A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration’s outline for tax reform released in April could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners.
President Trump is reportedly naming 10 nominees to federal courts on Monday — and, intriguingly, at least two of the people he's appointing are likely contenders for the Supreme Court in the future. By putting Larsen (who’s only 48), Stras (42), and Thapar (48) on appeals courts, Trump is further burnishing their credentials for future Supreme Court vacancies. The most likely next vacancies are either Ruth Bader Ginsburg, an 84-year-old two-time cancer survivor who might need to retire for health reasons, and Anthony Kennedy, who’s now 80 and who former clerks told Reuters is pondering retirement this year or next, especially now that his former clerk Gorsuch is on the Court. Replacing either of them with Larsen, Stras, or Thapar would create a bloc of five solid conservatives (Roberts, Alito, Gorsuch, Thomas, and the new justice) who could consistently overrule the remaining liberal bloc.
President Trump is planning to include a massive cut in the top tax rate on "pass-through" companies, from its current level of 39.6 percent to a mere 15 percent, the Wall Street Journal's Michael Bender and Richard Rubin report. This will be sold as a boost for small businesses, and it is, but it is mostly a huge giveaway to the rich — including the president himself.