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President Donald Trump’s tax plan could put $757 million in his own pocket over the likely 10-year lifetime of the proposal, just from the reduction in taxes on so-called “small businesses.”
The vast majority of Trump’s income in the past year came from “limited liability companies” he owns, which are exactly the sort of businesses that would see their maximum tax rate fall from 39.6 percent currently to 25 percent.
“This will be the lowest top marginal income tax rate for small- and medium-sized businesses in more than 80 years,” Trump said Friday at the National Association of Manufacturers. “And it will be rocket fuel for our economy.”
Whether that rate cut would actually fuel economic growth is not clear. What is clear, though, is the scale of the tax savings that would personally benefit Trump: $75.7 million per year, based on a HuffPost analysis of the president’s most recent financial disclosure.
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Image: Breaking News and Opinion on The Huffington Post
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