We may never know the exact net worth of president Donald Trump due to his refusal to release tax records, but it has been proposed that he and his family will be able to save more than $1 billion under a tax proposal passed by House Republicans. The majority of these savings would come from the repeal of the estate tax. The estate tax is imposed on property that is transferred to beneficiaries after they have passed.
The analysis commissioned by NBC news is based on Trump’s estimated net worth stemming from his 2005 tax returns, the only public records of his tax returns that we have. If we lifted the figures from his 2005 tax returns, President Trump will personally save $20 million while his heirs could save more than $1 billion. It’s important to note that the capital gains tax is higher now when juxtaposed to 2005 tax implications, and because of a tax on investment income and a fewer number of itemized deductions, President Trump savings could hover north of $22.6 million.
What The GOP Tax Bill Means For The Rest Of Us
The GOP tax bill has several moving parts and can be confusing for the layman. However, CNBC has proactively tracked the maturation of the GOP tax bill, with interesting – and damning – takeaways.
The GOP tax bill will rise standard deductions, hitting low-income citizens with children. According to the Center for Professional Accounting Practices at Fordham University in New York City, this increase in standard deductions may not be so generous for middle-income families either. It also undermines students who borrow money or those who file with significant medical expenses. House Republicans are going out of their way to slash and reduce itemized deductions – but will sweeten the deal for charitable donors and contributors.
President Trump has repeatedly said that these efforts for tax reform would not benefit him – he proposed that he will take a financial hit once the GOP tax bill comes out.
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