How Much Money Trump Made From His Tax Cuts
December 22, 2017
74,556
1,702
426
2.85%
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4:08Now PlayingHow Much Money Trump Made From His Tax Cuts
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as posted by the channelTrump is personally enriching himself bigly with these tax cuts. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss. Tell us what you think in the comment section below.
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“Donald Trump and six members of his inner circle will be big winners of the Republicans’ vast tax overhaul, with the president personally benefiting from a tax cut of up to $15m a year, research shows.
The US president chalked up his first big legislative win on Wednesday with the $1.5tn bill, the most sweeping revamp of the tax code in three decades, slashing taxes for corporations and the wealthy and dealing the heaviest blow yet to Obamacare.
But analysis by a leading Washington thinktank, the Center for American Progress (CAP), finds that changes to business rules will save Trump roughly $11m to $15m per year, while an amendment to the estate tax – the tax on the transfer of an estate of a deceased person – would potentially save his heirs $4.5m.
Under current law, the first $11.2m of a couple’s estate’s value is excluded from taxation, and any amount above this is taxed at a 40% rate. The new bill doubles the exemption to $22.4m.”
Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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