Saturday, April 29, 2017

Trump's one-page tax cut wish list

The Trump administration has released a one-page outline of what they want to do with "tax reform" -- which isn't reform at all, since it only deals with cuts in taxes.   Treasury Secretary Mnuchin insists it would pay for itself with "economic growth" and by closing loopholes -- a Republican talking point that has failed over and over again.

This outline lacks the details or the offsetting spending cuts that would allow serious analysis.  But some economists are saying it would increase the national debt by $7 trillion over 10 years -- that's $700 billion a year.

Here's one thing that is clear as a bell, however.  It eliminates the Alternative Minimal Tax.  The two page scrap of Donald Trump's 2005 tax return does show that, without the AMT, in that year alone, he would have saved $30,000,000 on his tax bill -- in one year!

So, we already know a partial answer to whether Trump's tax plan will benefit him personally.   And that's not all:   His plan slashes corporate taxes, eliminates estate taxes, and makes some very favorable changes for real estate developers.  All of which will benefit Trump and his family.


No comments:

Post a Comment