But analysis by a leading Washington thinktank, the Center for American Progress (CAP), finds that changes to business rules will save Trump roughly $11m to $15m per year, while an amendment to the estate tax – the tax on the transfer of an estate of a deceased person – would potentially save his heirs $4.5m. The sweeping tax bill cuts the top rate on “qualified” pass-through business income from 39.6% under current law to 29.6%. In addition, the biggest element of the tax bill benefitting the wealthy is the corporate tax cut. The CAP did not try to estimate this because it is hard to quantify the tax cut for any one corporation. Congress has the full power to obtain and release Trump’s tax returns, but the Republican majority has buried its head in the sand.

Source: The Guardian December 21, 2017 01:07 UTC