Tag Archives: welcome to the real world

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.

“The Situation” is in a not-so-good tax situation

Did you know that “Jersey Shore” reality show personality Michael Sorrentino, aka “The Situation”, and his brother Marc, grossed almost $9 million in a variety of ventures over four years? Me neither, until I read the U.S. District Court indictment, reported inThe New York Times,charging the brothers with conspiracy and filing false tax returns. Michael… Continue Reading

Washington Post’s maps paint a fascinating – and unexpected – picture of the USA

The Washington Post’s “GovBeat” feature is doing some great work, including this story and link to 25 maps and charts of the United States (your first 10 stories a month at Washingtonpost.com are free; then the paywall rises up.) One, “Finding America’s Uninsured,” (#23) shows that the national problem of people not having health insurance… Continue Reading

Super-rich have super-low tax rates, in super times or bad ones

Let’s stop a moment to reflect on the tax lives of the 400 highest-earning Americans, and how they suffered in the Great Recession of 2008-2009. Oh, wait a minute—they didn’t suffer. As James B. Stewart points out in The New York Times, the fortunate 400 still averaged $202 million apiece in adjusted gross income in… Continue Reading