Trump will save up to $15 million thanks to his new Tax Bill
An analysis published last Thursday showed that both the President and six of his closest associates will be among the people most benefited from the tax…
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An analysis published last Thursday showed that both the President and six of his closest associates will be among the people most benefited from the tax overhaul approved this week by the country's legislative chambers.
To nobody’s surprise, the Tax Reform is an agreement tailored to those who now run the country.
Considered "the most radical modernization of the tax code in three decades," the Republicans’ Tax Bill cuts the taxes of large corporations and Americans with higher economic income by 15%.
Those of us, who are more inquisitive, have asked ourselves for months how much the presidential family will save with this bonus gestated at home, and the Center for American Progress (CAP) has decided to answer the question.
According to the group of experts, the new fiscal changes could save the president between 11 and $15 million a year, while the amendment to the state tax (inheritance tax) will save his children about 4.5 million.
Considering the President’s last available tax return (dating from 2005), Trump had to pay up to $31 million in taxes only in the alternative tax. Under the new reform, the President will save those 31 million, according to the Washington Post analysis.
Also, thanks to the change in business tax, the tycoon will save at least 9 million.
"I’m not even aware of a single provision in the bill that disadvantages him or his family, other than the change in the state and local tax deductibility," said Daniel Shaviro, a tax professor at the New York University School of Law, who worked for the Congress’s Joint Committee on Taxation during the country’s last major tax overhaul in 1986.
Although at this point it is impossible to determine how much money the President will save today - considering he is the first president in 40 years to refuse to make his tax return public - White House spokeswoman Sarah Huckabee Sanders said last Tuesday that Trump will receive "a hard blow" in his personal finances.
But all evidence indicates otherwise.
Forbes magazine reported last October that Trump is one of the richest people in the country, with a net worth of $3 billion, and his new law reduces taxes to the richest people from 39.6% to 37 %, which would indicate an immediate gain for the man who runs the country.
Similarly, while the Republicans and the president himself have sold the new Tax Reform as a source of work and an economic boost for the middle class, his personal company, the Trump Organization, is considered a “pass-through” business, which will also benefit from the cuts without the need to increase its workforce.
Along with the president, Commerce Secretary Wilbur Ross, Small Business Administration Administrator Linda McMahon, Education Secretary Betsy DeVos, Treasury Secretary Steven Mnuchin and Secretary of State Rex Tillerson, will collectively benefit from about 4.5 million dollars of changes to the tax code, according to The Guardian.