Trump has been lying a lot about his ‘small business’ tax cut
President Donald Trump pitched his tax plan on Wednesday in front of a crowd of truckers. He wanted them to know his business tax cuts aren’t just for rich people — benefits would also flow to regular Americans, including truckers.
“The more than 30 million Americans who have small businesses will see — listen to this — a 40% cut in their marginal tax rate,” he said. “Forty percent.”
This was a lie.
Under Trump’s plan, only 1.8% of small business owners — about 670,000 people, all with family incomes over $400,000 — would enjoy this 40% tax cut.
“For the many American truckers who file taxes as sole-proprietors, S corporations or partnerships, we will cap your top tax rate at a maximum of 25%,” he said. “Substantially lower than what you’re paying now.”
This was mostly a lie, even as applied to the minority of truckers who, as the president describes, work for themselves and file taxes like a small business.
A single trucker would have to make well over $100,000 for this cap to matter — or would need a family income over $200,000, if married.
The average trucker makes about $41,000. So, most truckers would come nowhere close to saving …read more
Source:: Businessinsider – Finance