Trump Proposes Huge Tax Cuts For Corporations, Wealthy And Himself
Donald Trump’s tax plan is a massive giveaway to the wealthy.
In a less than shocking turn of events, Donald Trump’s long-awaited tax plan would massively reduce taxes on the wealthiest Americans and corporations… oh and himself.
The biggest beneficiaries of the Trump tax plan would be the highest income earners
The plan that Trump is proposing is nearly identical to the plan he released during the campaign which the Tax Policy Center said would cost $7.2 trillion and principally benefit the richest Americans.
The Trump tax scam plan would also get rid of deductions for state and local taxes.
Here are some other key numbers to know. The Trump tax plan would:
- Cut the corporate tax rate from 35 to 15 percent
- Lower the top tax rate for highest earning individuals from 39.6 percent to 35 percent
- Let wealthy people who own “pass-through” companies (like Donald Trump) pay the lower corporate rate of 15 percent rather than the top individual rate of 35 percent
- Abolish the Alternative Minimum Tax or AMT, which increases taxes for certain affluent (like Donald Trump) or upper-middle-class households
- Abolish the estate and gift tax which is now only paid by the very rich estates
- Eliminates the Obamacare’s 3.8 percent surtax on investment income for rich people
