The Billion-Dollar Beneficiary of His Own Tax Plan: President Donald Trump

After offering “pants on fire” lies about who his reform proposal, Times analysis shows just how much Trump would gain personally.

(COMMONDREAMS— Despite declaring the “full-on whopper” of a lie this week that his tax plan “is not good for me, believe me,” a new analysis by the New York Times published overnight shows that President Donald Trump would save himself well over a $1 billion if the proposals he laid out were to become law.

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Using what it is known about Trump’s fortune—a still difficult number to determine given that he refuses to release his tax returns—the Times looked at a portion of Trump’s 2005 return leaked to the press earlier this year alongside an estimate by Bloomberg which put his net worth at approximately $2.68 billion in order to assess the degree to which he would directly benefit.

While keeping in mind that other estimates (and unsubstantiated claims by Trump himself) put his wealth higher, the analysis based on the $2.68 billion estimate found that Trump would personally enjoy:

  • Savings of about $1.1 billion from repealing the estate tax
  • Savings of $31 million from repealing the alternative minimum tax
  • Savings of about $16 million from taxing certain types of business income at 25 percent
  • Savings of about $0.5 million from cutting the highest tax rate

Meanwhile, Politifact was among those taking serious issue with the spurious claim made by the president, that the abolishment of the estate tax was a move geared to protect “millions of small business owners and the American farmer” while not mentioning that it is a policy specifically tailored to help millionaires and billionaires like himself pass their massive wealth to their heirs with zero federal tax liability.

The fact-checking site reported:

In 2017, estates worth less than $5.49 million are exempt from the tax, according to the Urban Institute-Brookings Institution Tax Policy Center. Above $5.49 million, the estate is generally taxed at 40 percent. However, family-owned farms and closely-held businesses may be able to pay less or pay in low-interest installments.

So how many estates are affected by the tax? Not many, and the people who pay it are usually among the country’s richest families.

Politifact concluded that Trump saying “millions” of American farmers and small business owners would benefit was “a ridiculously high estimate. Only 5,460 estates even pay the tax each year, according to a credible estimate, and of those, about 80 represented small businesses or farms. We rate the statement Pants on Fire.”

As Philip Bump wrote for the Washington Post on Tuesday, “Trump asks us to take on faith that these public provisions will somehow work to his detriment without explaining why. We’d be foolish to do so.”

By Jon Queally / Creative Commons / Common Dreams / Report a typo

This article was chosen for republication based on the interest of our readers. Anti-Media republishes stories from a number of other independent news sources. The views expressed in this article are the author’s own and do not reflect Anti-Media editorial policy.

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  • Please don’t tell me you are concerned that President Trump might try to line his pockets while in office. I hope you were equally concerned when Obama went into that same office making $400k a year and eight years later exited with $12,000,000 in his bank account. Let’s do the math on that,

    8 x $400,000 = $3,200,000.
    That figure would be what he had if he spent NOTHING for the entire eight years.

    So, please tell me you were fighting the good fight against Obama as well. If so I commend you.

    Since we’re on the subject anyway, maybe you will be good enough to tell me how your struggle is going with Obama’s wife Michelle and her overnight wealth. Yeah, it seems she too is indeed in line for a fastidious denigration. Ms. Obama wasn’t able to find employment during her husband’s tenure as president. Luckily when she left on Jan 20, she didn’t have to travel coach, not with the $12.6 million she had saved from change out of her husband’s pockets and the occasional can drive etc.
    So now we can add MIchelle Obama’s “mad money” to our totals.
    Barack Obama $12,000,000
    MIchelle Obama $12,600,000 +
    Total $ 24,600,000
    Barracks Salary $3,200,000 –

    Magic Money $21,400,000 But i’m sure you already knew about this, as you seem to be keyed
    on Presidential financial oversight

    If you hadn’t already it is definitely worth looking into. Keep up the good work! You let us know if our current President does something crazy with money, like donating his entire Presidential salary to places like the National Park Service. Also, you know the apple doesn’t fall far from the tree so keep that well-trained eye of yours on Ivanka and Jared Kushner. I hear those two miscreants are refusing to take tax payer’s money as well. It seems to be contagious. It’s frightening but I feel much better knowing you guys will always do the right thing and go after the real criminals. #StillYourPresident #DrainTheSwamp #MAGA