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.

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