Trump and family could save over $1 billion under House tax bill

[Bethere]

This just stinks to high heaven.

https://www.nbcnews.com/politics/first-read/trump-his-family-could-save-more-1-billion-under-house-n821491

President Donald Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him.
“It’s not good for me. Believe me,” he said at a Sept. 27 event in Indiana (https://www.whitehouse.gov/the-press-office/2017/09/27/remarks-president-trump-tax-reform-event) to sell the plan. “My plan is for the working people, and my plan is for jobs. I don’t benefit,” he also said that day (https://twitter.com/NBCPolitics/status/913092714366828576?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fwww.politifact.com%2Ftruth-o-meter%2Fstatements%2F2017%2Fsep%2F28%2Fdonald-trump%2Fdonald-trumps-dubious-claim-his-tax-plan-wont-bene%2F).
And earlier this month, according to NBC News (https://www.nbcnews.com/politics/congress/trump-tells-democrats-he-ll-get-killed-financially-without-estate-n818706), Trump told a group of Democratic senators in a phone call, "My accountant called me and said 'you're going to get killed in this bill.’”
In fact, Trump and his heirs potentially could save more than $1 billion overall under the GOP tax proposal that the House of Representatives passed Thursday, with most of that amount coming from a repeal of the estate tax, according to an analysis (http://msnbcmedia.msn.com/i/TODAY/z_Creative/inline-headers/Trump%20and%20HR-1%20Version%202.pdf) NBC News commissioned of Trump’s one known 2005 tax return and his estimated net worth.

[leekohler2]

And who thought it would be any different?

He's already funneling government cash into his businesses.

[hanger4]

Repeal of the estate tax, more appropriately named the death tax.

Give it a rest kids.

[Grokmaster]

And everyone else will save on their taxes as well....so?

[exotix]

And everyone else will save on their taxes as well....so?LOL



http://abcnews.go.com/Health/wireStory/house-republicans-await-audience-trump-tax-overhaul-51193002

Congress' Joint Committee on Taxation estimated that the Senate plan would mean higher taxes beginning in 2021 for many families earning under $30,000 annually.


By 2027, families making less than $75,000 would face tax boosts while those making more would enjoy cuts.

Republicans attributed the new figures to two provisions.

One would end the measure's personal tax cuts starting in 2026.


The other would abolish the "Obamacare" requirement that people buy health coverage or pay tax penalties.

Eliminating those fines is expected to mean fewer people would obtain federally subsidized policies, and the tax analysts count a reduction in those subsidies as a tax increase.


The nonpartisan Congressional Budget Office has projected that would result in 13 million more uninsured people by 2027, making the provision a political risk for some lawmakers.

Republicans on the Finance panel showed no signs of backing down.
They said the same Taxation Committee tables showed that higher earners were still bearing a large share of the overall tax burden and that except for the halted health subsidies all income groups would get tax breaks.

Ending the personal tax cuts for individuals in 2026, derided as a gimmick by Democrats, is designed to pare the bill's long-term costs to the Treasury.


Legislation cannot boost budget deficits after 10 years if it is to qualify for Senate procedures that bar bill-killing filibusters.

Both chambers' bills would nearly double the standard deduction to around $12,000 for individuals and about $24,000 for married couples and dramatically boost the current $1,000 per-child tax credit.

But each plan also would erase the current $4,050 personal exemption and annul or reduce other tax breaks.


The House would limit interest deductions to future home mortgages of up to $500,000, down from today's $1 million, while the Senate would end deductions like moving expenses and tax preparation.

[Crepitus]

Repeal of the estate tax, more appropriately named the death tax.

Give it a rest kids.
Nobody is taxing death.

[hanger4]

Nobody is taxing death.

