Above Photo: From citizen.org
NOTE: Donald Trump is going from a failed repeal of the Affordable Care Act, in which every proposal considered by the House and Senate Republicans made health insurance more unfair and covered less, to a tax proposal designed primarily to benefit the wealthy. An analysis by Americans for Tax Fairness of the tax framework, released today by the President and Republican leaders in Congress, “shows that Trump’s tax cuts could total a massive $6.7 to $8.3 trillion, $3 to $5 trillion of which may not be paid for by closing other tax loopholes and/or by limiting tax deductions. The resulting jump in the deficit threatens funding of Social Security, Medicare, Medicaid, public education and other vital services. The framework is very similar to key features of the tax plans previously released by President Trump and House Speaker Ryan, which is the basis for ATF’s analysis.” – KZ
Statement of Robert Weissman, President, Public Citizen
Note: President Donald Trump and congressional Republicans today unveiled a tax plan, the “Unified Framework for Fixing Our Broken Tax Code.”
This is a tax plan that only the superrich and giant corporations could love. And it’s a tax plan for one superrich person in particular to love: billionaire President Donald Trump.
This plan may literally be worth billions to Trump personally:
• Repealing the Alternative Minimum Tax would have saved Trump $30 million in 2005 (the year for which partial Trump returns are available) alone.
• Lowering the tax rate on pass-through corporations could cut his tax bill by a third or more every year.
• Eliminating the estate tax could save the Trump family as much as $4 billion, if Trump is in fact worth $10 billion.
• Other features of the tax plan might give major savings to Trump, though the secretive nature of his business holdings and the fact that he refuse to release his tax returns makes this impossible to know – does, for example, Trump have profits parked offshore, waiting for a low repatriation rate?
Of course, it’s not only Trump who “wins” at the expense of regular Americans. The Trump tax plan is a massive payback to the political donor class, conferring untold riches on those who don’t need it – the superrich and giant corporations – while depriving the federal government of needed revenue and paving the way for draconian cuts in Social Security, Medicare, education and more.
The donors will undoubtedly reward those who support this plan, but voters are sure to have a radically different response.