One Beneficiary of GOPs Tax Bill: President Trump
Source: WSJ
WASHINGTON—The 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. Trump’s 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 tax’s effect on him and enhances his benefit from the proposed repeal, which would take effect in 2018, according to accountants and tax lawyers.
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The repeal of the 3.8% tax—known as the net investment income tax—is 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.
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It is impossible to know how much Mr. Trump would actually benefit because he hasn’t 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 That would yield an annual tax savings of $3.2 million on rental income alone if the investment income tax were repealed.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..
= new reply since forum marked as read
This article is behind WSJ's paywall.
Most of can't see it, unless we've purchased a subscription.
and, I hope that it will be picked by additional sources.
... 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.
