Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Thursday, August 18, 2016

Trump’s Tax Plan

Donald Trump’s tax plan would give trillions in tax cuts to big corporations, millionaires, and Wall Street money managers.  Resulting is our national debt exploding, and eventually lead to massive cuts in priorities like education, healthcare, and environmental protection.
Trump’s plan would allow him to pay less than half the current tax rate on income from many of his companies.  He’d pay a lower rate than millions of middle class families.  An expert at the Tax Policy Center described Trump’s plan as: ‘a really nice deal for Donald Trump.’
Although for decades other presidential candidates have released their tax returns, Trump refuses to release his.  Consequently, exactly how nice a deal it would amount to is hard to determine.
We do know that the 400 richest taxpayers in America would get an average tax cut of more than $15 million a year from Trump’s tax loophole.
There’s also the issue of the Estate Tax, which Trump wants to completely eliminate.  If we take his word for how wealthy he is, getting rid of the Estate Tax would save the Trump family $4 billion.  
On May 4, 2005, Lou Dobbs interviewed billionaire Warren Buffett, who at that time was the second wealthiest man in the world.  Buffett noted: "The rich are winning.  Just take the estate tax, less than 2 percent of all the estates pay any estate tax.  We raise $ 30 billion from estate taxes.  I would like to hear a Congressman say who they are going to get the $ 30 billion from if they don't get it from estate taxes.  It's nice to say wipe out this tax, but we're running a huge deficit, so who does the $ 30 billion come from?"
Fortunately, most very successful millionaires are not "carnival barkers" like Donald Trump.


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