Trump was mean to Bloomberg, but Trump's tax cuts have been much nicer to him
Bloomberg and Trump together in the bygone days of 2007. Photo: Patrick McMullan via Getty Image Lest we forget the innocent days of the pre-pandemic Democratic primary, former president Donald Trump wasn’t all that nice to former New York City mayor Michael Bloomberg, making fun of his height by crouching behind a podium at the Conservative Political Action Committee.
But if Trump went the bully’s route on the stage, his tax cuts were much nicer to his rival billionaire. According to a ProPublica report on Wednesday detailing the confidential IRS records of some of the nation’s most prominent plutocrats, Bloomberg saved $68 million in 2018 thanks to new tax provisions in the first year that Trump’s signature piece of legislation went into effect.
Bloomberg was not alone: As ProPublica reports, Trump’s tax cuts allowed 82 ultra-rich households save $1 billion in 2018. Many of the biggest winners were involved in what are called pass-through firms, in which profits slide directly to the owner. Lauded during negotiations as tax relief for “small businesses,” big benefits for pass-throughs allowed Bloomberg and other billionaires to avoid major hits come tax time.
The Congressional Research Service, a kind of in-house think tank for Congress, has a new paper analyzing the effects of the Trump tax cuts. It finds that none of those secondary effects have materialized. Growth has not increased above the pre-tax-cut trend. Neither have wages. After a brief and much smaller than expected bump, repatriated corporate cash from abroad has leveled off.
It’s unclear what Bloomberg, the 20th richest person alive, did with the $68 million from the Trump cuts. Perhaps he used it to help fund his failed ad blitz to win Florida for Biden. Maybe it went into his $1 billion primary campaign, which netted him just 59 delegates — a couple thousand short of the nomination.
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