Trump Trolls Democrats: ‘Please Do Not Distance Yourselves From Nancy Pelosi’

On Friday, President Donald Trump trolled the Democratic Party with a snarky tweet praising House Minority leader Rep. Nancy Pelosi, a frequent lightning rod for his criticism of the party.

“Democrats, please do not distance yourselves from Nancy Pelosi,” Trump wrote. “She is a wonderful person whose ideas & policies may be bad, but who should definitely be given a 4th chance. She is trying very hard & has every right to take down the Democrat Party if she has veered too far left!”

Trump has repeatedly bashed Pelosi, calling her — along with fellow frequent target Rep. Maxine Waters — “the unhinged FACE of the Democrat Party” and repeatedly using her name to throw shade at Democratic challengers in key races.

It is unclear what exactly prompted today’s tweet, however, it followed a long segment on Meet the Press talking about both Pelosi and the Democratic Party.

[Mediate]

Trump doubles tariffs on Turkey

President Trump said Friday that the U.S. will double tariffs on steel and aluminum imported from Turkey, as relations between the NATO allies worsen.

Trump tweeted Friday that he authorized raising tariffs on Turkish steel to 50 percent and on aluminum to 20 percent as the country’s currency falls rapidly against the U.S. dollar.

“I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!,” Trump tweeted.

“As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey,” said White House spokesperson Lindsay Walters in a statement.

“Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter.”

The lira dropped 11 percent against the U.S. dollar Friday as Turkish President Recep Erdogan warned of a global economic war against his country. Trump’s tweet brought the lira down another 3 percentage points, according to CNBC.

Turkish financial markets have panicked over concerns about the country’s fiscal health, the souring of U.S.-Turkey relations, and Erdogan’s economic policy, according to the Associated Press.

Erdogan said the currency drop was the result of a “campaign” to injure Turkey and called on citizens to convert their U.S. dollars, euros and gold into lira, according to the AP.

“If they have their dollar, we have the people, we have Allah,” Erdogan said.

The U.S.-Turkey alliance has become increasingly strained since 2017, reaching new lows this month over the imprisonment of an American pastor.

The Treasury Department imposed financial sanctions on the Turkish interior and justice ministers after the government refused to let detained Christian pastor Andrew Brunson return to the U.S.

Brunson had spent 23 years as a pastor in Turkey before he was detained more than a year ago. The Turkish government alleged that he was involved in a failed coup against Erdogan in 2016, and Fethullah Gülen, an Islamic cleric Erdogan blames for the failed revolt.

The Turkish government transferred Brunson from prison to house arrest in July, but refused his and the U.S. government’s requests to return to America.

Tensions also flared in May 2017 after Erdogan’s personal security forces attacked demonstratorsprotesting his visit to the U.S. at the Turkish embassy in Washington, D.C.

Trump imposed tariffs of 25 percent and 10 percent on imported steel and aluminum respectively in March. The White House issued those tariffs under Section 232 of the Trade Expansion Act, which empowers the president to impose duties on imports to protect U.S. national security.

Key U.S. allies such as Canada, Mexico, and the European Union, which includes Turkey, were exempted from the tariffs until May. Those nations have responded with retaliatory tariffs on U.S. exports.

[The Hill]

Trump Wants You to Choose a Space Force Logo… for the Merch He’ll Sell You

No one but defense contractors and their accountants knows why America needs a Space Force. But moments after announcing the new U.S. military branch, the Trump campaign gave us a hint at this arguably idiotic idea’s true purpose: Lining the campaign’s pockets.

At this point, it’s a tired cliche to claim the president is just trying to distract us from his scandals when he does something really stupid. As we speak, he’s trying to make it easier to poison our kids, his secretary of commerce appears to be a world class grifter, his former campaign manager is probably going to jail for what can best be described as “crimes,” and he can’t stop building an obstruction of justice case against himself. That’s just stuff that happened this week. But no, I don’t believe the Space Force initiative—which will only happen if Congress funds it—is a calculated distraction. It appears to be more of a fundraising con game.

