Jared Kushner will save up to $12m, while five other members of Trump’s inner circle will also see benefits worth millions of dollars
Donald Trump and six members of his inner circle will be big winners of the Republicans’ vast tax overhaul, with the president personally benefiting from a tax cut of up to $15m a year, research shows.
But analysis by a leading Washington thinktank, the Center for American Progress (CAP), finds that changes to business rules will save Trump roughly $11m to $15m per year, while an amendment to the estate tax – the tax on the transfer of an estate of a deceased person – would potentially save his heirs $4.5m.The US president chalked up his first big legislative win on Wednesday with the $1.5tn bill, the most sweeping revamp of the tax code in three decades, slashing taxes for corporations and the wealthy and dealing the heaviest blow yet to Obamacare.
Under current law, the first $11.2m of a couple’s estate’s value is excluded from taxation, and any amount above this is taxed at a 40% rate. The new bill doubles the exemption to $22.4m.
Along with Trump himself, Wilbur Ross, the commerce secretary; Linda McMahon, administrator of the Small Business Administration; Betsy DeVos, the education secretary; Steven Mnuchin, the treasury secretary; and Rex Tillerson, the secretary of state, will benefit to the tune of $4.5m from changes to the estate tax, according to the CAP.
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