DAY 250: Trump lied; He will gain from his proposed tax plan and his supporters won't

Donald Trump promised he would not gain from his proposed tax plan. But that's false. The New York Times fact-checked Trump's claim and he will definitely benefit from his proposed tax plan. From the NYT:

The Republican framework would eliminate the “death tax,” which applies to estates valued over $5.49 million in 2017. Mr. Trump has an estimated net worth of $3.5 billion. He might not personally see a tax break from the repeal, Mr. Williams said, because “he’ll be dead. But his heirs will.”

The new plan also would repeal the alternative minimum tax, a parallel system of taxation that currently ensures that those who take deductions and try to exploit loopholes pay a minimum amount; it largely impacts people making between $200,000 and $1 million. Without this tax, Mr. Trump would have paid $31 million less in taxes in 2005, according to his tax return that year, which was disclosed on the “Rachel Maddow Show” in March.

Also, Trump claims that by eliminating the estate tax farmers will see the most benefits. That's also a lie. Small businesses and farmers will not be the main beneficiaries of Trump's tax plan. Turns out the vast majority of estates that owe taxes are not farmers, but rich people. Only 0.4% of farms end up owing estate taxes.

To make it worse, many Trump supporters would not get any benefit from his tax plan. According to USA Today:

And why, for that matter, should business owners pay a lower tax rate than some of their employees? That’s what would happen under a second objectionable element of the GOP plan, a 25% tax rate for "pass through" income.

Which means many employees, or working class Americans, many of which voted for Trump, will end up paying more taxes than their employers.

Trump's plan, therefore is not intended to benefit Americans, but is a mere political ploy for Trump to claim he finally had a political win before the end of his first year in office. And Trump himself said it on Twitter: the point of his tax plan is to get votes:

Democrats don't want massive tax cuts - how does that win elections? Great reviews for Tax Cut and Reform Bill.

— Donald J. Trump (@realDonaldTrump) September 28, 2017

No, there aren't any great reviews for his tax plan aside from ultra-conservative groups who want tax cuts for the rich. And if his tax plan goes into effect, many of his supporters will see a tax increase and no new jobs, as tax cuts do not encourage job creation. Tax cuts encourage businesses to keep the money in their pockets.