In an email sent out to supporters following Vice President Mike Pence’s speech announcing the formation of the agency dedicated to protecting space (?), the Trump campaign team asked people to vote for their favorite Space Force logo. Six options are displayed and one would be forgiven for thinking this is a great chance to be a part of history. After all, what if you had cast the deciding vote that made the NASA logo what it is today?

Alas, the details are in the fine print—or in this case, the non-bold print in an easy to read, four-sentence email. “As a way to celebrate President Trump’s huge announcement, our campaign will be selling a new line of gear,” the line reads. It’s followed by, “first we have to make a final decision on the design we will use to commemorate President Trump’s new Space Force—and he wants YOU to have a say.” Choosing a logo takes you to a confirmation page that gets a little data from you, and it finally lands on a donation page asking for some money now before you have that sweet new line of gear.

The worst part of this is that not only is Trump, once again, personally profiting from the federal government, but he’s cutting into NASA’s merch game. In fact, the only logo that doesn’t look like it was made by Dan Scavino’s intern using MS Paint is one that is a direct ripoff of NASA’s logo.

A final logo looks suspiciously like some art from the video game No Man’s Sky and tells us “Mars Awaits.” We don’t know what Space Force has to do with Mars—it’s a defense agency tasked with protecting U.S. satellites, not traveling to other planets—but the planet is out there, just waiting to get its ass kicked.

We reached out to the Trump campaign to ask when this “line of gear” will be available to the public, if the logo will become the agency’s official seal, and how the profits of sales will be used. We did not get an immediate response, and we don’t expect one. To paraphrase John F. Kennedy, “We choose to grift! We choose to grift and do the other things, not because it is hard, but because it is easy.”

[Gizmodo]

Trump Suggests FBI Kept Carter Page’s Russia Ties Secret to ‘Spy’ on His Campaign

President Donald Trump suggested that the FBI may have tried to use Carter Page as “an excuse to SPY” on the Trump campaign, as they did not inform the then-candidate about Page’s ties to Russia.

“’Why didn’t the FBI tell President Trump that they had concerns about Carter Page? Is there a double standard here?’” Trump tweeted on Thursday, quoting comments made by Republican Senator Lindsey Graham on Fox News.

Trump then jumped in with his on commentary on the matter: “They told Senator Diane Feinstein that she had a spy – but not Trump. Is that entrapment or did they just want to use Page as an excuse to SPY?”

Just days before the election in 2016, the FBI filed a surveillance application on Page that said, “The FBI believes that Page has been collaborating and conspiring with the Russian government.”

Page responded to the allegations by denying his involvement with the Kremlin.

“I’ve never been an agent of a foreign power by any stretch of the imagination,” the former Trump campaign adviser said.

[Mediaite]

Reality

First, Carter Page left the Trump campaign in September 2016, the FBI sought another FISA warrant in October 2016 after Page left.

Second, the FBI informed Trump the Russians were trying to infiltrate his campaign in July 2016.

Trump is a liar.

Trump Starts Sunday Morning Saying Press is ‘Dangerous’ and ‘Sick’ and They ‘Cause War’

At his rally on Saturday, President Trump divided the media into two groups: Fox News, and Fake News.

On Sunday morning he blasted Fake News, meaning all non-Fox News, as the “enemy of the people” once again, and said that they are “dangerous”, “sick”, and “cause war.”

“The Fake News hates me saying that they are the Enemy of the People only because they know it’s TRUE,” he Tweeted, obviously catching the Sunday morning news and seeing reporting on his comments from Saturday’s rally. “I am providing a great service by explaining this to the American People.”

On Saturday, Trump called MSNBC “disgusting” and “corrupt”, and the crowd chanted “CNN sucks.”

[Mediaite]

Trump Insists Tariffs Will Make Our Country ‘Much Richer’: ‘Only Fools Would Disagree’

On Saturday, President Donald Trump praised his tariff plan and insisted, “steelworkers are working again, and big dollars are flowing into our Treasury.”

