Trump Plan to Overhaul Tax Code.

[Forty Two]

Rachel Maddow's stellar reporting broke the story on Trump's taxes, and she showed that he paid about 25% in taxes -- one year paying about $38 million in taxes on $150,000,000 in income. That clearly showed that he wasn't paying his fair share, especially when measured against the recent tax returns of Obama who paid about 19% and the Socialist Sanders who paid about 13.5%. Trump the tax cheat.

[Brian Peacock]

Hmm. Hasn't he previously bragged about paying as little tax as possible? If only he'd release his full tax return then there would be no doubt about his sources of income, the tax he's paid here and there, his charitable giving, his applied for and allowed deductions, his 'efficiencies' and all that stuff. Nonetheless, as the wealthy owner of multiple business and the head of an administration of billionaires he and his administration are certainly going to be benefiting personally from his governemnt's massive tax-cut-handout give-away.

[JimC]

The whole tenor of 42's posts here are really demonstrating how unfair it is that the 1%, in general, can use the immense leverage of their wealth to buy the best tax lawyers in town, and end up paying very little in tax, whether it is estate or any other tax...

[Svartalf]

He's not giving HIMSELF a tax cut, he's also giving it to all his fatcat 1% pals.

His own business acumen is such that he doesn't need that tax cut, he can just deduct his losses and that will protect him from taxes for many years.

[Sean Hayden]

Well, are they breaking any laws?

[Svartalf]

It's worse, they are altering the law so they can break the previous law without being criminals

[Brian Peacock]

Well, are they breaking any laws?

Probably not - and if they end up paying less tax as a proportion of their income than the sap who serves their breakfast then that just proves how smart they are.

[Tero]

Sanders:

At the end of the day, despite all the bombast and populist rhetoric, Trump is doing nothing more than implementing the extreme right wing Koch brothers ideology. It's all about the Robin Hood proposal in reverse: stealing from the poor and giving to he rich. It's about providing massive tax breaks to very wealthiest people in this country, while cutting programs for the elderly, the children, the sick and the poor.

How insane is this? At a time of massive income and wealth inequality, Trump wants to repeal the estate tax — a $353 billion dollar tax giveaway to the wealthiest two-tenths of one percent — families who are already multi-millionaires and billionaires.

Under Trump’s plan, the Waltons of Wal-Mart, the wealthiest family in America would get a tax break of up to $53 billion. The Koch brothers’ family would get a tax break of up to $34 billion. Sheldon Adelson’s family would get a tax break of up to $12.6 billion. And, coincidentally, Donald Trump’s own family would get a tax break of up to $4 billion.

On the other hand, 99.8 percent of Americans would not benefit by one nickel under Trump’s plan to repeal the estate tax.

[Scot Dutchy]

What else do you do expect from a moron.

[Forty Two]

How does Sanders know that the Waltons get a tax break of $53 billion?

[Scot Dutchy]

He has a little thing called a computer.

[Forty Two]

Indeed, but since an estate tax is a tax on a probate estate, it's literally impossible to know what their tax would be. It depends which Walton dies, when, and what assets are protected outside of probate. All he's doing, apparently, is taking their net worth and multiplying it by a tax rate. That's stupid and dishonest.

[Tero]

Not if 100% of that tax is going away.

[mistermack]

Sanders:

On the other hand, 99.8 percent of Americans would not benefit by one nickel under Trump’s plan to repeal the estate tax.

Well it serves them right.
They voted for the asshole.
Sometimes, you get what you voted for.

[Brian Peacock]

The Republicans can act virtually unopposed for 2 years. They shall reap what they sow.