Seth Meyers has a tax tip for Trump: 'Claim your defendants as dependents'
President Trump has been touting the GOP tax plan as a wonderful thing for the middle class, but in reality, Seth Meyers said on Thursday's Late Night, it will benefit the ultra wealthy — like Trump.
"The only thing that would be more beneficial to Donald Trump is a tax break that lets you claim your defendants as dependents," Meyers said. Trying to pass tax reform is a last-ditch effort for Republicans to get something done before the year is over, he said, and it shouldn't be that difficult for a group that has crowed about fixing the tax system for years and years. "Tax cuts are to the Republican Party what 'Piano Man' is to Billy Joel," Meyers said. "Whenever they think they're losing the crowd and people are heading for the exits, they can break that one out and everybody's gonna sing along."
Meyers went into some detail on how the House Republicans' plan would affect the middle class — decreasing the corporate tax rate from 35 percent to 20 percent results in a $1 trillion loss of revenue, and to make that up, important deductions that help residents in states like California and New Jersey, like the state and local tax deduction, would be eliminated. What's not touched? A tax break for golf club owners, which would directly benefit Trump. Watch the video below for more on the tax plan, and for Meyers' oddly accurate impression of Commerce Secretary Wilbur Ross. Catherine Garcia
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
'Republicans want to silence Israel's opponents'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Today's political cartoons - April 19, 2024
Cartoons Friday's cartoons - priority delivery, USPS on fire, and more
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published