“Tariffs are working far better than anyone ever anticipated,” Trump tweeted out. “China market has dropped 27% in last 4 months, and they are talking to us. Our market is stronger than ever, and will go up dramatically when these horrible Trade Deals are successfully renegotiated. America First.”

Then in the first follow-up tweet, he added: “Tariffs have had a tremendous positive impact on our Steel Industry. Plants are opening all over the U.S., Steelworkers are working again, and big dollars are flowing into our Treasury. Other countries use Tariffs against, but when we use them, foolish people scream!”

He was not done yet.

A few minutes later, he tweeted again, writing, ” Tariffs will make our country much richer than it is today. Only fools would disagree. We are using them to negotiate fair trade deals and, if countries are still unwilling to negotiate, they will pay us vast sums of money in the form of Tariffs. We win either way.”

Trump then concluded: “China, which is for the first time doing poorly against us, is spending a fortune on ads and P.R. trying to convince and scare our politicians to fight me on Tariffs- because they are really hurting their economy. Likewise other countries. We are Winning, but must be strong!”

[Mediaite]

Kellyanne Conway Slams Journalists With ‘Seven-Figure Contracts’ Who ‘Yuk It Up’ on Late Night TV

White House Counselor Kellyanne Conway took some shots at the media over their coverage of her boss, President Donald Trump.

Appearing on The Ingraham Angle Thursday night, Conway began by defending Trump supporters as they were “looked down upon” by folks like Hillary Clinton and former President Barack Obama, invoking their past rhetoric dismissing Middle America as “deplorables” and those who “cling” to God and guns.

“I’m not sure if they care anymore,” Conway told Laura Ingraham. “I speak to these people all the time. You know what they care about? They care they have a president who respects and takes action daily for the military, for the veterans, and for them.”

She then blasted the press for their reaction to the hostile rhetoric coming from the White House.

“A lot of these journalists have very expensive seven-figure contracts, go on late night TV where they can yuk it up with somebody equally situated, where they can just laugh all day long, particularly about the women in the Trump administration,” Conway continued. “And then they can go and give speeches — I mean, they speak for free every single day, and have a country doesn’t want to listen to them. And then somebody pays them a lot of money to give speeches, so they are raking it in.”

Conway added that Trump’s assertion that “nobody has been better for the media than him” is correct, citing the revenues and “popularity” of some of these journalists.

[Mediaite]

Trump Administration Mulls a Unilateral Tax Cut for the Rich

The Trump administration is considering bypassing Congress to grant a $100 billion tax cut mainly to the wealthy, a legally tenuous maneuver that would cut capital gains taxation and fulfill a long-held ambition of many investors and conservatives.

Steven Mnuchin, the Treasury secretary, said in an interview on the sidelines of the Group of 20 summit meeting in Argentina this month that his department was studying whether it could use its regulatory powers to allow Americans to account for inflation in determining capital gains tax liabilities. The Treasury Department could change the definition of “cost” for calculating capital gains, allowing taxpayers to adjust the initial value of an asset, such as a home or a share of stock, for inflation when it sells.

“If it can’t get done through a legislation process, we will look at what tools at Treasury we have to do it on our own and we’ll consider that,” Mr. Mnuchin said, emphasizing that he had not concluded whether the Treasury Department had the authority to act alone. “We are studying that internally, and we are also studying the economic costs and the impact on growth.”

Currently, capital gains taxes are determined by subtracting the original price of an asset from the price at which it was sold and taxing the difference, usually at 20 percent. If a high earner spent $100,000 on stock in 1980, then sold it for $1 million today, she would owe taxes on $900,000. But if her original purchase price was adjusted for inflation, it would be about $300,000, reducing her taxable “gain” to $700,000. That would save the investor $40,000.

The move would face a near-certain court challenge. It could also reinforce a liberal critique of Republican tax policy at a time when Republicans are struggling to sell middle-class voters on the benefits of the tax cuts that President Trump signed into law late last year.

