Stands to Gain Millions from the Republican Tax Bill
By John Cassidy
7:28 P.M.
... someone is going to be cheated, the question is who ...
... The size of the math problem helps explain why the bill .. was so long .. complicated, and filled with .. accounting that would have fit in at Enron. But .. the basic thrust .. is .. the .. Trumps .. get caviar; the ordinary person get peanuts; and future taxpayers .. get shafted ...
The treatment of state and local taxes, and the new limits the bill would place on mortgage-interest deductions, appear to be targeted at households in blue states, such as New York and California, which have high taxes and expensive real estate. No surprise there: it’s partisan politics ... Unlike the tax cuts for corporations .. the tax cuts for families are temporary: after five years, they expire ...
... consider the abolition of the A.M.T. According to Trump’s 2005 tax return .. he paid $38.4 million .. on income of $152.7 million, which means that his effective tax rate was about twenty-five per cent. But $31.3 million .. went to cover his A.M.T. liability. If .. this tax bill had already been in effect, Trump would have seen his tax bill reduced by more than eighty per cent ...
https://www.newyorker.com/news/our-columnists/donald-trump-stands-to-gain-millions-from-the-republican-tax-bill
