GOP Tax Plan Delivers Double Dose of Pain to Blue States

found online by Raymond

 
From Jon Perr at PERRspectives:

Thursday’s release of the House GOP tax plan will be greeted with a flurry of “hot takes” about its “winners and losers.” So, for everyone’s sake, let’s keep this simple. Unsurprisingly, the biggest winners from what the President called a “big, beautiful Christmas present” are people named Trump and those like them. Just as predictable, the real losers are the tens of millions of Americans who live in blue states generally governed by Democrats.

As I’ve documented previously, Donald Trump’s 2015 boast that his tax plan would “cost me a fortune” was a lie from the moment it passed his lips. We know the abolition of the Alternative Minimum Tax (AMT) will be a huge windfall for Trump; it accounted for 82 percent of his $38 million tax bill in 2005, the only year for which we’ve seen even partial IRS records. Slashing the tax rate to 25 percent for “pass-through” businesses is another payday for the Trump Organization, which happens to be comprised of 500 of them. And the phase-out of the estate tax after six years means the Trump heirs will get to keep all the candy–and billions of dollars–after Donald Sr. passes from the scene.

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