Donald Trump cuts Donald Trump’s taxes

This video from the USA says about itself:

Trump Tax Reform Explained

27 September 2017

After failing to repeal and replace Obamacare, Trump is turning to tax reform. Ana Kasparian, Bren Mankiewicz, Michael Shure, the hosts of The Young Turks, show you what’s in his plan. Tell us what you think in the comment section below.

“INDIANAPOLIS — President Trump on Wednesday began a full-throttle push to slash taxes and salvage what is left of his foundering legislative agenda in Congress, proposing a politically challenging array of tax cuts for individuals and businesses that would constitute the most sweeping changes to the federal tax code in decades.

Mr. Trump, smarting from the latest defeat this week of his efforts to dismantle the Affordable Care Act, cast his tax plan as an economic imperative and the fulfillment of a promise to his coalition of working-class supporters to deliver benefits in the form of lower taxes, better jobs and higher wages. But the president offered few details about how working people might benefit from a plan that has explicit and substantial rewards for wealthy people and corporations, including the elimination of taxes on large inheritances and deep reductions in the rates paid by businesses large and small.”

Read more here.

By Bob Lord in the USA:

Trump would personally save billions from his tax cut plan

Saturday 30th September 2017

What’s the largest personal stake a US president has ever had in legislation he signed into law? Whatever it was, it’ll be dwarfed by what Donald Trump’s signature will be worth — to himself — if Congress passes his proposed tax plan and puts it on his desk.

If that happens, Trump will be effectively cutting himself a cheque from the US Treasury for several billion dollars.

Call me cynical, but it seems that’s exactly what Trump has in mind. His plan just fits his tax situation — or what we know of it, without access to his tax returns — too perfectly.

The president’s tax proposal eliminates two taxes that mostly affect the wealthy, and cuts a third tax roughly in half. That would bestow a windfall worth billions on the Trump family.

First, there’s the elimination of the alternative minimum tax, or AMT. The AMT applies to taxpayers whose income tax liability otherwise would be reduced excessively by certain deductions, including deductions commonly claimed by real estate owners like Trump. It’s like an alternative tax system in which the rates are lower but fewer deductions are allowed.

The one glimpse we’ve had of Trump’s tax returns suggests he stands to benefit massively from the repeal of the AMT.

In 2005, Trump’s income exceeded $150 million, but his regular tax liability was just $5.3m — that’s barely a 3.5 per cent tax rate.

But the AMT increased Trump’s tax liability that year by over $31m.

Had Trump’s tax plan been in effect in 2005, it would’ve saved him that $31m.

Still, that’s chump change in comparison to the tax windfall he hopes to bestow upon himself by cutting the top tax rate on the bulk of his income by more than half, from nearly 40 per cent to 15.

We’re not talking about the corporate tax rate here. Trump could reap a tidy personal benefit from slashing the corporate income tax too, but the far bigger prize in his plan is its treatment of income from businesses that don’t pay corporate taxes.

Under current law, the income of those businesses is taxed to their owners at individual income tax rates. Under Trump’s plan, income from those businesses would receive preferential tax treatment, with a maximum tax rate of 15 per cent.

That would be the final act in turning US tax policy on its head.

In 1980, before Ronald Reagan’s election, the maximum rate on workers’ wages — earned income — was less than the maximum rate applicable to all other types of income except long-term capital gains.

Under Trump’s tax plan, the maximum tax rate workers pay, after accounting for employment taxes, will be higher than the rate applicable to any other type of income.

That means no matter how Trump invests his billions — in property, bonds, stocks, business ventures, etc — the income he generates would be taxed at a rate lower than what workers pay on their wages.

Trump’s preferential rate for business income is unprecedented. Is it a coincidence that the first politician to propose it just happens to be a real estate magnate with interests in literally hundreds of unincorporated businesses?

The biggest tax windfall Trump hopes to secure for himself, however, is one he won’t live to enjoy. I’m referring to inheritance tax of course — a federal levy on estates worth over $5.5m for individuals.

Trump’s plan would eliminate that tax, no matter how large the estate. For Trump, that would mean as much as $1.4 billion on an estate estimated by Forbes at $3.5bn.

The bottom line: If Trump’s tax plan passes, he’ll have secured for himself billions in tax benefits in less than a year as president. Not bad work if you can get it, huh?

This article appeared at Bob Lord is a tax lawyer and former Congressional candidate, is an associate fellow at the Institute for Policy Studies. He previously served as an adjunct faculty member at the Arizona State University School of Law. Lord’s work focuses on the relationship of tax law to inequality.

Surprise! Non-Partisan Analysis Finds Trump Tax Plan Primarily Rewards Top 1%. The plan would also raise taxes for many middle class families, a fact Americans for Tax Fairness denounced as “absolutely outrageous”: here.

Under Trump, the swamp takes to the air — in private jets — and the public pays: here.

31 thoughts on “Donald Trump cuts Donald Trump’s taxes

  1. Donald Trump, Grifter, continues to yank on the reins of government to turn public service into personal profit.

    A huge tax break for the rich has been presented to Congress by a self-proclaimed billionaire. Who benefits most from such a plan? Hint: The answer begins with a “T” and ends with a “RUMP.” A big, fat RUMP.

