Fox Business host Trish Regan criticized a key component of the Republican tax plan, saying it was wrong for private equity investors to have a lower tax bracket than New York City police officers.
“It’s great for corporations, and there’s nothing wrong with that,” she said. “And it’s also great for a lot of fat cat private equity investors and there is something wrong with that.”
Noting that the tax plan, which passed both chambers of Congress yesterday, effectively places Blackstone Group CEO Stephen Schwarzman, who makes $400 million a year, in a lower tax bracket than a “New York City cop,” she reminded her viewers that President Donald Trump had broken his promise to abolish the carried interest loophole which allows people like Schwarzman to call their income “investment.”
“The president promised to fix this, remember? Those private equity fat cats get away with paying investment taxes instead of income taxes and that is just wrong. So why doesn’t anyone care?”
Regan then showed a clip of Treasury Secretary Steven Mnuchin dismissing claims that the “investment tax” would benefit those in private equity, saying the tax break would not amount to “that much money.”
“No, it’s not that much money! Who cares about 100 billion dollars? Maybe Steven Mnuchin doesn’t care about 100 billion dollars or his billionaire friends, but, come on. You mean to tell me that special interest lobbyists are so alive and well in Washington that they convinced the entire House and the entire Senate to ignore this inequity?” She added: “I’m beginning to wonder if our country is becoming ungovernable.”
Regan also took her concerns to Twitter.
How is it fair that a private equity investor has a LOWER tax bracket than a NYC Cop?! This is just WRONG! Wasn’t the President supposed to CLOSE these special interest loopholes? Seems like our country is becoming ungovernable. #taxreform#TrishIntel pic.twitter.com/EZ6hzOb2l8
— Trish Regan (@trish_regan) December 18, 2017
The responses she received were rather mixed.
“Many of us (former) Trump supporters agree with you 100%,” wrote author Charlotte Laws. “Thanks for speaking out. It is unfortunate but Trump & the Republicans are completely blowing it.”
Many of us (former) Trump supporters agree with you 100%. Thanks for speaking out. It is unfortunate but Trump & the Republicans are completely blowing it.
— Charlotte Laws (@CharlotteLaws) December 19, 2017
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