Trump Pitches Tax Plan That Helps Himself, Hurts His Supporters
November 16, 2017
This morning, before House Republicans vote to raise taxes on many middle-class families, President Trump headed to the Hill to give his final pitch for a bill that would benefit himself, and his rich friends, while hurting his own supporters.
Trump’s plan will hurt his own supporters:
CNBC: “Trump’s core supporters are about to be handed the bill for tax reform”
CNBC: “The House bill Republicans hope to pass Thursday, tax analysts for Congress say, will reduce effective tax rates twice as much for those earning $1 million or more as for those earning $100,000 or less. The Senate bill makes big tax cuts for corporations permanent but makes smaller ones for moderate-income families only temporary. Those specifics contradict what Trump's base — heavily weighted toward older whites without college educations — has said it wants from Washington.”
While he benefits, a lot:
Washington Post: “Trump has refused to release his tax returns, making it hard to know precisely how much he would stand to gain from a tax code overhaul. But one change in the House plan affecting only multimillionaires, a repeal of the estate tax, could save his family $1 billion or more.”
Washington Post: “Other tweaks would be similarly lucrative: Seth Hanlon, an economic adviser to the Obama White House and a senior fellow at the left-leaning Center for American Progress, estimated that the House bill could save Trump roughly $23 million a year.”
Business Insider: “The alternative minimum tax (AMT), which was enacted in 1969 to ‘prevent taxpayers from escaping their fair share of tax liability through tax breaks,’ would be eliminated. […] Trump's leaked tax bill from 2005 has been shown to have increased to $36.5 million from $5.3 million because of AMT.”
Vox: “’Pass-through’ companies like LLCs, partnerships, sole proprietorships, and S corporations, which are overwhelmingly owned by rich individuals like Donald Trump and currently pay normal income tax rates after their earnings are returned to the companies’ owners, would get a huge number of tax cuts too.”
Bloomberg: “One Tax Loophole Untouched So Far: The Trump Golf-Course Break”