President Donald Trump’s tax cut proposal may have been touted as a way of “fixing our broken tax code,” but it’s also a way of helping his own kids in the long run.
The framework developed jointly by the administration and the House Committee on Ways and Means has added an estate tax or “death tax” repeal that would end up benefiting his own children. So much so that HuffPost has dubbed the proposal “The Donald Trump, Jr. Relief Act.”
With the proposed cuts, families like the Trumps would be on the receiving end of an estimated $174 billion in new tax cuts over the following decade with a possibility of seeing this amount double over the next two decades.
While 80 percent of the $6.6 trillion in cuts would benefit the wealthy, such as the Trumps, the plan would also increase the tax burden of some middle class folks.
The proposal cuts millions that go into Medicaid, Medicare, Social Security, and education, and the GOP budget would still add one-and-a-half trillion dollars to the country’s overall debt, meaning that future generations would be on the hook for a greater amount despite the seemingly large cuts.
According to proponents of Trump’s death tax cut, such as the Family Business Coalition, going forward with the president’s plan would grow the economy and create new jobs.
Yet other groups, such as the Patriotic Millionaires, who are supporters of the tax and want to keep it as is, have pleaded with the president to “shelve any and all plans to decrease or eliminate the federal estate tax.” Many group members owe estate tax, and the death tax helps to fight overall inequality.
Trump claimed he didn’t think up this proposal to benefit his own, and yet, his kids could soon be getting their own billion dollar tax breaks thanks to daddy.
But what else could we expect? A billionaire who promised to “drain the swamp" and then filled his cabinet positions with Goldman Sachs executives cannot be serious about bringing an end to the influence the powerful have over Washington.
And somehow, countless hard-working, middle America folks proudly voted for him in November 2016.
Banner and thumbnail image credit: Reuters/Stephanie Keith