On Sept. 27, when our president was asked if the proposed tax plan would benefit him personally, he answered, “No, I don’t benefit. I don’t benefit. In fact, very very strongly, as you see, I think there’s very little benefit for people of wealth.”
One of the key elements of the Republican plan is the elimination of the alternative minimum tax. In his 2005 tax return, if there had been no AMT, Trump would have saved $31 million of the $36 million he paid in taxes.
Another key element is the elimination of the estate tax. If that happens, his heirs will inherit 100 percent of his wealth, including millions of dollars of never-taxed earnings.
A third element is the sharp reduction of taxation of “pass through” income. This is income that, through a technicality, is changed from corporate income to personal income, and happens to reflect the way Trump’s empire is set up. His tax savings here would be massive.
There are undoubtedly many other elements of this tax plan that will benefit him and his family. The question is, does his egregious lying about his personal stake in this tax plan make you angry? If so, do something about it.