House and the entire Senate to ignore this inequity? I’m beginning to wonder if our country is becoming ungovernable. Because I’ll tell you one thing, our Founding Fathers never, ever anticipated a swamp like the one we have today,” Regan said.