Surprise! Trump Could Save Millions From GOP Tax Plan His biggest known tax bill was due to the alternative minimum tax, which is now on the chopping block.
by Timothy L. O'Brien November 2, 2017, 10:46 AM CDT
At a rally Wednesday, LYIN' President Donald Trump said that the GOP tax bill would not benefit him personally. However, based on multiple analyses of Trump's 2005 tax return, the president could have saved 20 million dollars in a single year from the changes in the tax bill. The president has made similar claims during a call with Senate Democrats in November, along with a rally in Indiana in September.
The many ways President Trump would benefit from the GOP’s tax plan
By Drew Harwell and Jonathan O'Connell November 10
President Trump has defended the Republican effort to overhaul taxes by calling it a bitter pill for the rich, saying its provisions will boost the middle class and make him a “big loser” if it’s approved.
But tax experts and a nonpartisan analysis suggest he’ll fare far better than others as a result of the changes. From sweeping estate and business tax cuts to specific relief targeting real estate interests, the tax overhaul would directly benefit Trump’s family and business in a way that could save him tens of millions of dollars a year. Provisions favorable to Trump can be found in the Republican tax bills from both the House and the Senate, the latter of which debuted Thursday. They would offer terms favorable to America’s ultra-wealthy and preserve exemptions and carve-outs for golf course owners, investors and real estate entrepreneurs.
“The notion that the president wouldn’t benefit is absurd,” said Steven M. Rosenthal, a senior fellow at the nonpartisan Tax Policy Center who has reviewed the bills. “In either plan, he benefits immensely.”
Trump has refused to release his tax returns, making it hard to know precisely how much he would stand to gain from a tax code overhaul. But one change in the House plan affecting only multimillionaires, a repeal of the estate tax, could save his family $1 billion or more
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