By Frank Clemente:
1. Gives huge tax breaks to the rich and corporations, loses $6.2 trillion over 10 years, and if paid for will require deep cuts to domestic services. Three-quarters of lost revenues are from corporate and business tax breaks largely benefiting the rich. The top 0.1 percent of households, which includes Trump's, will get an annual tax cut of about $1.1 million each. Nearly half (47 percent) of the tax cuts will go to the top 1 percent of households; each one will get an average tax break of nearly $215,000 a year. The bottom 20 percent will get a tax cut of $110. Trump's plan will increase the deficit by $7 trillion, unless massive cuts are made to benefits and services that working Americans depend on.
* * *
5. Cuts taxes on hedge funds and other "pass-through" businesses by $900 billion -- personally benefiting Trump -- and allows high-wage employees to dodge another $600 billion. Many Wall Street firms, law practices and other big-money outfits organize as partnerships or other business entities that allow them to pay their business taxes at individual rates. Trump would cut the tax rate on the owners of these so-called "pass-through entities" by as much as two-thirds, to just 15 percent. Owners of larger pass-throughs would be taxed at the dividend rate of 20 percent. These special low tax rates are expected to entice half of high-paid wage earners to call themselves contractors in order to be treated as pass-through entities. Trump is the sole or principal owner of 500 pass-through entities. He would personally benefit from this massive tax giveaway that's been appropriately dubbed the "Trump Loophole."
No comments:
Post a Comment