Trump's plan calls for the repeal of a tax that once cost him $31 million

[Yo_Mama_Been_Loggin]

President Donald Trump's administration unveiled a tax plan on Wednesday that proposes lower taxes across the board and a number of alterations to the tax code.

Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn announced the plan during a White House press briefing.

One proposal in the plan is the repeal of the so-called alternative minimum tax. The decades-old tax, which was enacted to make sure the rich pay their fair share, cost Trump $31 million in 2005. 

As Business Insider's Jim Edwards reported, that "accounted for most of the $38.5 million in taxes" the president paid in 2005.

What is the alternative minimum tax?

The original purpose of the AMT was to prevent very wealthy Americans from using deductions and loopholes to skimp on their taxes.

https://www.msn.com/en-us/news/politics/trumps-plan-calls-for-the-repeal-of-a-tax-that-once-cost-him-dollar31-million/ar-BBApyP4?li=BBnb7Kz&ocid=edgsp

[uponit7771]

1. +1

[Stallion]

2. Plus He Could Now Pass his Entire Estate of "Billions" Tax Free

with the elimination of the Estate Tax

[Yo_Mama_Been_Loggin]

3. That's just what we don't need

A class of unproductive idle rich.