15 thoughts on “Trump’s Tax Plan: Tax the Poors, Tax Breaks for Riches. Ryan’s Tax Plan: Lower Taxes for Riches, and Higher Taxes for Poors.”
Despite their conceptual differences, however, there is a crucial feature that Mr. Trump’s plan and the House Republicans’ plan share: The biggest tax cuts are reserved for the wealthiest.
“Relative to the current system, the plans are pulling in the same general direction, reducing taxation on capital gains and high-income households,” said William Gale, a co-director of the Tax Policy Center and a former economic adviser to President George H. W. Bush.
Beyond sharply cutting income tax rates across the board, both Mr. Trump and the House Republicans would eliminate the estate tax (which currently applies to only about 5,300 of the richest families); end the 3.8 percent surtax on high earners’ investment income, which helps pay for health coverage for lower-income Americans; and scrap the alternative minimum tax, which is aimed at making it harder for the affluent to take advantage of various tax breaks.
Indeed: "The $5 million exemption specified in the Acts of 2010 and 2012 applies only to U.S. citizens or residents, not to non-resident aliens. Non-resident aliens have only a $60,000 exclusion; this amount may be higher if a gift and estate tax treaty applies."
Getting rid of that estate tax has been Agenda #1 of the 0.1% for decades. The O.G. Luntzism. The math is stupefying. Figure the investment is in the millions to buy off the GOP (and a few of the Dems), which is chump change to these clowns. But the payoff is in the hundreds of billions. Profit!
In fairness, the last 20 years have been pretty tough on the 5,300 richest families in the country…
wait, wut?
Estate tax also applies to the estates of non-US citizens resident in the USA.
Indeed: "The $5 million exemption specified in the Acts of 2010 and 2012 applies only to U.S. citizens or residents, not to non-resident aliens. Non-resident aliens have only a $60,000 exclusion; this amount may be higher if a gift and estate tax treaty applies."
They didn't call it a Death Tax, how much more do you people want?
How's that "Trump isn't bought and paid for like most politicians, so he'll do what's best for all Americans" working out for you, Trump supporters?
If only they could comprehend this very dynamic.
That's been the secret of the GOPers' ability to get people to vote against their own interests all these years. "Someday I'll be rich enough!"
Voting for the GOP- it's like getting a free lottery ticket!
One that's already been scratched off.
So you mean Trump isn't really a progressive liberal at all?
Depends on your POV, really.
Separation of church and estate.
Never, ever forget the primary purpose of the Republican Party.
Getting rid of that estate tax has been Agenda #1 of the 0.1% for decades. The O.G. Luntzism. The math is stupefying. Figure the investment is in the millions to buy off the GOP (and a few of the Dems), which is chump change to these clowns. But the payoff is in the hundreds of billions. Profit!