    Trump said that the fact that he paid nothing in income taxes means that he is “smart.” So wiping out his estate tax – what his bill would do – must make him a freakin’ genius. (A “genius” who would lose a spelling bee to most ten-year-olds, but still . . . .)

    Now, to be fair, we don’t know exactly how much Trump’s Tax Bill will cut Trump’s tax bill. Unlike every other Presidential nominee for the past fifty years, Trump still hasn’t released his tax returns. But if he really is worth $10+ billion, as he claims, and he wipes out the 40% estate tax, that saves him at least $4 billion when he passes to the Great Beyond. Maybe Trump thinks he can take it with him, and build golf courses in Hell.

    We can’t let Trump exploit his government service to walk away with $4,000,000,000.00. PLEASE contribute just $40 or more to Our Resistance. >>

    The Resistance – you, me – we have beaten back every attempt to take away healthcare. Now Trump is reaching into the Treasury cookie jar, and boy does his small-fingered hand deserve a slap.

    Call 844-USA-0234 to reach your Senators and your Representative today. Tell them to oppose this “tax cut” scam to stuff more money into Trump’s pocket. That’s 844-872-0234.

    If you haven’t done so already, please sign our petition demanding Trump’s resignation. And keep building Our Resistance by contributing here. >>

    Trump delenda est,

    The Resistance


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  3. Income inequality is one of the greatest injustices in our country. Instead of working to grow our middle class and lifting people out of poverty, President Trump and House Speaker Paul Ryan have introduced a tax plan that would slash taxes for corporations and the very wealthy while destroying services like Medicare, Medicaid, Social Security, and education.

    Our Revolution is working to fight back against Wall Street banks and greedy corporations who benefit from an unfair tax system. We can’t let the billionaire class get richer while children go hungry, men and women cannot afford basic medical care, and students are burdened with thousands of dollars of debt.

    There’s so much work ahead of us, and your support is critical to winning this fight. Can you chip in $3 or more to help us fight against a tax giveaway to corporations and the very wealthy?

    We know that despite advancements in technology and productivity, millions of Americans are working longer hours for lower wages. The reality is that for the past 40 years, corporations have rigged the rules to redistribute wealth and income to the wealthiest and most powerful people of this country. The Trump-Ryan tax plan is more of the same.

    Will you help us stand up to the Trump-Ryan tax plan? Your $3 contribution to Our Revolution helps us fight for a fair tax system that invests in public services like education, health care, and infrastructure.

    It is our moral obligation to keep fighting for a country where corporations pay their fair share and everyone, regardless of race, class, or gender, can earn a living wage and make enough to take care of themselves and their family members. We won’t stop fighting until we make that dream a reality.

    In solidarity,

    Larry Cohen
    Board Chair


  4. The People’s Email Network, PO Box 35022, L.A., CA 90035

    So when Trump claims his proposed tax cut revolution would not be
    good for him, or that it’s just about reducing taxes on the middle
    class, we hope you already have your track shoes on.

    A lot of very rich people have contributed what is in fact a
    relatively paltry amount of money (compared to their net worth) to
    elect all these tax cut salivating Republicans, who they bought for
    pennies on the dollar, and now they want their windfall return on
    their investment.

    The plutocrats are angry that the American people saw through the big
    tax cuts in their health care debacle, angry that these paid off
    politicians did not turn a deaf ear to their constituents to ram it
    through anyway, and now they are going for the kill on the only thing
    they ever cared about all along, straight up massive reductions of
    their own taxes.

    This is being designed to be the Plutocrat Payoff.

    Yesterday, Trump claimed MILLIONS of farmers and small businesses
    would benefit from abolishing the estate tax. The actual number is a
    mere 80 of the most successful. The vast bulk of the boon goes to
    people like the Waltons, the Kochs, and wait for it . . . Trump

    What they have pejoratively focus group branded as the “death” tax
    would in fact contribute to the death of government fairness.

    According to the only federal tax return of Trump that anyone has
    ever seen, the ONLY tax he ever paid was the alternative minimum tax,
    another thing the Plutocrat Payoff seeks to flat abolish.

    In the meantime, the non-rich get hurt in two ways. First, the bottom
    tax bracket for wage earners actually goes up, from 10% to 12%. But
    second, and most importantly, gutting the tax base means no budget
    available for any kind of social safety net, social security,
    medicare, everything else other than war financing, sorry folks, we
    just don’t have the money anymore.

    We strongly suspect the Congressional Budget Office will pan this
    proposal at least as badly as they panned every scammy Republican
    health care replacement plan.

    And then it’s our job to holler enough make sure this too is dead on

    An infrastructure bill that would actually produce jobs and stimulate
    the economy could be passed easily with bipartisan support. But are
    they interested in putting that together in Congress? No, instead
    they are obsessively fixated on trying to demolish our national tax
    base, any way they can.

    Of course, Bernie was quick to call out this plan as being “morally
    repugnant and bad economic policy.” Could his reading be any more
    right on? What stronger voice do we have against such outrages? This
    is why we are standing with Bernie Forever, with an embroidered
    representation of his defiant hair line. And we invite you to join us
    and him.


  5. Reblogged this on 61chrissterry and commented:
    As usual for Trump, a plan he proposes which will be more beneficial to himself and his wealthy and corporate associates than it will for the majority of Americans, even his own supporters.

    Trump supporters have elected a person who is more interested in himself than the people who elected him into the Presidency.


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