President Trump claimed weeks ago that the tax bill he signed into law this week would hit him hard personally, resulting in a net loss of savings or profit or both.
White House press secretary Sarah Sanders backed up his story in a news conference last week.
But a new report from the tax experts at Forbes claims that not only will The Donald’s tax bill be lower under the GOP’s new plan…it could be a windfall for the POTUS.
Trump could save at least $11,000,000 on his taxes thanks to a rule change in the new Federal policy.
Forbes’ estimate is based on Trump’s tax returns from 2005, which Rachel Maddow of MSNBC discovered and made public several months ago. According to the financial magazine:
The savings will come from earnings in pass-through entities—businesses that are not subject to corporate taxes but instead pass income to their owners, who pay individual rates. In 2005, Trump declared $67 million in income that appears to have come from pass-through companies, according to four tax experts who reviewed the filing on behalf of Forbes. In addition, he earned another $42 million categorized as business income, which may or may not have come from pass-through entities, experts said.
Boil it down and it works like this: Trump should save about 10% of all business income that he can push into pass-through entities.
New York City real estate clerk Kenneth Weissenberg tells the publication that Trump is “benefiting, not just from the direct tax benefits but the increase in the value of his holdings.”
How much the Trump Organization pays its employees is a mystery. We do, however, know that a quintet of White House employees earned a total of $4,000,000 in 2016 and early 2017 according to their financial disclosures. Ivanka Trump earned 2.5 million during that time.