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> If you really want to go after the wealthy, you need to tax wealth, not ordinary income Trump has promised several more yuuge tax breaks and loopholes to wea
by RealGeek 10y ago
> If you really want to go after the wealthy, you need to tax wealth, not ordinary income
Trump has promised several more yuuge tax breaks and loopholes to wealthy:
- Repeal alternative minimum tax
- Repeal estate tax
- Reduce capital gains tax
- Reduce business tax rate to 15% eliminate the corporate alternative minimum tax.
A wealthy individual could just make an LLC, and funnel all his money into it and enjoy the 15% tax rate while working folks pay regular income tax of 33%.
- emagdnim2100 10y agoMaking an LLC costs a few hundred bucks a year, so there's no reason any benefits would only accrue to wealthy individuals. To the extent that Trump's business tax proposals actually become law (the 15% business tax with no personal tax applied is a massive change from how it currently works), I predict a shift away from salaried employment and towards independent contracting / small business ownership. Tastes may vary on whether this is a good thing.