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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIts Unclear What Trumps Tax Plan Would Do Other Than Put Hundreds Of Millions In His Pocket
http://www.huffingtonpost.com/entry/trump-taxes-benefit_us_59b8082fe4b027c149e2da19?ncid=inblnkushpmg00000009While middle-class rates, deductions and credits in President Trumps tax proposal remain hazy, there is one piece of the plan that has become clear: the part that could put more than $125 million into Trumps own pocket each year.
The only specific number Trump has mentioned in two speeches on his tax reform proposal so far has been his goal for the corporate tax rate: 15 percent, down from the current 35 percent. And White House legislative director Marc Short confirmed Tuesday that Trump wants to extend that reduced rate to so-called S corporations, partnerships and limited liability companies.
We are committed to extending it to small businesses. I think the details of that will be coming forward, Short said at a Christian Science Monitor breakfast.
Those small businesses, though, can make enormous profits, as in the case of the dozens of LLCs owned by Trump. A HuffPost review of his 2017 financial disclosure statement shows Trump earned at least $551 million from those entities in the past year, a figure that represents the vast majority of his income. Discounting the golf courses and real estate entities with overseas assets ― which are presumably subject to taxes in those jurisdictions ― the total is $519 million.
world wide wally
(21,719 posts)onethatcares
(16,133 posts)affected by loss of governmental services will push and push for this. Or they will say, "damn, I'm taxed enough as is." Never realizing that taxes are what make our country worth living in, and even then I wonder about that.
dawg
(10,610 posts)That should put upward pressure on mortgage rates and consumer interest rates, although *should* is the optimal word in that prediction.
It'll exacerbate income inequality, as after-tax incomes become even more imbalanced.
It could possibly generate a mild economic stimulus, although it would be coming at a disproportionate cost - kind of like all those Foxconn jobs Scott Walker bought for Wisconsin.
My taxes are unlikely to go down. I don't make enough money. Plus, I'm the hated "Head of Household".
My investments could rise if corporations are allowed to keep even more of their profits. (Corporate after-tax profits are already at an all-time high.)
If estate tax repeal is part of it, we could see the beginnings of our own home-grown American aristocracy.