Why so many Americans hate Trump’s ‘tax reform’

2
Courtesy of Jim Hightower

The Trump tax plan is not selling well. Indeed, two-thirds of the American people oppose it, and only 16 percent believe it would reduce their tax bill.

But wait, say Trump and his congressional Trumpeteers, we’re really trying to help you commoners. How? By killing the “death tax,” so when you die your estate can go to your heirs without that inheritance being taxed. As the president so eloquently put it: “To protect millions of small businesses and the American farmer, we are finally ending the crushing, the horrible, the unfair estate tax.”

Hooray, Donald is saving us!

Actually… no. The great majority of Americans don’t own farms, businesses or big estates of any kind, so that tax doesn’t even apply to us. Also, 99 percent of people who do have farms and businesses are already exempt from the tax, since it only applies to estates worth $5.5 million or more.

I realize that Trump prefers grandiose claims over actual facts, but here are a few reality checks showing that his statement is not just a lie… it’s a whopper: This year, a mere two-tenths of 1 percent of American families will inherit enough to owe any estate tax. That’s only about 11,000 families — not “millions” as Trump so theatrically proclaimed. As for protecting our nation’s family-farm and small-business estates from taxation, only 80 of those are big enough to be subject to the tax this year.

So who, exactly, is Trump “saving” from having to pay some taxes on their multimillion-dollar estates? The richest 0.2 percent of American families — including one named Trump!

Killing the estate tax lets a handful of elites — the richest of the richest — escape from paying more than $20 million each that they owe to support the country that has enriched them. And that’s what the Trump plan really is all about.

This opinion column does not necessarily reflect the views of Boulder Weekly.

  • YETI67

    Interesting…no valid reasons offered for taxing assets that have already been taxed. Just more class warfare offered up here. “We gotta tax THESE people more because they’re rich.”

  • Sojournseeker

    You focus on the estate tax instead of the most important reformation in the package: NO SALT. We see this happening here in our beloved state: east coast retirees and west coast techies moving here to escape the high costs of living at their homes.

    THEN, the shallow thinkers vote in the same failed social policies and tax increases that they voted in back east/west, raising the cost of living here.

    This federal tax package will begin the change of that dynamic by forcing people to feel the true pain of the bad taxation they keep voting in. States and local governments will be forced to become more responsible about the monies they take from the citizens.