:rollseyes:

[Hoosier8]

This just stinks to high heaven.

https://www.nbcnews.com/politics/first-read/trump-his-family-could-save-more-1-billion-under-house-n821491

President Donald Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him.
“It’s not good for me. Believe me,” he said at a Sept. 27 event in Indiana (https://www.whitehouse.gov/the-press-office/2017/09/27/remarks-president-trump-tax-reform-event) to sell the plan. “My plan is for the working people, and my plan is for jobs. I don’t benefit,” he also said that day (https://twitter.com/NBCPolitics/status/913092714366828576?ref_src=twsrc^tfw&ref_url=http%3A%2F%2Fwww.politifact.com%2Ftruth-o-meter%2Fstatements%2F2017%2Fsep%2F28%2Fdonald-trump%2Fdonald-trumps-dubious-claim-his-tax-plan-wont-bene%2F).
And earlier this month, according to NBC News (https://www.nbcnews.com/politics/congress/trump-tells-democrats-he-ll-get-killed-financially-without-estate-n818706), Trump told a group of Democratic senators in a phone call, "My accountant called me and said 'you're going to get killed in this bill.’”
In fact, Trump and his heirs potentially could save more than $1 billion overall under the GOP tax proposal that the House of Representatives passed Thursday, with most of that amount coming from a repeal of the estate tax, according to an analysis (http://msnbcmedia.msn.com/i/TODAY/z_Creative/inline-headers/Trump and HR-1 Version 2.pdf) NBC News commissioned of Trump’s one known 2005 tax return and his estimated net worth.

Nothing the left likes better than double taxing. Stealing other people’s money and property.

[leekohler2]

Nothing the left likes better than double taxing. Stealing other people’s money and property.

Oh please. When money changes hands, it gets taxed. What they're looking for is money to not get taxed when it changes hands. Good god, no one is stealing anything.

[Captdon]

Oh please. When money changes hands, it gets taxed. What they're looking for is money to not get taxed when it changes hands. Good god, no one is stealing anything.

Work hard and make money and the government takes half when you die. You already paid taxes on it. That's theft. You people never saw a tax you didn't like.

[MisterVeritis]

This just stinks to high heaven.

I agree. Tax rate cuts should be deep and across the board. It is immoral to steal almost one half of what someone earns. One might even note it is Marxian.

[leekohler2]

Work hard and make money and the government takes half when you die. You already paid taxes on it. That's theft. You people never saw a tax you didn't like.

What are you doing with it when you're dead?

Can you speak in anything but right wing talking points? Anytime money changes hands there are taxes involved. That's how things work. Read for a change:

https://www.wsj.com/articles/SB10001424052748704358904575477593075638722


What's more, there's no evidence that wealthy people are blowing their money, or stopping work, in an effort to "die broke" and evade the tax. On the other hand, large tax-free inheritances do encourage their recipients not to work. People who receive large inheritances are about four times more likely to drop out of the labor force than those who inherit only small amounts.
Let's be clear on this point. The tax burdens those who inherit the wealth, not those who produced it; it is a tax on Paris Hilton, not Conrad Hilton. And it does not conflict with the values of hard work, entrepreneurship and thrift.

I'm getting tired of you right wingers misrepresenting things all the time.

[Kalkin]

Oh please. When money changes hands, it gets taxed. What they're looking for is money to not get taxed when it changes hands. Good god, no one is stealing anything.

Incorrect. Millions upon millions of dollars change hands every day without being subject to taxation. Money is taxed when it is earned and spent.

[Captdon]

What are you doing with it when you're dead?

Can you speak in anything but right wing talking points? Anytime money changes hands there are taxes involved. That's how things work. Read for a change:

https://www.wsj.com/articles/SB10001424052748704358904575477593075638722



I'm getting tired of you right wingers misrepresenting things all the time.

Giving to to my children. Who the hell are you to say it should go to the government? I'm tired of you loons wanting me to work so you don't have to. I earn, you tax and lounge around on your fat asses.I wasn't born to support you. Do your own work and quit being a leech.You are what's wrong with America. Work is for others, not for you.

It's my money. I paid taxes on it once. When I die it's my kid's money. Notice you aren't involved until you steal from my estate to waste on leeches. Misrepresent hell. Not one thing I said is untrue. I am taking it easy on you as is. My money should be my choice to it's use. But no, you bloodsuckers want to take what isn't yours.