Wyden Blasts Trump’s Latest Giveaway to Wealthy Tax Dodgers
Washington, D.C. — Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued the following statement on the news that the Trump administration will reopen a tax loophole that allows profitable businesses to dodge billions in taxes through complex “basis shifting” transactions that have no economic substance or value:
“This is a ridiculous loophole that allows the ultra-rich to dodge taxes by shifting assets around on paper while adding zero value to our economy whatsoever. Donald Trump is a known tax cheat and it’s clear his core economic agenda is to turn the government into an ATM for his billionaire pals, but that doesn’t make it any less outrageous that his administration would reopen this kind of tax loophole for the rich while simultaneously wrecking Social Security and attacking Medicaid. This is welfare for billionaire tax cheats and massive corporations, plain and simple.”
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