The Republicans are on the verge of passing their “Christmas gift” tax bill, and President Trump is grinning at the prospect of his first major legislative victory. However, not everybody is on board — even a scattered few murmurs on his own sideline are pushing back against the bill. One such voice was Fox Business host Trish Regan, who criticized the bill this week, saying that it’s designed for “private equity fat cats.”
Regan opened by saying, “It’s great for corporations, and there’s nothing wrong with that,” but she quickly changed pace, pointing to one “fat cat private equity investor” — Stephen Schwarzman, who Regan said raked in about $400 million last year — who will pay a lower percentage of taxes than a New York City cop. Looking deadpan into the camera, Regan said, “The president promised to fix this, remember?”
After running a clip from one of Trump’s campaign speeches in which he promised to “eliminate … special interest loopholes that have been so good for Wall Street investors,” Regan blasted the legislation that will allow “private equity fat cats [to] get away with paying investment taxes instead of income taxes.” The Fox host then turned the heat on Treasury Secretary Steve Mnuchin, saying, “Maybe Steven Mnuchin doesn’t care about $100 billion, or his billionaire friends, but come on — you mean to tell me that special interest lobbyists are so alive and well in Washington that they convinced the entire House and the entire Senate to ignore this inequity?”
Closing on a blunt note, Regan mused, “I’m beginning to wonder if our country is becoming ungovernable, because I’ll tell you one thing: our founding fathers never, ever anticipated a swamp like the one we have today.”
Regan also uploaded the video to her Twitter account, writing, “How is it fair that a private equity investor has a LOWER tax bracket than a NYC Cop?!”
The GOP’s tax bill has been a long time coming, and the party’s leaders were only recently able to get all their members on board. Tennessee Senator Bob Corker was a late joiner to the bill’s backers, guaranteeing Mitch McConnell the votes he needs to push the legislation through the Senate. Over the weekend, Corker endured a wave of criticism when the International Business Times revealed that a last-minute addition to the bill that essentially protects real estate shell corporations will spare the Tennessee lawmaker millions of dollars. Corker hit back, with his office saying that he had no hand in writing the bill, and that he “made no requests for specific provisions throughout this debate.”
But as the tax bill passed the House with a 227-203 vote, Republicans were all grins. NBC’s Christina Wilkie wrote that speaker Paul Ryan (R-Wisc.) banged his gavel so hard it bounced off the lectern.