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Trump Loophole

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    Trump Loophole

    Nov 9 Word of the Day

    1. Portion of a Republican-passed tax bill that cut the tax rate on income of pass-through businesses, which will primarily benefit wealthy taxpayers and large companies;
    2. Tax loophole that personally benefits Donald Trump and the Trump Organization;
    3. Misleading promises made by Trump that his tax cuts would benefit small business and middle-class families;
    4. The personal rollercoaster that Trump had built to appease Eric Trump.
    See also: Tax Cut

    • Noun
    0
    0
    "ITEP's most recent analysis [of the Trump Tax Cuts] estimates the richest 5 percent of taxpayers will receive $145 billion in tax cuts in 2020, which is half of the law's benefits that go to U.S. taxpayers. The richest 20 percent of taxpayers will receive $205 billion in 2020, which is 72 percent of the law's benefits that go to U.S. taxpayers. ITEP also estimates that in 2020 another $38 billion will go to foreign investors, who benefit from TCJA's corporate tax cuts." -Institute of Taxation and Economic Policy, 2019

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