One of the things that makes Trumpcare such a blow job for the rich is that it contains a bunch of cuts to taxes that help pay for certain provisions of the Affordable Care Act. Some of those taxes were primarily on the wealthy, which we all know is totally unfair.
One such tax was a 3.8 percent tax on “unearned income,” including real-estate income – something that Trump could avoid when he was actively managing his businesses. However, now that he’s in the White House and not actively managing those businesses, he’s subject to that tax and the GOP wants to repeal it.
It’s the biggest tax cut contained within the clusterfuck that is the Trumpcare/Ryancare bill.
That means there’s massive tax break that will help Trump line his pockets — while he’s still in the White House according to the Wall Street Journal:
“Up until he became president, he would have met the definition of being an active real estate professional,” said Joe Perry, partner-in-charge at the accounting firm Marcum LLP. Now, as president, “he would probably not meet the definition.”
“In terms of his rental income, he would have been largely unaffected by repeal” if he were still a private citizen, said Tony Nitti, an accountant at Withum Smith & Brown. “There’s no just practical way he can qualify as a real-estate professional now that he’s president of the United States.”
Because he doesn’t qualify as a real-estate professional anymore, he has to pay this tax on his businesses. The tax, however, contains a loophole for people actively managing certain types of businesses, so as a private citizen, he didn’t have to pay it.
Repealing this tax will send more income to Trump, and up to the top 1 percent of households in the country while ripping health insurance from people who can’t afford it. The whole plan is nothing but cold-blooded fuckery intended to help the rich while punishing everyone who has the audacity to not be rich.
Which is something we already knew because that’s how Republicans roll, but for the man who calls himself the president to personally benefit while he’s in office is just beyond the pale.
Featured image by Justin Sullivan via Getty Images