micdotcom:

President Trump’s tax plan will really help taxpayer Trump

• President Donald Trump on Wednesday unveiled a proposal for what Treasury Secretary Steven Mnuchin called the “the biggest tax cut and the largest tax reform in the history of our country” — a plan that could save the president tens of millions of dollars.
  
• The plan — which would cut the business tax rate to 15% — would apply both to companies that pay the 35% corporate tax and “pass-through” companies that are currently taxed at up to 39.6% (such as the Trump Organization).
• Trump is likely taxed at the top rate of 39.6% on his earnings. This means Trump would directly benefit from his own plan, with his tax rate potentially being slashed by more than half. Read more
• The plan would also repeal the estate tax, which the Trump administration ominously dubbed the “death tax.”
• The estate tax only affects the very wealthy. It taxes the estate of a deceased person, but only if the estate is worth more than $5.49 million. 
  
• The "Alternative Minimum Tax“ is going too. The AMT was created back in 1969 in order to ensure that rich people, like Trump, could not deduct their way out of paying taxes. 
• At the time, those who earned more than $200,000 were able to avoid paying any federal income taxes, thanks to deductions.
•  The AMT impacts roughly 5 million tax filers in the U.S., according to the Brookings Institution — one of those filers being Trump himself.  Read more (4/26/17 4 PM)