EDITORIAL: Trump’s tax plan is a self-serving rehash of trickle-down economics | Editorial
Those four words came to mind Wednesday as
Boiled down to its essence, this is just another iteration of the trickle-down theory, or "Reagnomics," that the Gipper insisted would boost the economy 30 years ago. It didn't work then, and it won't work now. Trump proposes giving huge tax cuts to corporations, which he says will use the money saved to create jobs. But the theory always fails because corporations put profits before job creation every time.
"My plan is for working people and my plan is for jobs. I don't benefit. Very, very strongly I think there's little benefit for people of wealth," Trump insisted Wednesday. And he said it with a straight face. A businessman as astute as Trump professes himself to be could not have missed the nuggets in his tax plan that will make the rich richer.
An analysis for
These companies already benefit by paying taxes on a share of their profits at the personal tax rate, rather than the corporate rate. Trump's plan would lower the highest personal tax rate they pay from 39.6 percent to 25 percent. Hanlon points out that Trump owns more than 500 companies that would benefit from the rate reduction. Other members of his family with companies that qualify, including
The Trump tax plan would also eliminate the Alternative Minimum Tax, which would benefit him personally. His leaked 2005 tax returns showed he paid a tax rate of about 24 percent on
As disingenuous as Trump is being about his tax plan favoring the wealthy, it is more disturbing that the document doesn't include how he is going to replace the
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