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The Trump Files: Donald Told Congress the Reagan Tax Cuts Were Terrible

by FDXDiane4749 Posted on July 12, 2016

Mother Jones

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Until the election, we’re bringing you “The Trump Files,” a daily dose of telling episodes, strange-but-true stories, or curious scenes from the life of presumptive GOP nominee Donald Trump.

Donald Trump loves to (falsely) complain at his rallies and speeches that America is “the highest-taxed country in the world.” His tax plan would slash income tax rates and deliver huge savings to the richest Americans. But he wasn’t always a fan of trickle-down, supply-side tax cuts.

In 1991, Trump told the House Budget Committee’s Subcommittee on Urgent Fiscal Matters that President Ronald Reagan had screwed up with his 1986 tax cuts, which cut the highest income tax rates nearly in half, from 50 percent to 28 percent.

“In the real estate business we’re in an absolute depression, and one of the reasons we’re there is what happened in 1986,” he said. “Something has to be done. It has to be brought back. It has to be reformed.”

Trump contended that the low income tax rates took away rich people’s reason to invest and that the economy as a whole suffered as a result. He recommended a return to much higher rates for the rich, arguing that they cause more people to invest in real estate. But he didn’t quite explain why that would happen. “The fact is that 25 percent for high-income people—for high-income people—it should be raised substantially,” he said. “I say leave the middle, leave the low—lower ’em. But people with money have to have the incentive.”

A tax rate of 25 percent (which Trump erroneously thought was the top income tax rate at the time) is now the maximum income tax rate that Trump calls for in his 2016 tax plan.

Read the rest of “The Trump Files”:

Trump Files #1: The Time Andrew Dice Clay Thanked Donald for the Hookers
Trump Files #2: When Donald Tried to Stop Charlie Sheen’s Marriage to Brooke Mueller
Trump Files #3: The Brief Life of the “Trump Chateau for the Indigent”
Trump Files #4: Donald Thinks Asbestos Fears Are a Mob Conspiracy
Trump Files #5: Donald’s Nuclear Negotiating Fantasy
Trump Files #6: Donald Wants a Powerball for Spies
Trump Files #7: Donald Gets An Allowance
Trump Files #8: The Time He Went Bananas on a Water Cooler
Trump Files #9: The Great Geico Boycott
Trump Files #10: Donald Trump, Tax-Hike Crusader
Trump Files #11: Watch Donald Trump Say He Would Have Done Better as a Black Man
Trump Files #12: Donald Can’t Multiply 16 and 7
Trump Files #13: Watch Donald Sing the “Green Acres” Theme Song in Overalls
Trump Files #14: The Time Donald Trump Pulled Over His Limo to Stop a Beating
Trump Files #15: When Donald Wanted to Help the Clintons Buy Their House
Trump Files #16: He Once Forced a Small Business to Pay Him Royalties for Using the Word “Trump”
Trump Files #17: He Dumped Wine on an “Unattractive Reporter”
Trump Files #18: Behold the Hideous Statue He Wanted to Erect In Manhattan
Trump Files #19: When Donald Was “Principal for a Day” and Confronted by a Fifth-Grader
Trump Files #20: In 2012, Trump Begged GOP Presidential Candidates to Be Civil
Trump Files #21: When Donald Couldn’t Tell the Difference Between Gorbachev and an Impersonator
Trump Files #22: His Football Team Treated Its Cheerleaders “Like Hookers”
Trump Files #23: The Trump Files: Donald Tried to Shut Down a Bike Race Named “Rump”
Trump Files #24: When Donald Called Out Pat Buchanan for Bigotry
Trump Files #25: Donald’s Most Ridiculous Appearance on Howard Stern’s Show
Trump Files #26: How Donald Tricked New York Into Giving Him His First Huge Deal

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The Trump Files: Donald Told Congress the Reagan Tax Cuts Were Terrible

Posted in ATTRA, bigo, Casio, FF, G & F, GE, LAI, LG, ONA, Radius, Uncategorized, Venta | Tagged , , , , , , , , , , | Comments Off on The Trump Files: Donald Told Congress the Reagan Tax Cuts Were Terrible

The Trump Files: How Donald Tricked New York Into Giving Him His First Huge Deal

by DeweyHcdvbq Posted on July 11, 2016

Mother Jones

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Until the election, we’re bringing you “The Trump Files,” a daily dose of telling episodes, strange-but-true stories, or curious scenes from the life of presumptive GOP nominee Donald Trump.

Donald Trump was a relatively small player in the New York real estate world in 1975, but the Commodore Hotel promised to put him in the big leagues. The area around the famous old hotel next to Grand Central Station was decrepit, but Trump saw a rare (and cheap) opportunity to remake the famous property and bring new business to Manhattan’s then-seedy Midtown.

The mayor at the time was Abe Beame, a Brooklyn politician who was close to Trump’s father, Fred. In talking to one of the men responsible for selling the Commodore, Beame described his relationship to the Trumps in simple terms. “Whatever my friends Fred and Donald want in this town, they get,” the mayor said, according to journalist Michael D’Antonio’s recent Trump biography, Never Enough. What Trump wanted was an option to develop the site of the hotel and an unprecedented 40-year tax abatement from the city. He got them—but not without an act of deception.

