{"id":2077,"date":"2017-11-16T18:42:00","date_gmt":"2017-11-16T18:42:00","guid":{"rendered":"http:\/\/democrats.org\/blog\/2017\/11\/16\/trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters\/"},"modified":"2017-11-16T18:42:00","modified_gmt":"2017-11-16T18:42:00","slug":"trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters\/","title":{"rendered":"Trump Pitches Tax Plan That Helps Himself, Hurts His Supporters"},"content":{"rendered":"<p>This morning, before House Republicans vote to raise taxes on many middle-class families, President Trump headed to the Hill to give his final pitch for a bill that would benefit himself, and his rich friends, while hurting his own supporters.<\/p>\n<p><strong>Trump&rsquo;s plan will hurt his own supporters:<\/strong><\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/trumps-core-supporters-are-about-to-be-handed-the-bill-for-tax-reform.html\">CNBC<\/a>: &ldquo;<strong>Trump&rsquo;s core supporters are about to be handed the bill for tax reform<\/strong>&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.cnbc.com\/2017\/11\/16\/trumps-core-supporters-are-about-to-be-handed-the-bill-for-tax-reform.html\">CNBC<\/a>: &ldquo;The House bill Republicans hope to pass Thursday, tax analysts for Congress say, will reduce effective tax rates twice as much for those earning $1 million or more as for those earning $100,000 or less. The Senate bill makes big tax cuts for corporations permanent but makes smaller ones for moderate-income families only temporary. <strong>Those specifics contradict what Trump&#39;s base &mdash; heavily weighted toward older whites without college educations &mdash; has said it wants from Washington<\/strong>.&rdquo;<\/p>\n<p><strong>While he benefits, a lot:<\/strong><\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/economy\/the-many-ways-president-trump-would-benefit-from-the-gops-tax-plan\/2017\/11\/10\/d82c8116-c4ba-11e7-aae0-cb18a8c29c65_story.html?utm_term=.24dd6ff1eebf\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Post<\/a>: &ldquo;Trump has refused to release his tax returns, making it hard to know precisely how much he would stand to gain from a tax code overhaul. But one change in the House plan affecting only multimillionaires, <strong>a repeal of the estate tax, could save his family $1 billion or more<\/strong>.&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/economy\/the-many-ways-president-trump-would-benefit-from-the-gops-tax-plan\/2017\/11\/10\/d82c8116-c4ba-11e7-aae0-cb18a8c29c65_story.html?utm_term=.956e622e66d2\">Washington Post<\/a>: &ldquo;Other tweaks would be similarly lucrative: Seth Hanlon, an economic adviser to the Obama White House and a senior fellow at the left-leaning Center for American Progress, <strong>estimated that the House bill could save Trump roughly $23 million a year<\/strong>.&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"http:\/\/www.businessinsider.com\/trump-tax-plan-rich-people-benefits-2017-11\/#the-amt-which-increased-trumps-leaked-2005-tax-bill-from-53-million-to-365-millionwill-be-repealed-3\">Business Insider<\/a>: &ldquo;The alternative minimum tax (AMT), which was enacted in 1969 to &lsquo;prevent taxpayers from escaping their fair share of tax liability through tax breaks,&rsquo; would be eliminated. [&hellip;] <strong>Trump&#39;s leaked tax bill from 2005 has been shown to have increased to $36.5 million from $5.3 million because of AMT<\/strong>.&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.vox.com\/2017\/11\/2\/16596896\/house-republican-tax-reform-cuts-trump-ryan-explained\">Vox<\/a>: &ldquo;&rsquo;Pass-through&rsquo; companies like LLCs, partnerships, sole proprietorships, and S corporations, which are <strong>overwhelmingly owned by rich individuals like Donald Trump <\/strong>and currently pay normal income tax rates after their earnings are returned to the companies&rsquo; owners, would get a huge number of tax cuts too.&rdquo;<\/p>\n<p style=\"margin-left:.5in;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-11-09\/one-tax-loophole-untouched-so-far-the-trump-golf-course-break\">Bloomberg<\/a>: &ldquo;<strong>One Tax Loophole Untouched So Far: The Trump Golf-Course Break<\/strong>&rdquo;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This morning, before House Republicans vote to raise taxes on many middle-class families, President Trump headed to the Hill to give his final pitch for a bill that would benefit himself, and his rich friends, while hurting his own supporters. Trump&rsquo;s plan will hurt his own supporters: CNBC: &ldquo;Trump&rsquo;s core supporters are about to be <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2077","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump Pitches Tax Plan That Helps Himself, Hurts His Supporters - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2017-11-16T18:42:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-pitches-tax-plan-that-helps-himself-hurts-his-supporters\/\",\"name\":\"Trump Pitches Tax Plan That Helps Himself, Hurts His Supporters - 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