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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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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