Trump Plan Most Benefits–Trump
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The Donald’s tax plan helps the Donalds of the world.
(Photo by Spencer Platt/Getty Images)
After weeks of worrying traditional anti-tax Republicans with talk of a crackdown on the rich, experts across the political spectrum say Trump’s plan looks like a windfall for the wealthiest of the wealthy and for big corporations. The top tax rate for individuals would be reduced to 25% from 39.6%, the top corporate tax rate would be cut by more than half to 15% from 35%, and the estate tax – which only applies to inheritances over $5.4 million – would be eliminated entirely. In addition, Trump would eliminate a 3.8% surcharge on capital gains taxes for wealthy investors created to finance the Affordable Care Act, which provides subsidies to lower and middle income Americans to buy insurance. All of these changes would likely benefit people like Trump and businesses like his own in a major way.
“The much lower top marginal rate of 25 percent will mean a large cut for the top, even with the limitation on itemized deductions,” Kyle E. Pomerleau, an economist as the conservative Tax Foundation, which is scoring all the GOP plans, told msnbc in an email. “It will also be a cut for those on the bottom, but the cut will be small or minimal. Trump is claiming a tax increase on wealthy individuals, but I do not believe this will be the case.”
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