GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Yuge tax benefits for trump via his new "tax reform"
http://www.huffingtonpost.com/entry/donald-trump-tax-plan_us_5900e870e4b0af6d718af15f?ncid=inblnkushpmg00000009
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Not only do Trump’s 2005 returns indicate that he may personally benefit from gutting the AMT, but he is not proposing any broader increase in taxes on the rich and has proposed a budget and health care legislation that would gut social programs.
Trump’s heirs would also presumably benefit from the proposed repeal of the estate tax, the cut the government takes from an inheritance greater than $5.5 million that Trump and other Republicans like to call the “death tax.” Republicans have been trying to get rid of it for decades.
The move would essentially benefit the relatives of millionaires and billionaires. For instance, the tax rate for rich heirs receiving inheritances is 40 percent ? so if Trump is, in fact, worth $10 billion as he claims, his tax plan is a $4 billion gift to his family.
The tax proposal would also lower taxes on business owners who structure their companies as what are called pass-through entities, which means their business income gets taxed at personal income rates. Like many real estate partnerships, Trump’s family business is a pass-through entity and would benefit from a reduction in pass-through rates. Trump’s tax plan cuts pass-through rates to 15 percent. Currently, the top personal income tax bracket is taxed at a 39.6 percent rate.
The Trump plan also aims to provide “tax relief for families with child and dependent care expenses,” but offered no further details on how that would work. Judging by Trump’s child care proposals during the campaign, even this benefit would likely confer bigger returns to Trump and his millionaire peers.
At his daughter Ivanka’s prompting, Trump outlined over the summer a benefit that would allow parents to deduct the cost of child care and other related expenses from their taxes. This kind of benefit naturally accrues to higher-earning parents who have higher child care expenses and higher tax liability.
One analysis found that a typical family of four with two kids in an upper-income neighborhood would get a $7,000 tax break from Trump’s child care tax break. A lower-income family would get around $5 a year.
Under the plan Trump floated, a stay-at-home parent ? like Melania ? could get a deduction for taking care of a dependent under age 13.
Again, massive conflict of interest, and he's planning on soaking the middle and lower class to personally gain his family billions of dollars.
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Yuge tax benefits for trump via his new "tax reform"
What is consider lower and middle class. I have a feeling i am in neither yet we have no money and I pay ridiculous amount of money in daycare. I will say I am in 100% in favor of some kind of daycare relief. Daycare cost is out of a control. Personally I don't even know how low income families even pay for daycare and my thought would be they are getting assistance doing so cause if not I am amazed!
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Yuge tax benefits for trump via his new
He's also plan is to eliminate the property tax deduction which is going to basically kill anyone who lives on LI. Not sure about anyone else but that's the one reason I wind up getting a decent refund. I would welcome a higher deduction allowable on day care though....
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