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Guess Who Trump's Tax Plan Benefits The Most... - YouTube
Channel: The Young Turks
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YOU WILL BE SHOCKED TO FIND
OUT THAT THE PROPOSED TAX CUT
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BY DONALD TRUMP WILL BENEFIT
DONALD TRUMP AND HIS FAMILY.
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FIRST OF ALL YOU HAVE THE ESTATE
TAX, WHAT THEY LIKE TO CALL THE
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DEATH TAX, BECAUSE THEY WANT TO
FOOL YOU INTO THINKING IT IS
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SOMETHING THAT IT MIGHT AFFECT
YOU INSTEAD OF JUST THE AMERICAN
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ARISTOCRACY.
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AS OF RIGHT NOW
WITH THE ESTATE TAX, PRE BEING
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CANCELED --
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>>THAT'S ONLY SLIGHTLY HIGHER,
1% MORE, THAN THE TOP MARGINAL
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TAX BRACKET --
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>>DONALD TRUMP CLAIMS TO BE
WORTH $10 MILLION, WHICH IMPLIES
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THERE WOULD BE QUITE A BIT OF
MONEY TAKEN AWAY IF THEY HAD THE
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ESTATE TAX.
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IF THEY COULD GET
RID OF IT, THEORETICALLY IF YOU
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TRUST HIM ON HIS NET WORTH,
IVANKA AND ERIC AND DONALD
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JUNIOR WILL SAVE BILLIONS OF
DOLLARS IN TAX CUTS.
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THAT'S CONVENIENT.
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>>WE TALK ABOUT HOW HE'S
INCREASING THE RATES AT
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MAR-A-LAGO, CALLING AT THE
WINTER WHITE HOUSE, HAVING THE
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STATE DEPARTMENT DO PRESS
RELEASES FOR IT, IVANKA IS
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SELLING MORE SHOES, MORE MONEY
FOR THEIR HOTELS, PERSONAL
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ENRICHMENT, ETC.
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-- THAT IS
PEANUTS COMPARED TO IF THEY GET
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RID OF THE ESTATE TAX, IVANKA,
JARED KUSHNER, THE OTHER
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KNUCKLEHEAD SONS, WILL SAVE ALL
THIS MONEY.
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I WONDER WHY HE RAN
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FOR PRESIDENT?
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>>AND HIS CABINET IS THE
WEALTHIEST CABINET IN AMERICAN
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HISTORY, ALL THESE PEOPLE WILL
BE LIKELY TO BE AFFECTED BY THE
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ESTATE TAX AND THESE OTHERS WE
WILL BREAKDOWN.
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LET'S MOVE TO
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THE ALTERNATIVE MINIMAL TAX, AS
WE MENTIONED EARLIER IT'S A TAX
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SET UP SO THAT IF YOU ARE ABLE,
WITH YOUR HIGH-PRICED
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ACCOUNTANTS, TO GET RID OF YOUR
TAX BURDEN, YOU STILL HAVE TO
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PAY SOMETHING.
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IT'S AN
ALTERNATIVE TO THE TAX YOU
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LEGALLY SHOULD BE PAYING
OTHERWISE.
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HE WANTS TO GET RID
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OF THAT TOO.
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HOW WOULD THAT
AFFECT DONALD TRUMP?
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WE DON'T
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KNOW FOR SURE, BECAUSE HE IS
BREAKING PRECEDENT AND NOT
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RELEASING HIS
TAX RETURNS, BUT
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--
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>>THAT IS A PERFECT CASE STUDY
OF HOW HE WOULD HAVE BENEFITED,
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AND WILL BENEFIT WHEN HE GETS
RID OF THE AMT UNDER HIS
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PLAN NOW.
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>>HE MAKES IT SOUND LIKE THIS IS
FOR JOBS.
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NO, AGAIN, TENS OF
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MILLIONS OF DOLLARS DIRECTLY IN
DONALD TRUMP'S POCKET.
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A NICE
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LITTLE SIDE EFFECT OF RUNNING
FOR PRESIDENT IS THEY GET THE
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POWER, BUT IT TURNS OUT NORTH
KOREA IS MORE COMPLICATED THAN
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HE REALIZED, NO ONE KNEW.
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HEALTHCARE IS MORE COMPLICATED
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THAN HE REALIZED, NO ONE KNEW.
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HE DIDN'T WANT ANY PART OF THAT
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JOB, MNUCHIN, TREASURY
SECRETARY, TOLD THE PRESS IN
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RELEASING THIS, THIS WAS ONE
ISSUE THAT DONALD TRUMP WAS VERY
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INVOLVED IN.
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OF COURSE.
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KOREAN
HISTORY, A PAIN IN THE ASS, WHAT
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DO I CARE IF A BUNCH OF SOUTH
KOREANS DIE WHEN WE LAUNCH THE
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BOMBS?
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WAIT A MINUTE, THE
ALTERNATIVE MINIMAL TAX, GET RID
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OF IT SO MY TAXES WILL GO DOWN
TO LESS THAN 5% IN THE YEAR LIKE
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2005.