“At a time when the deficit is out of control, wages are flat and the wealthiest are doing better than ever, to give the top 1 percent another advantage is an outrage and shows the Republicans’ true colors,” said Senator Chuck Schumer of New York, the Democratic leader. “Furthermore, Mr. Mnuchin thinks he can do it on his own, but everyone knows this must be done by legislation.”

Capital gains taxes are overwhelmingly paid by high earners, and they were untouched in the $1.5 trillion tax law that Mr. Trump signed last year. Independent analyses suggest that more than 97 percent of the benefits of indexing capital gains for inflation would go to the top 10 percent of income earners in America. Nearly two-thirds of the benefits would go to the super wealthy — the top 0.1 percent of American income earners.

Making the change by fiat would be a bold use of executive power — one that President George Bush’s administration considered and rejected in 1992, after concluding that the Treasury Department did not have the power to make the change on its own. Larry Kudlow, the chairman of the National Economic Council, has long advocated it.

Conservative advocates for the plan say that even if it is challenged in court, it could still goose the economy by unleashing a wave of asset sales. “No matter what the courts do, you’ll get the main economic benefit the day, the month after Treasury does this,” said Ryan Ellis, a tax lobbyist in Washington and former tax policy director at Americans for Tax Reform.

Liberal tax economists see little benefit in it beyond another boon to the already rich.

“It would just be a very generous addition to the tax cuts they’ve already handed to the very wealthy,” said Alexandra Thornton, senior director of tax policy at the liberal Center for American Progress, “and it would play into the hands of their tax advisers, who would be well positioned to take advantage of the loopholes that were opened by it.”

The decades-long push to change the taxation of investment income has spurred a legal debate over the original meaning of the word “cost” in the Revenue Act of 1918, and over the authority of the Treasury Department to interpret the word in regulations.

“I think we ought to look at not penalizing Americans for inflation,” said Representative Kevin Brady of Texas, the Republican chairman of the Ways and Means Committee, who said he would like to see the Treasury Department make the change through regulation.

Mr. Bush’s Treasury Department determined that redefining “cost” by regulatory fiat would be illegal — a conclusion buttressed by the Justice Department’s Office of Legal Counsel, which found that “cost” means the price that was paid for something.

But conservatives have disputed this conclusion. Pushing Mr. Trump to make the change, Grover Norquist, the president of Americans for Tax Reform, has cited a 2002 Supreme Court decision in a case between Verizon Communications and the Federal Communications Commission that said regulators have leeway in defining “cost” to make the case that the Treasury Department can act alone.

“This would be in terms of its economic impact over the next several years, and long term, similar in size as the last tax cut,” Mr. Norquist said, suggesting that making the change would raise revenue for the government by creating new economic efficiencies and faster growth. “I think it’s going to happen and it’s going to be huge.”

He and others said last year’s tax cut would also pay for itself, but despite strong economic growth, corporate tax receipts have plunged and the deficit has soared.

According to the Penn Wharton Budget Model, indexing capital gains to inflation would reduce government revenues by $102 billion over a decade, with 86 percent of the benefits going to the top 1 percent. A July report from the Congressional Research Service said that the additional debt incurred by indexing capital gains to inflation would most likely offset any stimulus that the smaller tax burden provided to the economy.

“It is unlikely, however, that a significant, or any, effect on economic growth would occur from a stand-alone indexing proposal,” the report said.

Michael Graetz, a tax law professor at Columbia University who worked in the Treasury Department’s tax policy office when the department determined that taxing capital gains could not be changed by regulation, said he still thought that the decision to change the law should fall to Congress.

He pointed out that the department would have to make decisions about what types of assets would be indexed and that it would essentially be picking winners and losers.

“There’s certainly no legal authority for Treasury to choose what assets to treat this way,” Mr. Graetz said.

