The New York Times reports: President Trump could cut his tax bills by more than $1.1 billion, including saving tens of millions of dollars in a single year, under his proposed tax changes, a New York Times analysis has found.
On Wednesday, the White House announced a sweeping plan to cut a variety of taxes that would overwhelmingly benefit the wealthy. The estimate of Mr. Trump’s savings is based in part on information from his 2005 federal tax return. The analysis compares what his tax burden would be under current law with what it would be under the proposal.
Mr. Trump’s 2005 return is the most recent available publicly and was released in March by David Cay Johnston, a former New York Times reporter. The Times’s figure also relies on an estimate of Mr. Trump’s net worth, calculated by the Bloomberg Billionaire’s Index to be $2.86 billion.
“I don’t benefit. I don’t benefit,” Mr. Trump said on Wednesday. “In fact, very, very strongly, as you see, I think there’s very little benefit for people of wealth.”
In fact, high-income earners like Mr. Trump are likely to benefit disproportionately if the White House proposal becomes law. The estimates, calculated with the help of Robert Willens, an accounting expert, and Stephen Breitstone, a tax lawyer, provide a view into precisely how. [Continue reading…]