Republican tax plan: About what you'd expect | Arkansas Blog

Thursday, September 28, 2017

Republican tax plan: About what you'd expect

Posted By on Thu, Sep 28, 2017 at 7:45 AM

NO WONDER HE'S SMILING: Trump tax plan would benefit wealthy people like him.
  • NO WONDER HE'S SMILING: Trump tax plan would benefit wealthy people like him.
Reviews have begun of the Republican/Donald Trump tax proposal.

Vox: A 'deficit-busting mess' that would, despite his erroneous assertions, likely be a huge benefit to Trump himself. No more expensive alternative minimum tax, for one thing.

New York Times: Huge windfall for the wealthiest (including Trump), no direct benefit for bottom third of the population, modest benefits for the middle class.

Washington Post: Trump's description "full of inaccuracies." Few details on paying for tax cuts.

Wall Street Journal: Benefit to Wall Street firms. Also, 'risky' on account of likely swelling of debt.

Bloomberg: Impact a short-term job growth "sugar high."

Politifact: Provides support for Bernie Sanders' statement that elimination of the estate tax would be a $53 BILLION tax break for the Walton family. Remember that this is NOT double taxation nor is it a tax on money the Walton heirs earned. It's eliminating taxes otherwise due on the value of Walmart stock acquired for relative pennies.

Reminder: Almost no one pays estate taxes. In 2016, only 5,400 estates, or .2 percent of estates nationally, had any estate taxes to pay. Of those, only 30 were in Arkansas. And they were fabulously wealthy. Despite years of diligent searching the agri lobby has yet to find a family farm lost because of the estate tax. More than $10 million of a married couple's net assets are exempt from taxation to start with, so, average Arkansan can breathe easy. Uncle Sam isn't coming after granny's CD.

Tags: , , ,


Sign up for the Daily Update email
Favorite

Comments (15)

Showing 1-15 of 15

Add a comment

 
Subscribe to this thread:
Showing 1-15 of 15

Add a comment

More by Max Brantley

  • PS: Casino amendment includes sports betting

    A casino gambling amendment now cleared for the gathering of petitions to qualify for the ballot could bring sports wagering to casinos if approved.
    • May 24, 2018
  • An open line and daily news summary

    Here's the daily roundup of news and comment, plus your opportunity at an open discussion.
    • May 24, 2018
  • Let the debate challenges begin

    Democrat Josh Mahony challenges Thrid District Rep. Steve Womack to a series of debates beforre their November general election contest.
    • May 24, 2018
  • More »

Readers also liked…

  • Donald Trump declares war on Hillary Clinton's marriage

    Donald Trump gave a remarkable interview to the New York Times yesterday in which he declared open season on the marriage of Bill and Hillary Clinton and Bill Clinton's past infidelity. Seems like a loser, but I've been wrong before.
    • Oct 1, 2016
  • Arkansas legislature rejects bipartisan effort to study race relations

    On Friday, the Arkansas Legislative Council soundly rejected a bipartisan effort by two senators to to create a temporary legislative subcommittee to study race relations in the state.
    • Sep 15, 2017
  • Arkansas: Land of .......

    Welcome to Arkansas: Land of cowardly politicians, discriminatory laws, inhumane turkey drops and lots and lots of Trump voters.
    • Oct 8, 2016

Most Viewed

Most Recent Comments

  • Re: An open line and daily news summary

    • I am waiting for Tom cotton to approve the USA to enter the assassination Game…

    • on May 24, 2018
  • Re: UA puts goats to work

    • So now the Razor Hawgs aren't the only goats on campus.

    • on May 24, 2018
  • Re: Let the debate challenges begin

    • Womack is a communicator. I'd wager that he would hold his own in a debate,…

    • on May 24, 2018

Slideshows

 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation