If you're rich, then there is great news for you. Donald trump's tax proposal could save him tens of millions of dollars. The plan, which would benefit the richer social classes, would be an enormous economic gain for the President, according to The New York Times.
'The greatest tax reform in history.'
This week, Trump introduced what he called "the greatest tax reform in history." The plan proposes a reduction of 35% to 15% in corporate tax and the simplification of tax breaks of the IRPF, from seven to three (10%, 25%, and 35%). Conceived by Treasury Secretary Steve Mnuchin and White House Economic Council director Gary Cohn - two former bankers of Wall Street giant Goldman Sachs - the purpose of the proposal is economic growth.
But some Republicans have already warned that the proposal would increase the deficit, something that Congressional conservatives do not want.
The Times' estimate suggests the existence of a possible conflict of interest in the Republican proposal. Using documents from the President's latest tax return, dating back to 2005, the savings could be more than $ 50 million in his declaration of economic assets. That figure does not include the $ 1.2 billion that could be avoided by the President and the Trump Organization for property taxes valued at $ 3 billion; the Republican has repeatedly said.
Trump's personal financial interests
During a press conference on Thursday, White House spokesman Sean Spicer avoided commenting on how this plan would affect the President's finances despite the insistence of journalists.
It is not the first time that Trump's public office raises doubts about the interference of his personal financial interests or those of his family. When asked by reporters, Spicer did not directly address how the plan would affect Mr. Trump. “The president’s plan right now is something that every American should worry, hopefully, about how it’s going to affect them,” he said.
Just a few weeks ago, while the Republican received the Chinese president in his club from Mar-a-Lago, the Asian government approved economic concessions to the company of Ivanka Trump, the President's daughter, and his assistant. It helps to be the president's daughter. On another occasion, months ago, Trump himself publicized Ivanka's company. In Washington, the hotel magnate has already been denounced by unfair competition, while maintaining the name of the president.
