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.