One Beneficiary of GOPs Tax Bill: President Trump
Source: WSJ
WASHINGTONThe first big tax cut moving through Congress under President Donald Trump would likely benefit the president himself, potentially saving him millions of dollars in taxes on his rental income next year and even more money on other income if he wins a second term.
Mr. Trumps decision to continue owning his businesses without running them means that he is no longer considered a real-estate professional for tax purposes. That increases the taxs effect on him and enhances his benefit from the proposed repeal, which would take effect in 2018, according to accountants and tax lawyers.
(snip)
The repeal of the 3.8% taxknown as the net investment income taxis the largest tax cut contained in the House Republican health-care bill. It would reduce federal revenue by $157.6 billion over a decade, with most of that boost flowing to the top 1% of households.
(snip)
It is impossible to know how much Mr. Trump would actually benefit because he hasnt released his tax returns and because his financial disclosures appear to conflate revenue and income in places. But a previous Wall Street Journal review of his financial disclosures found that he had an estimated 2016 pretax income of $160 million, with $83.6 million of that coming from rental income. That would yield an annual tax savings of $3.2 million on rental income alone if the investment income tax were repealed.
Read more: https://www.wsj.com/articles/one-beneficiary-of-gops-tax-bill-president-trump-1489743000
But of course..
FakeNoose
(32,639 posts)This article is behind WSJ's paywall.
Most of can't see it, unless we've purchased a subscription.
question everything
(47,479 posts)and, I hope that it will be picked by additional sources.
red dog 1
(27,799 posts)I thought I had the complete WSJ article - but I was wrong.
red dog 1
(27,799 posts)lark
(23,099 posts)That's all he cares about and all he ever cares about. He only loves Ivanka as an extension of himself, not as a separate person. Everything he says is a lie unless it personally benefits him. Obamacare must go because he has to pay extra taxes or, truthfully, that's extra taxes his accountant has to work to avoid him paying. It's nothing about healthcare, except he'd really like to fuck over the poor, think it gets him off hurting poor people, brown people and any woman he's not sleeping with at the moment. That's why he treats Melania like shit, but then the golddigger is getting what she signed up for $ and fame and a life of no love.
Achilleaze
(15,543 posts)Very special. Very republican. Very greedy and a-holish.
deplorable
FakeNoose
(32,639 posts)... we in the middle class have to make it up.
When Trump or another super-wealthy person keeps $100,000 in tax write-offs, it's like chicken feed.
Except 1,000 wage-earners each have to pony up $100 to make the difference.
Or you could say 100 wage-earners each have to pay $1,000 more.
This is just on average obviously, because everyone's tax bill is different.
Are you getting sick of paying for these guys to have a free ride? I know I am.
meow2u3
(24,761 posts)That's how come the Apricot Asshole is pushing that vicious tax cut down our throats--he's looking to steal from the poor to line his own pockets!
red dog 1
(27,799 posts)Last edited Sat Mar 18, 2017, 06:40 PM - Edit history (1)
(Link to article in Reply # 8)