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Trump stands to personally loot billions of dollars directly, overnight, from the US treasury if his administration’s unilateral tax change goes through
It slipped by mostly in the shadows as just another story in the vast stream of bullshit from Trump’s America’s firehose, but the proposal to unilaterally change the way capital gains taxation works may be one of the most important stories, at least as far as it relates to Trump himself and the mind-boggling corruption he is probably going to get away with.
Under the proposed changes to basis, a Taxpayer that suspiciously fits the profile of Donald J. Trump goes, overnight, from having a $3.2 million LOSS on a sale of property to a $3.15 million GAIN on the same property, under the same set of facts. This taxpayer has also already received the benefit of ~$5 million in reduced taxes through depreciation deductions along the way, as well as the use of tax free funds from new debt on the appreciated property.
If it ends up happening, the proposed change in the way we treat basis (by adjusting it for inflation, see proposed changes here) could cause a person who owns hundreds of millions of dollars of appreciated real estate, purchased before 1983, in a state with high income taxes, to go from being insolvent to being very much in the green. This profile sounds suspiciously like our dear President.
In short, it may be the primary reason that he ran for President.
Script Source: https://www.reddit.com/r/esist/comments/9531i0/trump_stands_to_personally_loot_billions_of
Credit to User: https://www.reddit.com/user/heeloftar