By Karen Stewart on The San Diego Union-Tribune
I am a proud member of Patriotic Millionaires. We do not need or want tax cuts. We want more income and wealth equality in America. Donald Trump said he would not personally benefit from the proposed tax cuts. He lied, he knows it, but he doesn’t want us to know it.
Elimination of the alternative minimum tax would have saved him $31 million on his 2005 tax return (unknown if it was a true copy). The top tax bracket would drop from 39.6 percent to 35 percent, saving him $46,000 for each million dollars of income he receives. Elimination of the estate tax — which would currently mean his five children would not inherit all of his fortune, they’d only inherit $600 million of each billion of his estate — means they could keep the additional $400 million and the middle class would have to make it up in higher taxes or reduced benefits.
This act proposes to gut Medicaid — 57 percent of which is spent on paying the nursing home bills of low-income elderly. Cutting Medicaid would give the wealthy huge tax cuts that we do not need.
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