Trump's Possible Savings With New Tax Plan: $1B

'NYT' runs some numbers, finds tax proposal might prove very good for Trump
By Jenn Gidman,  Newser Staff
Posted Sep 29, 2017 7:05 AM CDT
Trump's Possible Savings With New Tax Plan: $1B
President Trump boards Air Force One on Sept. 27, 2017, in Indianapolis.   (AP Photo/Alex Brandon)

It's hard to know for sure, but President Trump may save a pretty penny if his administration's "once in a generation" tax proposal goes into effect, despite Trump insisting earlier this week the plan is "not good for me." The New York Times put Trump's estimated net worth of $2.86 billion and his 2005 federal tax return—one of the few publicly available pieces of detailed info on the president's finances—up against the current tax law and the new plan. Its findings: The president and his estate could save more than $1 billion. Experts commissioned by the Times postulate the benefits would mostly come from the elimination of the estate tax and the alternative minimum tax.

Under the current estate tax, Trump's estate would take a 40% hit following an assets transfer after his death. In what it called a potential "bonanza" for Trump and his Cabinet members, Bloomberg last year estimated Trump's family would save $564 million by dumping the estate tax; the Times figures it closer to $1.1 billion, minus New York state taxes. Getting rid of the AMT, which made up about 80% of Trump's income tax payment in the 2005 return, could save him more than $31 million. Writing for the Washington Post, Philip Bump notes Trump's "vague articulation" on how he's looking out for the little guy, not the ones with fat wallets, "is not borne out by the details." Fox News offers the winners and losers under the tax proposal. (More President Trump stories.)

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