Trump writes Santa a ThankYou letter....

[riversedge]

Indivisible Guide and 55 others follow
For Tax Fairness
? @4TaxFairness
5h5 hours ago

Trump wanted to write a special thanks because he got all the tax breaks on his Xmas wishlist. The rest of us? 13M lose their healthcare. 90M working families get a tax hike. Medicare, Medicaid, education & more are put on the chopping block.

Read More: https://americansfortaxfairness.org/trump-benefits-new-trump-gop-tax-law/ …

Link to tweet

The formatting is poor upon my transfer:




December 22, 2017
How Trump Benefits From The New Trump-GOP Tax Law


https://americansfortaxfairness.org/trump-benefits-new-trump-gop-tax-law/

Despite his false claim that his tax plan would “cost me a fortune,” President Trump will undoubtedly be among the very wealthy who will benefit enormously from his tax plan. Several elements will be particular boons to Trump and his family. Trump’s exact tax savings are difficult to estimate since he has refused to release his tax returns unlike every other president over the last 40 years—but it is likely to be at least $11 million a year and perhaps as much as $22 million.

SUMMARY TABLE
PRIOR LAW NEW LAW
TOP INDIVIDUAL TAX RATE The top individual tax rate was 39.6%. The top individual tax rate is cut to 37%.
CORPORATE TAX RATE Corporations were charged a 35% U.S. tax rate on all their worldwide income.

Trump Impact: As a big stock market investor, Trump indirectly paid this tax through his partial ownership of publicly traded corporations. He undoubtedly paid the top individual tax rate.
Cuts domestic corporate tax rate to 21%. Past and future offshore profits given preferential tax rates.

Trump Impact: As a big stock market investor, he will benefit from corporate tax cuts. The reduction in the top individual tax rate should reduce his taxes substantially.
PASS-THROUGH INCOME TAX RATE All pass-through business income was taxed at the individual tax rate of the business owner.

Trump Impact: Nearly all of Trump’s income is generated through pass-throughs. That income was presumably subject to the maximum personal tax rate of 39.6%.
Allows business owners to deduct 20% of pass-through income from tax, creating an effective top rate of 29.6%.

Trump Impact: Based on his 2005 tax return, Trump could have saved as much as $11 million under a 20% tax deduction. Based on his 2016 financial disclosure, the savings could be as much as $22 million. Owners of pass-through businesses of the size and type of Trump’s were to be excluded from the new lower tax rate, but loopholes added to the bill allow Trump to get the tax cut.
ESTATE TAX Imposed a 40% tax on estates worth over $5.5 million per person and $11 million per couple.

Trump Impact: If Trump is worth............................................................