#Trump #President #WhiteHouse #Taxes #US #corporations #business
According to the a new proposal by the White House, the tax rate for corporations and pass-through business will be reduced to 15 percent. This could be a major windfall for the Trump Organization. As previously noted, Trump has refused to release his tax returns, hence making it impossible to know how much his businesses could save.
Besides this, President Trump also wants to repeal the ‘Alternative Minimum Tax’, a parallel system that kicks in when taxpayers request many itemized deductions and rejects specific deductions, including for assorted real estate write-downs that Trump tapped in past years. This is the tax that raised Trump’s taxes from $7 million to $38 million according to the leaked 2005 tax return of Trump.
Also, dropping the tax rate from 39.6 percent to 15 percent will cost government budgets around $1.5 trillion in a decade, i.e. more than a $150 billion in a single year.
Wow. He is certainly a good businessman, and that’s why too-business minded people can’t run a government, where they have to care for everyone.