Without tax returns, don't believe Trump
Here’s why the GOP tax measure is a big Christmas present for the president.
Donald Trump spoke to a crowd in Missouri on November 29, asking people to “believe” him, and claiming that the GOP tax bill just signed into law will cost him a “fortune.” However, economic analysis shows that the opposite is true. Salon’s Alyona Minkovski broke down the figures for “Salon Now.”
According to separate estimates by Forbes and the Center for American Progress, Trump could save anywhere from 11 to 15 million dollars. This is thanks to a combination of a drop in the corporate tax rate, an amendment to the estate tax, changes for pass-through businesses and a last-minute tax deduction that helps many owners of high-value commercial real estate.
The truth is, there’s no way for the public to know exactly how much Trump could stand to lose or benefit from the tax bill because he hasn’t released his tax returns. The estimates mentioned above are based on a tax return from 2005 that was obtained by journalist David Cay Johnston.
The White House has repeatedly cited an audit as the reason for not releasing the tax returns. MSNBC’s Hallie Jackson got into a heated exchange with White House Press Secretary Sarah Huckabee Sanders on the issue this week. The IRS, however, issued a statement saying that “nothing prevents individuals from sharing their own tax information.”Tune into SalonTV's live shows, "Salon Talks" and "Salon Stage," daily at noon ET / 9 a.m. PT and 4 p.m. ET / 1 p.m. PT, streaming live on Salon, Facebook and Periscope.