2017-09-29 16:08:31

Is Trump's Tax Plan Crafted For His Personal Benefit?

GUEST: Morris Pearl, Chair of the Patriotic Millionaires, a group of hundreds of high-net-worth Americans committed to progressive financial policies. BACKGROUND: At speech in Indianapolis on Wednesday President Donald Trump announced a tax plan that he promised was a, "once-in-a-generation opportunity," and that included the, "largest tax cut in our country's history." As part of his reforms Trump has promised to do away with the Alternative Minimum Tax (AMT), which helps ensure wealthy Americans pay their fair share of taxes, and which forced Trump himself to pay out millions of dollars in taxes. Repealing the AMT would personally benefit him. His reform plan - which is short on details - also repeals the state and local tax exemption which in some states would lead to a significant increase of middle class taxes. Trump also wants to repeal the Estate Tax - a long target of the Republican Party which Trump called, "crushing, horrible," and "unfair." Removing the Estate Tax would benefit fewer than 6,000 of the wealthiest Americans. Mr. Trump apparently hopes to push his plan through Congress so he can sign it into law by this December.

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