April 27-30, 2017: President Trump and His Family Win Big with the Trump Tax Cut

  

4/27/17: Are we almost there? Are we exhausted by winning yet? Well, it is a great day to be a multi-millionaire.

President Trump reveals his tax plan, which offers huge cuts for the very wealthy. The “death tax” will be eliminated on estates worth $5.5 million or less for individuals, $11 million for couples. One policy group notes that under existing law (taxing estates worth $3.5 million or more) only 1 in 500 Americans pays the estate tax. A second policy group estimates that 99.9% of us pay nothing.

So: Let’s consider the average crowd at a Trump rally – 10,000 screaming fans in stylish red hats. (On sale at Walmart: $9.99 each.) 

Who will benefit from this change in tax law?  

To hit that 1 in 500, we need twenty people. Trump would come out smelling like gold ingots. There’s Melania and Ivanka, Donald Jr. and Eric, Jared Kushner and Secretary of Education DeVos, Commerce Secretary Wilbur Ross and Treasury Secretary Steve Mnuchin (who delivered the plan yesterday) and assorted billionaires who donated to the Trump campaign (Robert Mercer, Sheldon Adelson) and maybe Paul Manafort, who has all his wealth hidden in Cyprus. (See: 3/3/17.) 

Throw in the four Walton siblings and there you go!

 

As a bonus, experts warn the whole Trump Tax Plan will add between $3 and $7 trillion to the national debt. But don’t worry! These cuts will pay for themselves! Last president to make a similar claim: George W. Bush.  

Remember how his tax cuts were going to create millions of jobs! In the end they added  $2.8 trillion in federal debt. 

Also: the U.S. economy imploded.

 

BLOGGER’S NOTE: We learn quickly that the Trump Tax Plan will not pay for itself, see: 2/10/18; 4/17/18; 10/5/18 and 8/14/19.)

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4/28/17: Who said making America great again would be easy? Oh, yeah, the Trumpster! Donald J. Trump swore running the nation would be as easy as grabbing a woman by the p***y. On Day 99, however, he tells a reporter from Reuters, “I loved my previous life. I had so many things going. This is more work than in my previous life. I thought it would be easier [emphasis added].”

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4/29/17: What a bummer. In the first quarter of the year, in the Glorious Era of Donald, the economy grew more slowly than at any time in three years. Consumer spending was the weakest since 2009. 

It could get better and a sensible person (for instance: the same kind of people who knew you couldn’t blame Obama for every problem the U.S. economy faced from the second he finished reciting the oath of office) might give the Tweeter-in-Chief a break. But for now, Trump’s going to have to go back to saying the economic numbers are “phony,” “totally fiction.” (See: 3/10/17.) 

How will we know which numbers are fake? If the numbers look good, we can expect a tweet claiming credit. Then another tweet because the press won’t stroke the president’s ego.

 

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Trump gets a big tax cut from Trump. 

BEST OF ALL, Trump fans, is how exciting the new tax plan will be for…no, not you. Don’t be stupid. 

For the president! 

According to analysis of the one year of his taxes we’ve seen (2005) Trump would have saved $31.3 million under his plan as a result of repeal of the Alternative Minimum Tax. This provision was added to stop rich cheaters who got away with paying close to nothing. And that’s savings for one year. 

Also, he’d pay $27 million less because he could count more of his money as business income, which would be taxed at a lower rate than, say, the income you make in wages if you’re a coal miner. 

So much winning for the winners of a rigged game! Repeal the tax on high income earners which pays for the Affordable Care Act. Another $1.5 million for the president to pocket! Cutting the highest tax rate…peanuts to Trump, but another $500,000 he won’t have to pay! 

Get rid of the estate tax? President Oligarch (not to mention all his billionaire friends) would save $1.2 billion on his fortune of $3 billion if he never paid that particular tax (40%).

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4/30/17: The president proves that anyone with at least one good finger or thumb can run the greatest nation in the world. He spends Day 101 in office digging into healthcare policy, perusing thick policy books…no, no, we’re kidding! 

He’s tweeting! 

At 7:09 a.m. he sends out this gem: “The Democrats, without a leader, have become the party of obstruction. They are only interested in themselves and not in what’s best for U.S...” 

At 7:28 he pecks away again: “You can’t compare anything to ObamaCare because ObamaCare is dead. Dems want billions to go to Insurance Companies to bail out donors.... New.” 

Having exhausted his limit of 140 characters and plumbed the depths of policy knowledge, Trump pauses. Perhaps he takes time out to polish off a bowl of Fruit Loops. Four minutes later, the American people are treated to another tweet: “…healthcare plan is on its way [emphasis added]. Will have much lower premiums & deductibles while at the same time taking care of pre-existing conditions!” (See: 5/4/17.)