Republican presidential candidate Donald Trump’s proposal to slash the tax rate on so-called business “pass-through” entities would lose almost $1 trillion in federal revenue over 10 years, according to a recent analysis by a non-partisan think tank. Trump would personally benefit handsomely from this proposal because he appears to derive most of his income from about 500 pass-through entities.
“Once again, we see whose interests Donald Trump would represent if he is elected,” said Americans for Tax Fairness Action Fund Executive Director Frank Clemente. “His huge tax cut for ‘pass through’ entities would cost the American people a trillion dollars in order to benefit the owners of big real estate firms and Wall Street investors, with himself at the front of the line. Instead of paying his fair share to invest in America, Trump is choosing to slash the taxes owed by extremely wealthy people like himself.” Continue reading →
Today’s revelation that Donald Trump’s failed Atlantic City casinos dodged $25 million in taxes, thanks to a sweetheart deal from Trump friend and New Jersey Governor Chris Christie, shows another important reason Trump should release his tax returns.
In response to today’s New York Times article on Trump’s tax deal with New Jersey, Americans for Tax Fairness Action Fund Executive Director Frank Clemente made the following statement:
“Sweetheart deals like the failed Trump casinos’ $25-million tax bailout are yet another reason Americans deserve to see Donald Trump’s tax returns. How often has Trump used his political connections to dodge millions of dollars in taxes? Continue reading →
It is critical that candidates for the highest office in the land release their tax returns. The public deserves to know how candidates conduct their financial affairs, whether they will have conflicts of interest once in office, what tax loopholes they are taking advantage of, and how their proposed tax policies would benefit them personally.
That’s why every major presidential candidate over the past 40 years has publicly released his or her tax returns ahead of the election. While I’m sure none of them wanted the public pouring through their personal finances, all have felt obligated to let the voters see the facts for themselves. Continue reading →
Following this week’s economic speeches by both Donald Trump and Hillary Clinton, Americans for Tax Fairness Action Fund Executive Director Frank Clemente made the following statement:
“This week both candidates for president claimed their economic policies would serve the middle class, but that’s simply not the case. On tax policy in particular, their proposals offer a clear choice to voters in November.
“Donald Trump highlighted a number of proposals that would exclusively benefit big corporations and wealthy people like himself: slashing the corporate tax rate by 60%; cutting from about 40% to 15% the top tax rate on business partnerships like the 240 he owns; eliminating the estate tax; reducing the top federal income tax rate and more. He would even give a $500 billion tax break to multinational corporations that are shifting profits offshore with his proposed 10% repatriation rate on $2.4 trillion in existing offshore profits, rather than make them pay the $700 billion they owe.
“Secretary Clinton correctly framed tax policy as a series of tradeoffs. She said that while Trump’s proposals would give trillions in tax cuts to millionaires and billionaires, she would rather make them pay their fair share so we can invest in ‘veterans, our kids, our police officers and more.’ She proposed an exit tax on deserting corporations, a surtax on millionaires, and to strengthen the estate tax.
“Ultimately, tax policy is about the allocation of the nation’s fiscal resources. It’s about priorities and tradeoffs. This election is shaping up to give voters a clear choice on these issues, which is critical if we are going to create an economy that works for all Americans.