Guess Who Benefits From Donald Trump’s Tax Cut Plan? (Hint: it’s Donald Trump)

The Trump administration has gone to great pains to explain to the public that the president was sacrificing “mightily” to be in office, and we should all be very grateful for the work he is doing on behalf of the little guy. 

“The political motivators for many typical politicians, of which he’s not one, Mercedes, money, power, prestige, fame — he had all of that,” said Kellyanne Conway. “And he and his family have sacrificed mightily in those categories for him just to serve.”

Trump’s sacrifices include his daughter Ivanka getting Chinese government trademarks approved for her clothing line on the same day her father had dinner with the Chinese president, using the State Department to market his luxury estate Mar-A-Lago, and continuing to run his business empire through his sons that present a multitude of serious conflicts of interest. 

Trump is sacrificing so mightily for the American people that his new tax plan includes specific pledges to radically reduce taxes for himself. Here was the New York Times on the president’s lazy one sheeter he came up with that gives an astonishing amount of money back to the wealthy, racks up the deficit to the tune of $21 trillion by 2036, and includes a nifty tax loophole for his property empire: 

Mr. Trump’s plan aims to cut corporate tax rates from 35 percent to 15 percent. To hear the administration tell it, the present rate is choking investment and killing jobs. In fact, big businesses are earning record profits, and many of them pay no federal taxes. The corporate income tax brought in just 10.6 percent of the federal government’s revenue in 2015, down from between a quarter and a third of revenue in the 1950s, according to the Pew Research Center. A better approach, as part of broad-based reform, would be to eliminate loopholes that have encouraged businesses to avoid their fair share of taxes.

Mr. Trump would also apply that 15 percent tax rate to pass-through income that business owners get from limited liability companies, a change that would directly benefit real estate developers like him. This would also create a huge incentive for wealthy Americans to turn their earnings into pass-through income in order to avoid paying higher personal income tax rates.

You literally couldn’t make this up. Trump’s pledge to drain the swamp, help the middle classes and do what is in the interests of the average American sounded great on the campaign trail, but now he is in office we’re seeing exactly why he ran for president: to reform the country’s tax code to make massive wealth inequality permanent, and to help himself financially. 

#MAGA and all that.

Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.