Tax havens aren't all white sand and palm trees — Montana and Wyoming offer the same kind of anonymity for shell companies. And there are important distinctions between illegal activity and tax avoidance. Speaking of taxes, we dig a little deeper into the new tax bill, looking at the impact of removing alimony deductions and discussing just how pro-growth it is with Neil Bradley, senior vice president and chief policy officer at the U.S. Chamber of Commerce. Plus, a fact check on President Donald Trump's statement that arms sales are job creation and a look at the day-to-day life of Puerto Ricans who had to leave the island because of power outages and food shortages.
Kai gets into a weedy economic conversation about the tax bill with Kevin Hassett, chairman of the White House Council of Economic Advisers. There’s still a lot to unpack about the bill, which we also discuss with Sudeep Reddy of Politico and the Los Angeles Times’ Don Lee on the Weekly Wrap, and with advocates for small business owners. And in not-tax-related news, a preview of President Donald Trump’s upcoming travels to Asia as America’s brand ambassador and why an unconventional faction will be leading the U.S. envoy at next week’s United Nations climate talks in Germany.
It’s tax day. Well, not that tax day. But the Republicans’ tax plan is finally here and we’re doing a full analysis. Here are a few highlights: fewer brackets, a new family credit, goodbye to most exemptions, and lower corporate rates. We talked to people across the country about their thoughts on these changes. Taxes were not the only big news today out of Washington. President Donald Trump announced that Jerome Powell will succeed Janet Yellen as Fed chair. Plus, how residents of a Colorado suburb are trying to stand up to the oil and gas companies that want to drill in their neighborhood.
That's what Bruce Bartlett, former adviser to Ronald Reagan and treasury official under George H.W. Bush, tells us on today's show. He also debunks the Republican tax myth, which is the insistence that Reagan's 1981 tax cuts for the rich gave way to vast prosperity, and suggests Republicans take a look at another tax reform model from the '80s. We also check in on how things are going at the Fed, discuss why California is the only state where a 12-cents-a-gallon gas tax could work and talk about who Administrator Scott Pruitt chose for the EPA's science advisory panel. Plus, on this week's Corner Office, we get into antibiotic-free poultry and plant-based protein with Tyson Foods CEO Tom Hayes.
The tax prevents individuals worth $5.5 million or more from passing on their estate untaxed, and Republicans have sworn it will be the first thing to go when tax reform comes. Plus, the story behind the lethal toxin that became Botox, and the company guarding it. And Kai Ryssdal interviews activist investor Bill Ackman, who is vying for control over payroll processing company ADP.
...and paying taxes on things (or not paying taxes on things) always leaves one. That’s probably why special counsel Robert Mueller is starting with indictments of former Trump campaign chief Paul Manafort and his business associate, Rick Gates, on charges including funneling money through overseas shell companies. And lucky for us, tax evasion and money laundering are the kind of things we talk about every day. While that situation unfolds in the coming weeks, we’re looking to a more immediate date: this Wednesday, which is the first day of health care open enrollment and supposedly when we'll see the Republicans' tax bill. Plus, ever wondered how much money is in the whole, wide world? We take a stab at answering that question on today’s edition of I’ve Always Wondered.