Here’s what Donald Trump said earlier this week about his new tax plan:
Trump says his tax plan is "not good for me, believe me."
(It is very good for him.) pic.twitter.com/pTVNeamicI
— Judd Legum (@JuddLegum) September 27, 2017
It should go without saying that he’s lying.
For one thing, he lies every time he opens his mouth – it’s habitual.
Also, “believe me” when I tell you that anytime someone constantly says “believe me” it’s a sure sign that they are lying to you. And Trump is a man who says “believe me” all the time.
But beyond that, the lie about tax reform is easy to expose. You don’t need a special counsel. All you need is a few minutes and Trump’s 2005 return, which we have.
“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,” the New York Times reports.
He would save $1.1 billion from the repeal of the estate tax:
Though it would not be reflected on his income tax return, Mr. Trump’s proposal to eliminate the estate tax would generate the largest tax savings. If his assets — reportedly valued at $2.86 billion — were transferred after his death under today’s rules, his estate would be taxed at about 40 percent. Repealing the federal estate tax could save his family about $1.1 billion, though it could still be subject to New York estate taxes.
Another $31 million from repealing the alternative minimum tax:
The decades-old alternative minimum tax is meant to prevent America’s wealthiest from using deductions to pay very low or no federal income tax. In 2005, it accounted for about 80 percent of Mr. Trump’s overall income tax payment.
And another $16 million from cuts to taxes on his business income:
Mr. Trump’s proposed changes could allow individuals to qualify for a significantly reduced tax rate of 25 percent on certain types of income they receive through business partnerships and similar entities. That is up from the original proposal in April of 15 percent, but far lower than the top tax rates currently faced by high-income earners of 39.6 percent.
So to all of those working class voters who are still buying this man’s bald-faced lies, just know that the evidence is right in front of you.
He is screwing you. “Believe me.”