Most assessments of the tax proposal before Congress indicate that it will primarily benefit the wealthy. But I wonder — why do the rich need more money? I admit that I am not wealthy and have trouble picturing 1,000 million dollars (a billion), let alone come anywhere near owning that amount.
An example: Donald Trump’s leaked 2005 income tax return shows an adjusted gross income of $416,592,825. Divide that amount by 365, and you learn that Trump received $1,141,350 per day, or $47,556 per hour. Meanwhile, according to the Census Bureau, median family income in 2005 was $46,300. And yet those at Trump’s income level who receive more per hour than half the American families receive in a year need to pay less in tax?
How much tax savings will a rich person receive next year? I haven’t seen any estimates, so let’s assume it is $10 million — equal to about nine days of Donald Trump’s 2005 income. Is it really worth it?
