GOP tax plan a payback to wealthy donors

Donald Trump

A new analysis claims President Donald Trump could save more than $22.5 million from the proposed tax cuts - and his family stands to save as much as $1.1 billion. Have Republicans suddenly found a new religion, giving up the fiscal responsibility they have preached for so many years in exchange for an opportunity for the most well-to-do to line their pockets even further?

Most of the savings Trump and his heirs would see would come from the measure's repeal of the estate tax - the tax levied on property transferred to beneficiaries after an individual dies. If you consider just the alternative minimum tax (AMT), President Trump paid an additional $31 million in taxes exclusively because of the AMT in 2005.

Yet the legislation's biggest benefit to Trump and his family is its repeal of the federal estate tax by 2024. This is especially appreciated by those with estates of $11 million or more, like our own (Congressman) Jeff Denham and his net worth of up to $29 million from a plastics factory and almond orchards. Senate Republicans tacking on a repeal of the Obamacare mandate that people have health insurance to tax overhaul plan is the "mother of all monkey wrenches", Senate Democratic leader Chuck Schumer said.

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 nonpartisan Tax Policy Center has said that while taxes would be reduced, on average, by almost $1,000 by 2027, the Top 1 percent of all taxpayers would get a cut of more than $62,000, while the Top 0.1 percent would get an average cut of $320,000.

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"It's not good for me".

And then, earlier this month: "My accountant called me and said 'you're going to get killed in this bill'". "My plan is for the working people, and my plan is for jobs". This cut would mostly benefit only the wealthiest Americans.

The fifth tax cut is called pass through income.

The previous Republican tax reduction plan sponsored by President Bush turned a $236 billion budget surplus in 2000 into a $459 billion deficit in 2008 with no significant economic growth.

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