The Hill: Making Wall Street Loopholes Great Again
media mentionThe choice of Cohn and Mnuchin as the faces of Trump’s tax plan really says it all. Their former employer, Goldman Sachs, is already a champion tax dodger.
When Cohn stepped down as the bank’s president to join the administration, Goldman had $31 billion in untaxed offshore profits and 987 tax haven subsidiaries, according to the Institute on Taxation and Economic Policy.
If President Trump has his way, banks and corporations will enjoy a deep discount on such offshore funds if they shift them to the United States. While the Cohn-Mnuchin duo declined to say just how deep this discount might be, the plan Trump released during his campaign proposed a 10 percent tax “repatriated” earnings, less than a third of the current 35 percent corporate tax rate.