If the Republican Party was interested in helping the poor and middle class, it would spend this money on infrastructure projects that would employ an untold number of people with good, well-paying jobs. Investors holding stock in Wells Fargo bank, which defrauded thousands of Americans, will also reap huge benefits.
Although Donald Trump has repeatedly refused to disclose his taxes (hmm, why could that be?), NBC News commissioned an analysis of Trump's leaked 2005 tax returns and found that Trump and his heirs could stand to save over a BILLION DOLLARS if the GOP's plan to overhaul the tax system goes through.
Trump himself would save more than $20 million, and his heirs more than $1.1 billion, mostly through the proposed repeal of the estate tax and the alternative minimum tax.
In spite of what the president is saying, the GOP tax reform plan is not meant to help you and me. It does increase the standard deduction some, however, to help make up for elimination of itemized deductions.
This is particularly disgusting since many large American corporations are partially owned by global investors who will reap billions in tax benefits and associated income under this Republican tax proposal. Currently, the heirs to an estate worth more than $5.5 million for a single person and $11 million for a married couple must pay a 40% tax on the estate.
Given Trump's estimated net worth of $2.86 billion, per Bloomberg's Billionaires Index, that savings comes to $1.1 billion by 2024.
"The repeal of the Alternative Minimum Tax would result in an initial federal income tax savings of $31,261,179", Cartine said in analyzing the House bill based upon Trump's 2005 tax return.
Trump and the GOP claim that their tax plan will cut taxes for middle class.
Americans need to wake up and demand a bipartisan tax plan that benefits all Americans and does not increase America's debt and expand our budget deficit. The nonpartisan Tax Policy Center estimated the average tax cut to be almost $1,000 by 2027.