Trump, Mnuchin, And The 2017 Tax Overhaul

Trump, Inc.

WNYC Studios

Don, Trump, News, Business, Jared, Ivanka, Jr, Politics, Business News, Government, Eric

4.6 • 5.7K Ratings

🗓️ 14 October 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

President Trump ran for president on three promises: He'd build a wall on the Mexican border, repeal Obamacare, and overhaul the nation's tax system. And approaching the 2020 election, Trump's only accomplished one of them — and even that didn't live up to the hype. "It's important to point out is the impact has been not what he said it would be," says Sally Herships, host and co-executive producer of The Heist, a new podcast from the Center for Public Integrity. "It has not been what he promised, which was, a sizable increase in jobs, higher wages ... just kind of this rainbow-like better life for many Americans." “Not only will this tax bill pay for itself," promised Treasury Secretary Steven Mnuchin, "but it will pay down debt.” Yet nearly every analysis said the changes would add more than $1 trillion trillion to the national debt. This episode of The Heist, "Buyer's Remorse," looks at how the Trump administration rushed the law through. Sign up for email updates from Trump, Inc. to get the latest on our investigations.

Transcript

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0:00.0	Sally Hirschips, host of the new podcast The Heist from the Center for Public Integrity.
0:08.2	I'm really excited to have you on Trump Inc.
0:11.4	Hi, Ilya.
0:12.4	Thank you for having me.
0:14.3	So, the New York Times brought out these blockbuster stories based on Trump's tax returns,
0:19.5	which provide a really interesting window into the business of Trump.
0:24.8	You have spent many months looking at a different aspect of Trump and taxes.
0:29.9	This is something that Republicans wanted for years and Democrats wanted for years, and
0:34.2	yet it never got done.
0:35.6	And that is his signature legislative achievement, which is a major overhaul of the tax code.
0:41.9	But it never got done.
0:42.9	Now it's being done.
0:43.9	And he was able to do it with the help of his Treasury Secretary Stephen Manuchin, as
0:49.1	point man.
0:50.1	This is going to be the biggest tax cut and the largest tax reform in the history of
0:56.0	our country.
1:00.3	What's been the impact of the changes they made?
1:02.6	I mean, the first thing I think it's important to point out is the impact has been not what
1:08.2	he said it would be.
1:09.4	It reduces or eliminates most of the deductions and loopholes available to special interests
1:16.8	and to the very rich.
1:18.8	It has not been what he promised.
	...

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