September 28, 2015

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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That means we're going to have upwards of $350,000, maybe more, to raise in online donations between now and June 30, when our fiscal year ends and we have to get to break-even. And even though there's zero cushion to miss the mark, we won't be all that in your face about our fundraising again until June.

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