The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label The Third Way. Show all posts
Showing posts with label The Third Way. Show all posts

Saturday, July 23, 2016

Trump For Trumps: Their Tax Plan

I believe even Donald Trump supporters know he is a fraud. They know he is a narcissist, self-serving corporatist who, via paradigm, isn't a person of the people. Yet, they are so influenced by a social paradigm inseminated, nurtured and fertilized by the GOP they actually subscribe to politics that works against their own best interest.. They vote to have the guillotine placed as visibly as possible and they need to assistance in proper placement their exposed necks to conservative (or fake conservative) charlatans.

Conservative America has fallen lock-step in line behind a false Conservative who seeks to infest the White House with his "Us only family". The common conservative refrain is: "He is a business  man."  Alas, the vast majority of business owners by necessity, mindset and operation models are for themselves first and foremost. Trump is no exception. Have you ever asked yourself: "How does any casino owner go out of the casino business?" It is so uncommon, the rational person should wonder why? We don't have an answer, but we rest in our beliefs the casino closures benefited Trump, his family and his inner circle while handing economic tragedy to many employees.

Is there seriously a person among us who false to recognize a family that is only about themselves?  Herewith is another example. The Trump Tax Plan.

America owes us rights to our billions!  Photo added by The Progressive Influence

“This material [article] was published by Third Way" 

Trump’s Estate Tax Plan Gives $7 Billion Windfall to One Family. His.

Published July 20, 2016

America owes us our Billions!  Photo added by The Progressive Influence

“My tax plan is going to cost me a fortune,” Donald Trump said at press conference in Trump Tower last September. It won’t.
One lesser-noticed section of Trump’s tax plan would bestow a $7.1 billion tax cut on the Trump family dynasty. That’s just through his proposed elimination of the federal estate tax—not counting breaks on capital gains and income that would also disproportionately favor the wealthy and, altogether, increase the national debt by $9.5 trillion in just 10 years.1
Put aside the other billionaires that scrapping the estate tax would benefit. The staggeringly high value of the tax cut for the Trump dynasty alone carries the same price tag as multiple high-value national priorities. Here are just a few alternative ways Congress could spend Trump’s proposed $7.1 billion gift to his heirs:
  • Expand Pell grants for three years: The Obama Administration’s proposal to increase Pell Grant awards and make them available for summer courses has an annual cost of $2 billion.2
  • Fund the search for a cure for cancer for seven years: President Obama’s cancer “moonshot” proposes investing an additional $1 billion per year to support the search for a cure.3
  • Finance career and technical education for a generation: A new bill would raise federal spending on career and technical education and skills at the secondary and postsecondary levels to $1.3 billion per year.4
  • Support investments in electrical grid modernization for more than a decade: $5 billion over a decade would help states invest in updating the grid and enhance security by providing more efficient, affordable, and reliable energy.5
Yet Trump proposes to shower his heirs with a massive gift compliments of the American taxpayers. How exactly does he propose to do so?
The estate tax is responsible for less than one percent of annual federal revenues. The tax applies to only 0.2% of the very wealthiest taxpayers per year, and for these families it is a 40% tax on joint assets above $11 million ($5.5 million if unmarried). Because the estate tax applies to only a very small portion of taxpayers with the greatest means to pay, the tax is regarded as one of the most distributionally fair parts of the code. To do away with the estate tax would mean adding $270 billion to the federal debt just in the first decade, or $320 billion with interest.6 To Donald Trump and his family though, a repeal would be particularly beneficial.
Here’s the math:
Mr. Trump estimated his own net worth (his total asset value including cash and securities, real estate, insurance, trusts, annuities, and business interests minus total debts, mortgages, and other liabilities) at $10 billion.7
We assume that a President Trump would have to liquidate and find alternative ways to reinvest this fortune. If his fortune were to grow at the historical average rate of U.S. stocks, that would afford Mr. Trump a 4.2% real, after-tax rate of return.8 The total value of his $10 billion estate would grow to over $17.7 billion by the time actuarial tables estimate his family will inherit his fortune, in 2030.9

By that time, the estate tax threshold will exempt $15 million (or $7.5 million if he filed as unmarried) from taxation.10 The rest would be subject to the 40% estate tax, which means the total size of the Trump dynasty’s windfall paid for by the American people through the federal tax code would be $7.1 billion.11