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Trump's next tax cuts ($102 billion) - Is this another juicy tax cut for the wealthy ?

The Trump administration is said to be considering a tax break that would bypass Congress, delivering $102 billion in cuts to wealthy Americans who own investment assets.

The Treasury Department is mulling whether it could use its authority to connect capital gains tax liabilities to inflation, as reported by The New York Times. This method would shield more of the gains from taxation because the initial cost of the asset would be adjusted upward to account for inflation over the time period between buying the asset and selling it.

Such a change would provide a major tax benefit to wealthy Americans. By one estimate, two-thirds of the $102 billion in cuts would be enjoyed by the top 0.1 percent of America's income earners. Households in the bottom to 40th percentile of income earners would see no benefit, while those in the 40th to 80th percentiles -- the middle class -- would see just 1 percent of the benefit.

https://www.cbsnews.com/news/how-trumps-next-tax-cut-would-benefit-americas-richest/

Posted - September 11, 2018

Responses


  • 5808
    the rich get richer
    the rest get deeper in debt
      September 12, 2018 8:49 AM MDT
    1

  • 2658

     

    This post was edited by Beans/SilentGeneration at September 13, 2018 9:36 AM MDT
      September 12, 2018 11:48 AM MDT
    1

  • 6098
    Hope so. Then we would be able to take the funds so saved and devote them to helping others more. 
      September 12, 2018 8:51 AM MDT
    0

  • 2658
    'I may have been born at night, but not last night'

     

      September 12, 2018 12:00 PM MDT
    0

  • 22891
    nnaybe
      September 12, 2018 10:36 AM MDT
    0

  • 19942
    I'm pretty sure he can't bypass Congress when it comes to tax cuts, no matter how much he may think he's the king.
      September 12, 2018 1:18 PM MDT
    0