Trump’s tax plan benefits — Trump. Surprised?

Now we know what Donald Trump, the presidential candidate who won’t release his own tax returns, wants to do about taxes: Cut them for people like himself.

His August speech in Detroit outlined his plans, which fall in line with what House Republicans, including zombie-eyed granny-starver Paul Ryan (thanks to Esquire’s Charles P. Pierce )have been promoting. Just three features to highlight:

Cut taxes to boost the after-tax income of middle-income families in the 40th to 60th percentile by 0.2% .

–Give the top 1% an after-tax boost more than 20 times larger–5.3%. Of course, in dollar amounts the tax breaks to the top 1% would dwarf what middle-class Americans receive.

–Eliminate the estate tax.

Let me be clear about the estate tax: You, dear reader, probably have nothing to fear from the estate tax. As The New York Times points out,the estate tax doesn’t even apply to 99.8% of all estates–only to those worth more than $5.4 million for an individual. With a modicum of planning, married couples get an exclusion of $10.9 million.

Think about that for a minute. $10.9 million. Do you think you know anyone who is going to be subject to the estate tax?

Wait. I know someone: Donald Trump. Trump’s tax plan is a tax plan for Trump. What a surprise.

IRS excels at beaurocratese when it screws up

If you sent in an employment tax payment at the April 18 deadline, you did what you were supposed to.  But the IRS sent out notices to many filers that the deposits were late. How did the IRS characterize its own screw-up?  Like this: “Many taxpayers who made employment tax deposits on Monday, April 18,… Continue Reading