Lie of the Year: Donald Trump’s Tax Plan Will Cost Him a “Fortune”

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From Donald Trump, bragging about his new tax plan:

It’s going to cost me a fortune.

Let’s see. I think Trump says he makes $400 million per year. Is that regular income? Investment income? Dividends? Hot air? Who knows. But that’s what he says. If it’s regular income, he’ll save $60 million right off the top thanks to his huge cut in the top marginal rate. If it’s investment income, he’ll come out even. Let’s just say that it’s a combination of both, so he’ll save $30 million. Fair?

I don’t think any of his proposed tax increases would affect him except for the “other loopholes” he’s allegedly going to close. So for this to cost him a “fortune,” he’d need to pay $40 million more from his loss of deductions.

Does anyone think this is remotely feasible? Anyone?

Let’s make this clear: Trump’s claim that he’s raising taxes on the wealthy is the baldest kind of lie. No one should report this with a straight face. And if Trump doesn’t like it? All he has to do is offer up the details to prove his case and show me what a loser I am. Let’s see ’em.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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