September 28, 2015

Lie of the Year: Donald Trump’s Tax Plan Will Cost Him a “Fortune”

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From Donald Trump, bragging about his new tax plan:

It’s going to cost me a fortune.

Let’s see. I think Trump says he makes $400 million per year. Is that regular income? Investment income? Dividends? Hot air? Who knows. But that’s what he says. If it’s regular income, he’ll save $60 million right off the top thanks to his huge cut in the top marginal rate. If it’s investment income, he’ll come out even. Let’s just say that it’s a combination of both, so he’ll save $30 million. Fair?

I don’t think any of his proposed tax increases would affect him except for the “other loopholes” he’s allegedly going to close. So for this to cost him a “fortune,” he’d need to pay $40 million more from his loss of deductions.

Does anyone think this is remotely feasible? Anyone?

Let’s make this clear: Trump’s claim that he’s raising taxes on the wealthy is the baldest kind of lie. No one should report this with a straight face. And if Trump doesn’t like it? All he has to do is offer up the details to prove his case and show me what a loser I am. Let’s see ’em.

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In "It's Not a Crisis. This Is the New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, how brutal it is to sustain quality journalism right now, what makes Mother Jones different than most of the news out there, and why support from readers is the only thing that keeps us going. Despite the challenges, we're optimistic we can increase the share of online readers who decide to donate—starting with hitting an ambitious $300,000 goal in just three weeks to make sure we can finish our fiscal year break-even in the coming months.

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