We will visit Senator Blunt's Office to tell him we do not support any tax plan that has tax cuts for the wealthy and corporations. We want him to oppose any bill that cuts taxes for the rich and lets corporations off the hook for paying their fair share.

http://www.indivisible.org/resource/process-republicans-will-use-pass-trump-tax-scam/

http://www.indivisible.org/resource/tax-cuts-donald-trump-wants-give-millionaire-friends/

https://www.cbpp.org/press/statements/greenstein-senate-gop-budgets-regressive-tax-cuts-would-swell-deficits-likely-lead

https://www.trumptaxscam.org/

http://www.taxpolicycenter.org/publications/preliminary-analysis-unified-framework

Here are the Tax Cuts Donald Trump Wants to Give Himself and his Millionaire Friends

tax cuts for the wealthy. This document explains each of the planned tax cuts for individuals, what it is, and who it helps. (You can find our explainer on corporate tax cuts here.)

REPEAL THE ACA’S TAXES ON HIGH-INCOME EARNERS

WHAT THOSE TAXES DO:

The ACA imposed two taxes on high-income earners to help fund subsidies that make insurance affordable for low and middle income Americans buying coverage through the exchanges. One is a 0.9% tax on wage income above $200,000 (or $250,000 for couples). The other is a 3.8% tax on net investment income above $200,000 (or $250,000 for couples). Income from wages is subject to the Medicare tax, but income from investments is not, until it exceeds that $200/250K threshold. The 3.8% tax corrects that differing treatment at income levels above the threshold.

WHAT REPUBLICANS WANT TO DO:

Republicans want one thing: tax breaks for rich people. It’s that simple. Republicans tried to do this through their failed TrumpCare bills, paid for by dismantling Medicaid. Now, they’re trying the exact same thing—full repeal of these taxes—through their tax plan.

WHAT REPEALING THESE TAXES COSTS:

$254 billion over 10 years.

WHO BENEFITS FROM REPEAL OF THESE TAXES:

Since these taxes only apply to income above $200,000, only Americans with incomes above $200,000 will benefit from this “tax cut.” Repealing these taxes will undermine the stability of health insurance markets by jeopardizing the funding to help low-income Americans afford coverage.

LOWER THE RATE ON “PASS THROUGH” INCOME

WHAT IS PASS THROUGH INCOME:

Many owner-operated businesses are organized such that their income is taxed through the owners’ individual income taxes, and not through the corporate tax code. These businesses—which Republicans consistently characterize as “small businesses”—can range from local shops to private law firms and hedge funds. In fact, nearly 70% of all pass-through income is accrued by the top 1%, counter to the Republican charade that pass-throughs are all struggling small businesses.

WHAT REPUBLICANS WANT TO DO:

Currently, pass-through income is taxed at rates on the individual side of the tax code—meaning the wealthiest tax filers with pass-through income pay as much as 39.6%. Republicans want to lower the tax rate on pass-through income to as little as 15%.

WHAT THIS COSTS:

$2 trillion over 10 years.

WHO IT BENEFITS:

Lowering rates on pass-through income would not benefit “small businesses.” The Tax Policy Center sums it up well:

“First, nearly two-thirds of those with pass-through income are already in the 15 percent bracket or below. Thus, they wouldn’t benefit at all from cutting the pass-through rate to 15 percent. They are already there.”

Beyond that, 90% of the benefits of lowering the rate on pass-through income goes to the top 20% of households—and half the benefits go to the top 1%. In addition, the lower rate would create a huge loophole in the tax code that wealthy people like hedge fund managers could exploit by converting their salary income into business income and thus be subject to the lower rate.

One of the biggest beneficiaries of this change? Donald Trump himself. Nearly the entire Trump Organization is structured as a series of pass-through entities—meaning that if Trump and his pals in Congress lower the pass-through tax rate from the top rate of 39.6% to 15%, Donald Trump would see his tax bill cut in half. This underscores the need for Trump to release his tax returns, so the American people can know the serious extent to which he stands to benefit from his own tax policies.

REPEAL THE ALTERNATIVE MINIMUM TAX (AMT)

WHAT IS THE AMT:

The AMT is a parallel part of the tax code that was put in place to ensure that even the wealthiest individuals cannot exploit tax loopholes to get out of paying taxes altogether. Wealthy individuals must first calculate their tax obligation under the regular tax code, and then calculate it again under the AMT. If the AMT is greater, they must pay the difference.

WHAT REPUBLICANS WANT TO DO:

Republicans want to eliminate the AMT, so the wealthy can once again exploit the tax code to get away with paying little or no taxes at all. This is one of the changes where Trump himself stands to gain the most, and his example illustrates why the AMT is so important. According to his 2005 tax return, Trump paid $38 million in taxes on $153 million in income; $31 million—or four-fifths—of his tax payment was due to the alternative minimum tax. Had it not been in place, his effective tax rate for that year would have been just 3.5 percent. That’s far below what most middle-class families pay.

WHAT REPEALING THE AMT COSTS:

$462 billion over 10 years.

WHO BENEFITS FROM AMT REPEAL:

Rich people. In 2012, Congress passed a permanent fix that limited the AMT’s effect on the middle class. According to the latest IRS data, 93% percent of the AMT is now paid for by individuals making over $200,000.

REPEAL THE ESTATE TAX

WHAT IS THE ESTATE TAX:

This is a tax that only affects individuals with estates worth more than $5.5 million. Repeat: the estate tax only affects individuals with estates worth more than $5.5 million. That means only 0.2% of all deaths involve the estate tax.

The estate tax is one of the only features of our tax code that forestalls even greater wealth inequality. A recent study shows the richest 400 billionaires have more wealth than the bottom 62% of Americans combined. That kind of wealth inequality is fueled by the persistent concentration of wealth, which the estate tax is intended to correct.

WHAT REPUBLICANS WANT TO DO:

After years of undermining the estate tax by lowering the tax rate and raising the threshold, now Republicans want to repeal it all together.

WHAT REPEALING THE ESTATE TAX COSTS:

$300 billion over 10 years.

WHO BENEFITS FROM ESTATE TAX REPEAL:

99.8% of estates would be entirely unaffected since the estate tax already applies exclusively to the wealthiest estates. Of those wealthy estates that it does apply, the Joint Committee on Taxation estimates that the vast majority of benefits from repealing the estate tax would go to families with estates worth $20 million or more.