Trump had the political connections, but he didn’t have much money on hand. He reached an option agreement with the bankrupt Penn Central, which owned the Commodore, but he couldn’t even cover the $250,000 he needed to secure it. Instead, he bluffed. He falsely announced to the press that the option was a done deal and tricked the city government with a paperwork sleight of hand.

“When city officials asked for a copy of his agreement with Penn Central, he sent them the paperwork, minus the signatures that would have made it binding,” D’Antonio wrote. “This omission either went unnoticed or no one cared about it, because the bureaucracy continued to move forward, as if the parties had signed, and Trump had actually paid.” On the strength of the faked option, Trump was able to convince the Hyatt hotel chain that he was a worthy partner with whom it could build a new Grand Hyatt hotel on the site of the Commodore.

The deception worked for Trump, but it may have cost New York City millions of dollars. The city had to forgo $4 million a year over the course of Trump’s 40-year tax break. Trump insisted no other investor would be interested in the property, yet at one point at least one other developer was willing to take on the Commodore while demanding less from the city. Penn Central couldn’t entertain other proposals because Trump was holding the option, even though “Trump still hadn’t paid the option and no papers had been signed,” D’Antonio reported. But investigative reporter Wayne Barrett reported in his book Trump: The Greatest Show on Earth that according to Michael Bailkin, a City Hall official at the time, “no other party had been given an opportunity to submit a bid on the project.”

By the time Trump started knocking down the Commodore in May 1978, D’Antonio pointed out in his book, the supposed Midtown rescue project was barely necessary. Other developments in the neighborhood were already resurrecting the area. “The Chrysler Building was undergoing a $23 million restoration…Mobil and Pan Am each bought the buildings where they were primary tenants, and major work has begun on seven other sites within a few blocks of Grand Central,” D’Antonio wrote. “None of these projects had involved special help from state agencies or tax breaks from the city.”

Read the rest of “The Trump Files”:

Trump Files #1: The Time Andrew Dice Clay Thanked Donald for the Hookers
Trump Files #2: When Donald Tried to Stop Charlie Sheen’s Marriage to Brooke Mueller
Trump Files #3: The Brief Life of the “Trump Chateau for the Indigent”
Trump Files #4: Donald Thinks Asbestos Fears Are a Mob Conspiracy
Trump Files #5: Donald’s Nuclear Negotiating Fantasy
Trump Files #6: Donald Wants a Powerball for Spies
Trump Files #7: Donald Gets An Allowance
Trump Files #8: The Time He Went Bananas on a Water Cooler
Trump Files #9: The Great Geico Boycott
Trump Files #10: Donald Trump, Tax-Hike Crusader
Trump Files #11: Watch Donald Trump Say He Would Have Done Better as a Black Man
Trump Files #12: Donald Can’t Multiply 16 and 7
Trump Files #13: Watch Donald Sing the “Green Acres” Theme Song in Overalls
Trump Files #14: The Time Donald Trump Pulled Over His Limo to Stop a Beating
Trump Files #15: When Donald Wanted to Help the Clintons Buy Their House
Trump Files #16: He Once Forced a Small Business to Pay Him Royalties for Using the Word “Trump”
Trump Files #17: He Dumped Wine on an “Unattractive Reporter”
Trump Files #18: Behold the Hideous Statue He Wanted to Erect In Manhattan
Trump Files #19: When Donald Was “Principal for a Day” and Confronted by a Fifth-Grader
Trump Files #20: In 2012, Trump Begged GOP Presidential Candidates to Be Civil
Trump Files #21: When Donald Couldn’t Tell the Difference Between Gorbachev and an Impersonator
Trump Files #22: His Football Team Treated Its Cheerleaders “Like Hookers”
Trump Files #23: The Trump Files: Donald Tried to Shut Down a Bike Race Named “Rump”
Trump Files #24: When Donald Called Out Pat Buchanan for Bigotry
Trump Files #25: Donald’s Most Ridiculous Appearance on Howard Stern’s Show

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The Trump Files: How Donald Tricked New York Into Giving Him His First Huge Deal

Posted in ATTRA, bigo, Casio, FF, G & F, GE, LG, ONA, Radius, Uncategorized, Venta | Tagged , , , , , , , , , , | Comments Off on The Trump Files: How Donald Tricked New York Into Giving Him His First Huge Deal

Music Review: “Oh My Northern Soul” by Shilpa Ray

by ColemanDitter Posted on May 12, 2015

Mother Jones

TRACK 5

“Oh My Northern Soul”

From Shilpa Ray‘s Last Year’s Savage

NORTHERN SPY

Liner notes: Oozing cool as she pumps her trademark harmonium, Ray declares independence, murmuring, “I wanna be anything and everything but good.”

Behind the music: The New Jersey-raised provocateur previously fronted Beat the Devil and recorded as Shilpa Ray and Her Happy Hookers. Aided by Nick Cave, she covered the Brecht-Weill classic “Pirate Jenny” on 2013’s Son of Rogues Gallery comp.

Check it out if you like: The elegantly wasted, i.e., Tom Waits, Jolie Holland, and Marianne Faithfull.

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Music Review: “Oh My Northern Soul” by Shilpa Ray

Posted in Anchor, FF, GE, LG, ONA, PUR, Radius, Uncategorized, Venta | Tagged , , , , , , , , | Comments Off on Music Review: “Oh My Northern Soul” by Shilpa Ray