"I don't benefit", Trump said.
America's federal debt is now just over $20 trillion, with the 2018 federal budget deficit being $440 billion. These reductions will eventually increase our America's total debt by 20 percent.
According to the analysis commissioned by NBC News, the biggest savings for Trump and his heirs would come from the repeal of the estate tax, which now levies a 40 percent tax on estates worth more than $5.5 million for individuals and $11 million for couples. This tax cut would only go to corporations. Why does business need this ridiculous tax give-a-way when the stock market is at record high and corporations are financially healthy?
Trump has repeatedly insisted that the tax reform plan would not benefit him and that he would, in fact, take a financial hit from it. For example, the Saudi prince just arrested on corruption charges will get millions in additional income from his ownership of Citibank stock. "I don't benefit", he also said that day. But the Top 1 percent of all taxpayers would save more than $62,000, and the top 0.1 percent would see a tax cut of $320,000. The whole goal of this tax is to make sure the wealthiest Americans pay at least a minimum amount of tax.
It is claimed taxes should be reduced at all income levels because reducing taxes on the working class and not the wealthy class represents class warfare.
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The Republican tax proposal is an insult to 99 percent of tax-paying Americans. By the way, the average tax a corporation actually pays now is 18 percent, one of the lowest in the world.
The analysis also notes, however, that because the capital gains tax is higher now than it was in 2005 and because of a tax on investment income and fewer itemized deductions, Trump's savings would have been about $22.6 million.
Perhaps the worst aspect is that our deficit is expected to increase by over $1.5 trillion, forcing even our grandchildren to pay it down.
Cartine's analysis isn't the only one indicating that wealthy Americans like Trump will benefit under the House bill.