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Trump’s Tax Plan, again

“I don’t benefit. I don’t benefit,” Mr. Trump said on Wednesday. “In fact, very, very strongly, as you see, I think there’s very little benefit for people of wealth.”

Says the man whose tax plan is estimated to save him and his family over $1.1 billion in taxes.

Granted, most of that is estate taxes. His annual savings (based on his 2005 return) would likely only be in the $42 million-per-year range. I guess for Trump that is “very little benefit”.

Under Trumps tax plan, I might see a tax cut of up to $600, though my taxes might also go up based on the elimination of deductions for families with children. Meanwhile the average 0.1%-er would see an tax cut of $700,000. Remind me again what platform Trump ran on? I don’t recall the “showering cash on the 1%” part of his stump speeches.

I’ll leave the closing words to David Leonhardt in the NY Times:

“The standard by which the Trump tax plan should be judged is the standard that the Trump administration itself has set.

“There will be no absolute tax cut for the upper class,” Treasury Secretary Steven Mnuchin said shortly after the election. “My plan is for the working people,” President Trump said yesterday. “I don’t benefit.”

“None of that is true.”

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