Two law professors, Daniel J. Hemel of the University of Chicago and David Kamin of New York University, wrote in a paper last month that states, charities and other entities could sue the Treasury Department if it tried to make the change. Mr. Kamin said in an interview that the change would create opportunities for gaming the tax code, in part because other parts of the code, such as interest payments, would still be unadjusted for inflation.

A framework for a second round of tax cuts, released by the Ways and Means Committee last week, did not address taxation of capital gains. It is highly unlikely that Congress will pass another tax bill this year because of the slim Republican majority in the Senate.

Democratic senators have written to Mr. Mnuchin, urging him to stand down.

“Treasury does not have the unilateral authority to take our tax code and expose it to widespread gamesmanship,” said Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee. “Indexing capital gains under this regime is a boondoggle for the rich, plain and simple.”

A Treasury Department official wrote Mr. Wyden a two-paragraph reply this month. “We appreciate your taking the time to express the thoughts outlined in the letter,” it read. “We will take them under advisement.”

[The New York Times]

Trump Goes On Anti-Media Tweetstorm, Attacks Reporting He Says Puts Lives ‘At Risk’: ‘Very Unpatriotic!’

President Donald Trump is going on yet another Twitter tirade about the media, this time attacking certain reporting as “very unpatriotic!”

To recap: Trump tweeted this morning that he recently met with New York Times publisher A.G. Sulzberger and talked about the “fake news.” Sulzberger shot back by saying he specifically told the President he’s concerned about his “dangerous” attacks on the media.

Well, um, he’s still doing it (not that he ever stopped).

And not only that, but Trump is now accusing reporters of putting lives at risk by reporting on “internal deliberations of our government”:

You will also notice that Trump, hours after revealing his meeting with Sulzberger, is back to attacking the Times again.

The Times report on this meeting features Sulzberger making one very serious point to the President:

Mr. Sulzberger recalled telling Mr. Trump at one point that newspapers had begun posting armed guards outside their offices because of a rise in threats against journalists. The president, he said, expressed surprise that they did not already have armed guards.

[Mediaite]

Trump Celebrates ‘Record’ Sales of Nonexistent Health Insurance Policies

As usual, President Donald Trump is either ignorant or lying about his own policies. This time, it’s so ridiculously obvious that correcting the record might sound fake.

During an event Thursday at Northeast Iowa Community College in Peosta, Trump was very excited to report that “incredible” numbers of people were signing up for association health plans, a form of coverage his administration is making easier to buy. He’s right about one thing: That truly is incredible, in that it’s the opposite of credible.

Trump didn’t use the term ”association health plans” in his remarks, but he did repeatedly praise Alexander Acosta, the secretary of labor, whose department published the regulations governing these policies last month, so it’s clear what Trump is referring to.

“I hear it’s like record business that they’re doing,” Trump said. “We just opened about two months ago, and I’m hearing that the numbers are incredible. Numbers of people that are getting really, really good health care instead of Obamacare, which is a disaster.”

To recap: zero people have actually enrolled in this insurance because it is literally impossible to do so until Sept. 1 at the earliest. And as for Obamacare being a “disaster,” its current problems have a lot to do with Trump himself.

Association health plans are policies that allow small companies in the same industry to band together to buy health benefits for their employees. These already existed before Trump, and before the Affordable Care Act became law in 2010.

President Barack Obama’s administration made them comply with the Affordable Care Act’s rules requiring health plans to provide a minimum, basic set of benefits (things like prescription drugs and maternity care) and limited how insurers could set prices based on the health status of the workers.

The Trump administration is changing that. These association health plans could evade the benefit rules and also charge premiums based on workers ages, occupations and places of business.

Association health plans may save some employees and employers money because they offer skimpier benefits, although those savings could be negated if an employee needs care not covered by her plan and has to pay out of pocket.

And these plans are designed to attract healthy consumers, so the more of them that leave the Affordable Care Act exchanges to join association health plans, the more costly the exchange customer base becomes and the higher premiums for those customers will be.

[Huffington Post]

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