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OF COURSE HE LOVES THAT.
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THE ESTATE TAX, AT THAT POINT
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DONALD TRUMP IS DEAD.
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HIS KIDS
CARE A LOT ABOUT IT, I'M SURE HE
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WANTS TO PASS ON MORE MONEY TO
HIS KIDS, HE CARES ABOUT IT,
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IT'S A BIGGER AMOUNT.
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BUT THIS
AFFECTS DONALD TRUMP TODAY.
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BUT THE NEXT ONE AFFECTS HIM
MORE.
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>>THE CORPORATE THING?
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YEAH, AND
OVERALL, IN TERMS OF HOW THIS IS
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THE PERFECT TOPIC FOR HIM, AND
IS IT WEIRD THAT HIS INTERESTS
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ALIGNED SO MUCH WITH REPUBLICANS
-- THERE WERE PEOPLE WHO ARE
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SAYING LET DONALD TRUMP BECOME
PRESIDENT BECAUSE REPUBLICANS
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WON'T WORK WITH HIM, THEY HATE
HIM SO MUCH.
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THAT WAS RIDICULOUS
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IN GENERAL, BUT THERE ARE A
COUPLE ISSUES THEY SEEM TO
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DISAGREE WITH HIM ON -- THEY
COULD PASS THIS TODAY IF THEY
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WANTED TO.
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HOW COULD YOU THINK
REPUBLICANS WOULD GO AGAINST HIM
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ON HIS INSANE TAX POLICY?
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THE
IDEA THAT IT WAS SAFER TO HAVE
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DONALD TRUMP IN OFFICE, THAT WAS
LAUGHABLE THEN, WE ARE THE
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LAUGHINGSTOCKS RIGHT NOW AS THEY
PROPOSE TO PASS THIS TAX PLAN.
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BUT THIS CORPORATE TAX RATE,
TAKING IT FROM 35% TO 15,
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INTERESTINGLY IT DOESN'T JUST
AFFECT THE MASSIVE CORPORATIONS
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YOU THINK OF WHEN USING OF EXXON
AND WALMART AND THINGS LIKE
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THAT.
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THERE ARE OTHER SORTS OF
CORPORATIONS CALLED PASS-THROUGH
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CORPORATIONS.
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THAT BASICALLY IS
WHERE YOU HAVE AN INDIVIDUAL
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PAYING AN INDIVIDUAL INCOME RATE
TAX AS THE HEAD OF A
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CORPORATION.
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THEY DON'T PAY
CORPORATE TAXES, THEY PAY
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INDIVIDUAL TAXES.
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INTERESTINGLY,
DONALD TRUMP'S ORGANIZATION IS A
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COLLECTION OF THOSE PASS-THROUGH
CORPORATIONS, AND UNDER HIS NEW
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PLAN, HE WOULD BE ABLE TO PAY
THAT NEW, LOWER 15%.
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NOT JUST
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FOR HIS INCOME, BUT FOR ALL THE
INCOME OF ALL OF THOSE
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PASS-THROUGH CORPORATIONS.
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WHICH
MEANS THAT HE WOULD NOT BE
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PAYING THAT NEW HIGHER TAX
BRACKET OF, WHAT IS IT, 30%? HE
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WOULD BE PAYING 15%
ON EVERY DOLLAR HE MAKES.
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EVERY DOLLAR EVERY DOLLAR IVANKA
AND JARED AND ALL OF THEM MAKE.
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>>DOES IT APPLY TO SMALL
BUSINESSES?
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YES.
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IS THERE
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ANYTHING WRONG WITH A
PASS-THROUGH CORPORATION?
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NO.
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BUT WE SHOULD HAVE TAX RATES FOR
THOSE CORPORATIONS.
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WHY DO THEY
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GET TO PAY 15%, AND PEOPLE WHO
MAKE LESS WILL PAY A LOT MORE?
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THAT DOES MAKE SENSE.
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AND BOY,
WHAT A LUCKY BREAK FOR TRUMP.
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IT
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TURNS OUT ALL THE TROUBLE
ORGANIZATIONS ARE PASS-THROUGH
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BUSINESSES.
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THE HIGHER RATES ARE
TOTALLY AND UTTERLY IRRELEVANT
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TO HIM.
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THIS CUTS HIS TAXES DOWN
TO 15%, THAT'S IT.
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>>IT IS ENTIRELY POSSIBLE THAT
IN THE VERY NEAR FUTURE -- THERE
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WERE EXAMPLES OF THIS IN THE
PAST -- THAT MAIDS THAT A TRUMP
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HOTEL COULD BE PAYING HIGHER
RATES IN THEIR TAXES THAN
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THE GUY WHO OWNS THE HOTEL.
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>>OF COURSE, AND TRUMP WILL
THINK, I'M A SMART PERSON, I
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TRICKED YOU INTO VOTING FOR ME
AND NOW YOU SCHMUCKS ARE STUCK
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WITH THE BILL.
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YOU THOUGHT I WAS
GOING TO MAKE AMERICA GREAT?
