President Donald Trump seeks to sell his tax plan to a skeptical public by presenting it as an effort to “unrig” the tax code. He has said that his plan would “get rid of the loopholes and complexity that primarily benefit the wealthiest Americans and special interests.” He has even hinted that his own taxes would go up under his plan.
Behind Trump’s rhetoric, however, is his actual agenda. A look at that agenda shows that Trump is not unrigging the tax code for you. He is trying to rig the tax code for Donald Trump and give himself a huge tax cut.
One of the biggest and most costly proposals in the Trump-GOP tax plan is a giant new loophole for wealthy business owners like Trump himself.
It would create a special, preferential tax rate for income from so-called “pass through” businesses, such as partnerships, S-corporations (privately held corporations that elect to be taxed as partnerships), and limited liability companies (LLCs).