GOP Tax Plan Will Give Trump And His Family More Than $1 Billion In Tax Breaks, Analysis Reveal
A new analysis into the Republican tax plan approved by House Republicans on Thursday has found that President Donald Trump and his family will save more than $1 billion while the middle class will see an increase in their tax rate over time.
under a tax proposal passed by House Republicans on Thursday,
According to the analysis, which was commissioned by NBC News, most of the savings Trump and his heirs would see would come from the measure’s repeal of the estate tax — the tax levied on property transferred to beneficiaries after an individual dies.
The analysis found that the president could save more than $20 million himself, while his heirs could save $1.1 billion. The calculation was based on Trump’s estimated net worth and his 2005 tax return, the only information made public thus far.
Trump has refused to release his personal income tax returns, meaning that more up-to-date information is not available. The partial 2005 return was leaked —probably by Trump himself— to MSNBC earlier this year.
The House plan passed on Thursday would reduce the number of individual tax brackets, trim the corporate tax rate significantly and reduce the number of deductions and tax breaks.
Senate Republicans are crafting their own bill, and are hoping to pass it with a simple 51-vote majority. Some GOP senators, however, have already voiced concerns about the measure, and one Republican, Sen. Ron Johnson (Wis.), has announced that he won’t support the House or Senate proposals.