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I'M MAKING MY POCKETBOOK GREAT.
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>>AND IN THE BACKGROUND THEY SAY
WE ARE TRYING TO AVOID
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LOOPHOLES, STOP THE FRAUD --
WE'VE HAD EXPERIMENTS IN THIS
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AREA --
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>>EVENTUALLY BY 2014
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COSTING ALMOST HALF A BILLION
DOLLARS, AND IT'S ONE OF THE
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REASONS THAT KANSAS IS IN THE
BAD FINANCIAL TERRITORY THEY ARE
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NOW, BECAUSE OF INSANE POLICIES
LIKE THIS THEY CHOSE TO PURSUE.
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>>AND THE TOP RATE OF THE
INCOME TAX THEY ARE BRINGING
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DOWN FROM TO 35, IN REALITY THAT
DOESN'T MATTER, THAT'S WHY THEY
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DIDN'T BRING IT DOWN THAT MUCH.
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TRUMP IS LIKE, IT DOESN'T AFFECT
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ME AT ALL, I'M GOING TO PAY 50%
BECAUSE OF THIS PASS-THROUGH
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STUFF.
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IT'S A GIANT ROBBERY, IT
REMINDS ME OF THE BEGINNING OF
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PULP FICTION -- THIS IS A
ROBBERY!
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EVERYBODY BE COOL.
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AND
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TRUMP IS THE TOP BANDIT.
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JOHN IS
RIGHT, MOST EVERYONE IN HIS
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CABINET WILL BENEFIT FROM EVERY
ONE OF THESE PROVISIONS,
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COLLECTIVELY THEY WILL SAVE
BILLIONS.
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ON THE PASS-THROUGH
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TAX ALONE, TENS OF MILLIONS,
EVEN AT A MINIMUM, EVEN IF TRUMP
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ISN'T ANYWHERE NEAR AS RICH AS
HE SAYS HE IS, HE STILL WILL
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SAVE TENS OF MILLIONS A YEAR.
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THAT COULD HAVE GONE TO YOUR
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KIDS' EDUCATION, HOUSING,
HOSPITALS, SCHOOLS, BRIDGES,
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ROADS -- IT COULD HAVE GONE FOR
HEALTHCARE, IT COULD HAVE GONE
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FOR SAVING YOUR LIFE, BUT IT
WILL JUST GO INTO TRUMP AND
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MNUCHIN'S AND GARY COHEN'S
POCKETS, AND THEY WILL LAUGH AT
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YOU.
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WE GOT THE POOREST PEOPLE
IN THE COUNTRY -- BY THE WAY,
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PEOPLE WITH LESS EDUCATION BOARD
FOR TRUMP MORE THAN PEOPLE WITH
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HIGHER EDUCATION, AND PEOPLE
WITH LESS EDUCATION MAKE MORE
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MONEY.
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WE GOT THE PEOPLE WHO
MAKE THE LEAST AMOUNT OF MONEY
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IN THE COUNTRY TO VOTE FOR THE
RICHEST PEOPLE TO GET EVEN
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RICHER.
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IDIOTS.
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HA-HA, WE ROBBED
YOU.
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THAT'S WHAT THEY ARE SAYING
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TODAY AS THEY CELEBRATE THIS TAX
PACKAGE.
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IF YOU ARE WAITING FOR
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YOUR TAX CUTS, KEEP ON WAITING.
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THEY AIN'T COMING.
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THEY ARE
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GOING TO TAKE TRILLIONS OF
DOLLARS FROM THE GOVERNMENT AND
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PUT IT RIGHT INTO THEIR POCKET,
AND ONCE THEY DO, FOR EVERY YEAR
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THEY TOOK THOSE TRILLIONS OF
DOLLARS, YOU NEVER GET IT BACK.
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EVEN IF SOMEONE GREAT COMES INTO
OFFICE LATER AND THEY WANT TO DO
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THINGS LIKE, HEY, LET'S GIVE
EVERYONE A CHANCE AT THE
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AMERICAN DREAM, YOUR KIDS CAN GO
TO COLLEGE FOR FREE AND YOU CAN
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BE RICH TOO, THEY WILL SAY,
SORRY.
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>>OR MEDICARE FOR ALL.
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>>WE RAN OUT OF MONEY BECAUSE WE
GAVE TRILLIONS TO THE RICH WHILE
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TRUMP WAS IN CHARGE.
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THIS TAX
CUT, A DISASTER, ONE OF THE
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GREATEST AMERICAN ROBBERIES YOU
WILL EVER SEE IN YOUR LIFE, AND
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PERSONALLY BENEFITS TRUMP TO THE
TUNE OF AT MINIMUM TENS OF
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MILLIONS OF DOLLARS, BUT IF HE'S
ANYWHERE NEAR RIGHT ABOUT HIS
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REAL WEALTH, BILLIONS OF DOLLARS
IN HIS POCKET.
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HE'S LAUGHING ALL
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THE WAY TO THE BANK, AND THE GUY
HE'S LAUGHING AT, IF YOU VOTED
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FOR HIM, IS YOU.
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