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Old 12-21-2017, 04:04 AM   #56
buzzard
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Draining the swamp for all it's worth.

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President Donald Trump, who won the White House on a wave of populist promises, will likely save millions of dollars thanks to Congress' approval of a tax plan he pledged was designed for the middle class. Trump, who said he would be a "big loser" if the bill passed, stands to gain immensely from the Republican tax overhaul, including through a lower top tax rate and lucrative deductions for top-earning households, according to attorneys and tax experts who reviewed the final bill.

Trump could also take advantage of benefits that will lift specific business sectors, including a last-minute tax deduction that helps many owners of high-value commercial real estate, the industry where he first made his fortune.

"I'm not even aware of a single provision in the bill that disadvantages him or his family, other than the change to state and local tax deductibility," said Daniel Shaviro, a tax professor at the New York University School of Law who worked for Congress' Joint Committee on Taxation during the country's last major tax overhaul in 1986. "It's so clear that he is financially much better off than previously," he said, adding, "I'd be at a loss as to how they could even dare to argue [otherwise]."

Exactly how much the president could save under the plan is unknown, since Trump has broken with 40 years of White House precedent by refusing to release his tax returns.

A half-dozen tax attorneys, professors and former congressional tax drafters told The Washington Post that Trump would undoubtedly benefit from the legislation, which Congress passed on Wednesday and sent to his desk for a final signature.

 
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