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Subject: Trump’s tax cut is a big payday for his family

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Michael Tanglis    Posted 11-04-2017 at 13:51:48 [URL] [DELETE]        [Reply] [No Email]  
  • Trump’s tax cut is a big payday for his family
  • Trump’s tax cut is a big payday for his family: Heirs stand to save $600 million.
    Heirs to 15 of the wealthiest Trump administration officials stand to save about $1.7 billion from the GOP tax plan


    While promoting his tax plan, President Donald Trump said: “I am doing the right thing, and it’s not good for me. Believe me.” Contrary to Trump’s statement, however, his plan would be very good for him – at least financially.

    The newly released GOP tax plan, largely shaped by Trump’s advisers, calls for repealing the estate tax after six years. That, alone, would save Trump’s heirs close to $600 million. Put in perspective, that would be equal to the combined net worth of 6,000 U.S. families of a median net worth, according to data the Federal Reserve recently released.

    In total, heirs to 15 of the wealthiest administration officials stand to save about $1.7 billion – a total equal to the combined net worth of 18,000 U.S. families of median net worth.

    Comparing the administration’s estate tax savings to the cumulative net worth of families of color only, the numbers are even starker: The heirs to the wealthiest Trump administration officials estate tax repeal savings would equal the combined net worth of 83,000 Hispanic or Latino families of a median net worth or 98,000 African-American families of a median net worth.

    Proponents of repeal, like House Speaker Paul Ryan, claim that the estate tax hurts “family farms” and “small businesses.” In fact, it affects only the wealthiest 0.2 percent of estates because it doesn’t even take effect until a couple has accumulated $11 million in net worth. Only about 80 small businesses or small farms are affected by the tax in a given year. It would be quite a stretch to refer to Donald Trump, billionaire Commerce Secretary Wilbur Ross or Goldman Sachs alumnus turned economic adviser Gary Cohn as family farmers or small business owners.

    The newly released GOP tax proposal inadvertently exposes the phoniness of the “small businesses and family farms” rationale. The proposal calls for doubling the estate tax exemption to $22 million per couple. That should exempt just about all of the few family farms and small businesses that might owe some estate tax under the current, very generous formula. If the GOP’s main concern were for the small businesses and farms currently affected by the estate tax, their leaders would have stopped there.

    But they did not. The GOP proposal takes the additional step of calling for altogether eliminating the tax in six years. That proposal proves what sentient observers knew all along: the “small businesses and family farms” claims were just cover to sneak through a giveaway to the super wealthy.

    Trump reportedly wanted to call the proposal “The Cut, Cut, Cut Act.” Perhaps he thought if he said “cut” enough times, people wouldn’t ask who all those cuts are for. There is no policy proposal more tilted towards the wealthiest Americans than repealing the estate tax.

    It is in some ways fitting, albeit sad, that a president who once remarked that the $1 million loan his father gave him to start his business was “a very small loan,” and who borrowed tens of millions from his father after that, would want to repeal the estate tax. When dad’s estate is the bank, you want that bank flush with as much cash as possible. Trump wants the same for his heirs.

    Repealing the estate tax would reveal that the interests of the 0.2 percent are more important to our elected leaders than those of the other 99.8 percent of Americans. We know this because at the same time the administration is proposing the repeal, it is alleging that the government can’t afford funding for Medicare, Medicaid, nutrition assistance for women, infants and children, grants for teacher training and affordable housing or medical research.

    When touting the supposed benefits of the Republican health care plan, Ryan cheered the $337 billion in estimated savings over a decade as a major selling point. The savings were in large part due to the fact that the plan would leave 24 million more people uninsured.

    Repealing the estate tax would cost close to $300 billion over a decade.

    One can learn a lot about an administration by how it values $300 billion: Healthcare for 24 million people or massive tax cuts to the wealthiest 0.2 percent – including the president.

    The administration found only the latter to be worth the cost.

    Ed Gooding (VA)    Posted 11-05-2017 at 08:49:36 [URL] [DELETE]        [Reply] [Email]  
  • Re: Trump’s tax cut is a big payday for his family
  • The estate tax represents DOUBLE taxation. All the money in the estate is what's left AFTER the owner's have already paid income taxes on it. You libs say you love fairness. What's fair about taxing someone a second time just because they died????

    Also, current estate taxes often result in a small family business having to be sold after the founders die so estate taxes can be paid vs. being able to pass the business along to family members who will continue to pay local/state/federal taxes and employ people, who will pay taxes on income and contribute to social security.

    Larry    Posted 11-06-2017 at 14:01:49 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Trump’s tax cut is a big payday for his family
  • The retard above will quickly discover that he's big time on the wrong site to be running down the Pres and the rest of us Republicans!

    Dean    Posted 11-05-2017 at 10:05:55 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Trump’s tax cut is a big payday for his family
  • Logic is wasted on libs, Ed.

    Dean

    Dean    Posted 11-04-2017 at 16:49:59 [URL] [DELETE]        [Reply] [No Email]  
  • Re: Trump’s tax cut is a big payday for his family
  • True or not, who cares.

    If it's good for the rich, it's good for the not rich.

    Libs need to get over class warfare and return to reality.

    Dean

    Island Mike    Posted 11-04-2017 at 15:53:07 [URL] [DELETE]        [Reply] [Email]  
  • Re: Trump’s tax cut is a big payday for his family
  • Getting rid of estate taxes should also help millions of families increase their wealth over time.
    To work hard all your life, and then have the government take it away, and give it to someone else, is morally wrong. It is usually after tax money anyway. That is where the government has had its chance to fleece you.
    Cutting corporate taxes should also help the workers, and the investors who hold the shares.

    An argument can always be made for providing more money to the truly needy. But when the supposed needy outnumbers the workers, then something is seriously wrong. And skinning the workers, and their ultimate estates, is not the answer IMO.

    I have not studied Ed's post in depth so far. I would like to see Dividends get some tax relief over capitol gains.

    Island Mike

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