Dotard who won't release tax returns gives himself a ONE BILLION DOLLAR tax break.

[L. Coyote]

Last edited Fri Oct 20, 2017, 11:44 AM - Edit history (1)

Estate Tax Repeal Could Be Worth $3.5 Billion to Trump and His Cabinet
https://www.thefiscaltimes.com/2017/10/18/Estate-Tax-Repeal-Could-Be-Worth-35-Billion-Trump-and-His-Cabinet
According to a new analysis by the liberal Center for American Progress Action Fund, Trump’s estate could cut its tax bill by more than a billion dollars, ....

Trump's Estimated Estate Tax Cut $1,155,600,000.00

Link to tweet

Link to tweet

[still_one]

1. It's going to pass. Gee I guess voting does matter

[ProfessorGAC]

2. It's Not A Billion Dollar Tax Break

I'm not disputing that because i don't think the plan is a travesty. I just don't believe the usurper has enough money to have the tax break be that substantial.

The billion only works if one believes the net worth is actually 3.5 to 4 billion. Given what we know about the way leverage is employed by that business of his, and that absent tax returns the estimators can only take his word on debt load, and that we know US and German banks have cut him off, the debt load is likely WAY higher than advertised.

Hence, he has far less money, makes far less in revenue, and would pay far lower (volumetrically) taxes. So, the billion dollars is very likely overstated.

[Irish_Dem]

3. I agree his vast wealth is a fiction. That is why he ran, to make money.

He hoped to make his brand more popular, use that to make business deals and he also hoped to monetize his base in some way.

His huge amount of debt is why he had to work with the Russian oligarchs.
They are the only ones who would lend him money. And he didn't care
that they expected something in return.

Now his lies about his exaggerated wealth are being used against him with the supposed tax break he will get.

[ProfessorGAC]

7. What Goes Around, Comes Around

I concur that his exaggerated net worth was a branding thing. It's the only reason why one would lie about it, because if one were actually honestly paying their fair share of taxes (and no i'm not saying slime like him would), falsely claiming a higher net worth would raise eyebrows as the IRS. That would be dumb.

But, if the taxes were close to up and up, and to a IRS auditor the exaggeration looked like an obvious business ploy, one could build the brand without impelling excess scrutiny.

[Irish_Dem]

8. He lied about his wealth and scammed the system to pay no taxes.

That is as you say the only reason he would lie and refuse to show his tax returns.

And yes, he is getting a karmic bite now.

[L. Coyote]

4. Trump's Estimated Estate Tax Cut $1,155,600,000.00

Arguable, the beneficiaries are the survivors after death, but the tax break goes to the estate of the person or couple.

https://www.huffingtonpost.com/entry/estate-tax-repeal-would-be-devastating-for-philanthropy_us_59e8fd3be4b032f98fa30c45

Only estates over $5.5 million per individual and $11 million per couple are subject to the tax. As a result, only about one in 500 estates is now taxed.

Estate Tax Repeal Could Be Worth $3.5 Billion to Trump and His Cabinet
https://www.thefiscaltimes.com/2017/10/18/Estate-Tax-Repeal-Could-Be-Worth-35-Billion-Trump-and-His-Cabinet

According to a new analysis by the liberal Center for American Progress Action Fund, Trump’s estate could cut its tax bill by more than a billion dollars, ....

[ProfessorGAC]

6. Not My Point

And i don't buy this analysis. The analysis is based upon what he SAYS he's worth. There is reason to believe he has NEVER been as wealthy as claimed due to undisclosed levels of total debt.

The billion is based upon the 3 billion net worth. Again, there is reason to believe the number is not close to that high. Hence the tax cut has to be proportional to the difference between purported and actual net worth.

[L. Coyote]

5. Frail and disoriented, Cochran says he's not retiring

http://www.politico.com/story/2017/10/18/thad-cochran-says-not-retiring-senate-243918

.... when queried about whether he would stay on as Appropriations chairman, Cochran seemed confused and just repeated the question. “As chairman of the Appropriations Committee?” Cochran asked.

Cochran had to be guided by staffers around a security checkpoint inside the Capitol. He started to walk into a first-floor room — though the Senate chamber is on the second floor. He was then ushered by an aide up to the Senate.

When another reporter asked whether leadership had pressured Cochran to return for a vote on the budget resolution — a key moment in the tax reform debate — Cochran smiled and responded, “It’s a beautiful day outside.” .....

Link to tweet

Link to tweet

[L. Coyote]

9. kick

[former9thward]

10. No one at that level pays the estate tax.

All of them -- Gates , Buffett, Soros, etc. -- create "Foundations" run by their children and they donate their wealth to these "Foundations". So no tax is paid when they die. But if Trump is broke, as we are constantly told on this website, how would he have to pay any estate tax at all?

[Yupster]

11. But on the brighter side

he'd have to be dead to realize that tax cut.

Also, my guess is his companies are in corporations. I doubt anywhere near that much is in his name.

[L. Coyote]

12. Funny thing about corporations.

People own them and those assets are considered wealth with value and taxable.