Donald Trump promised Americans that he would end tax policies that allowed the wealthy to pilfer the poor and the middle-class. While hard working Americans can pay up to 39% of their income in Federal Income Taxes, some wealthy people who did not work for their income but just made it from the appreciation of someone else’s income a much smaller amount. It is known as carried interest.
Patriotic Millionaire discusses carried interest
Trump tax cut scam
A new op-ed written by Patriotic Millionaires Chair Morris Pearl slams Donald Trump’s new tax plan.
Disappointingly, the true winners of candidate Trump’s tax plan are multinational corporations and wealthy taxpayers, including Trump, his offspring, and me.
Instead of making the wealthy pay their fair share, Trump slashes the top tax rate by more than one-third. Members of the top 1 percent would receive an average $184,000 tax cut every year. Taxpayers in the bottom 20 percent would get an average annual tax cut of just $250.
In a gift to wealthy friends and his own family, Trump proposes eliminating the federal estate tax, which applies to estates worth more than $5.4 million ($10.8 million for a couple). This change alone will give at least a $20 million tax windfall to families like the Trumps. American families without a $10.8 million estate will get nothing — except the bill to make up for the lost revenue (about $269 billion from 2016-2025).
Are Americans going to take this on the chin? We must not. The grassroots will be in the streets, on the phones, and in organizing meetings to prepare to boot the bombs in 2018.
Americans have three immediate demands.
- Politicians must hold town halls and face their constituents.
- Republicans must reverse their evil act. Repeal the tax cut scam (#trumptaxscam #notonepenny).
- Fund CHIP immediately.
Grassroots, are you ready? Let’s get busy and do what we know we must do.