Trump and His Billionaire Cabinet Members Stand to Make a Fortune on GOP Tax Plan

By Robert Reich, Robert Reich's Facebook Page

23 October 17

f Trump's tax plan goes through, he and his cabinet of fellow billionaires stand to make a fortune. Using public financial disclosures and their estimated net worth, the Center for American Progress crunched the numbers to find out how much they would benefit. Here are a few examples:

1) By slashing the tax rate for limited liability corporations billionaire Betsy DeVos would save at least $5 million per year.

2) Jared Kushner, who also takes advantage of this loophole, would also see a tax cut of roughly $17 million a year.

3) Eliminating the estate tax would be a $3.5 billion windfall for Trump’s heirs and those of his cabinet members. Shipping magnet turned commerce secretary Wilbur Ross's family alone would get over a billion dollars.

4) Lowering the top tax rate from 39.6% to 35% would also save Trump and his billionaire cabinet hundreds of thousands of dollars each year. Based on his 2005 tax returns, Trump alone would take home an extra $500,000 per year.

Trump and his cabinet are trying to sell massive tax cuts for themselves as good for the middle class. Rubbish. Trickle-down economics is a cruel hoax.

What do you think?