March 21, 2017

Richard Rubin: President Trump benefiting President Trump

It’s worth taking another look at Richard Rubin’s story from Friday’s Wall Street Journal: “One Beneficiary of GOP’s Tax Bill: President Trump.”

Referring to the tax cuts included in the Republican health care plan, Rubin writes:

The first big tax cut moving through Congress under President Donald Trump would likely benefit the president himself, potentially saving him millions of dollars in taxes on his rental income next year and even more money on other income if he wins a second term.

Three very important points come out of this piece:

  1. Trump’s failure to divest himself from his businesses opens him up to countless conflicts-of-interest. Trump may not be running his businesses while he’s president, but he still owns them and profits from them.  As president, is he acting in the best interests of the American people or to increase the value of his business holdings?
  1. Trump’s self-dealing on tax issues. We’ve already seen how Trump and his family would benefit from his plans to eliminate the estate tax, kill the alternative minimum tax,  and slash taxes on “pass-through” businesses – called “The Trump Loophole” because he personally owns 500 of them.  And, now, The Wall Street Journal calculated Trump would get a $3.2 million tax cut each year from the health care plan Trump is trying to push into law.
  1. Trump NEEDS to publicly release his federal tax returns! Until he does, we have no idea if – or how much – he will personally benefit from almost every decision he makes as president.  It’s more than just tax policy.  Does he owe money to foreign interests?  Will his businesses benefit from his proposed regulatory reforms? The American people want to know.  The American people deserve to know.

Read Richard Rubin’s story: “One Beneficiary of GOP’s Tax Bill: President Trump.”