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Saturday, April 29, 2017

Trump Could Save Tens of Millions of Dollars in One Year Under His Proposed Tax Plan - The New York Times







"President Trump could save tens of millions of dollars in a single year under his proposed changes to the tax code, a New York Times analysis has found.



On Wednesday, the White House announced a sweeping plan to cut a variety of taxes that would overwhelmingly benefit the wealthy. The estimated savings for Mr. Trump rely on his income and other information from his 2005 federal tax return and compare what his tax burden would be under the proposal to current law. Mr. Trump’s 2005 return is the most recent available publicly and was released in March by the former New York Times reporter David Cay Johnston.



These estimates, done with the help of Robert Willens, an accounting expert, provide a view into how high-income earners like Mr. Trump could benefit from the proposal. They do not take into account other potential planning techniques that wealthy taxpayers often use.



When asked at a news conference on Thursday, Sean Spicer, the White House press secretary, did not directly address how the plan would affect Mr. Trump. “The president’s plan right now is something that every American should worry, hopefully, about how it’s going to affect them,” Mr. Spicer said.



Savings of $31 million from repealing the Alternative Minimum Tax"





Trump Could Save Tens of Millions of Dollars in One Year Under His Proposed Tax Plan - The New York Times

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