charitable deduction

so, like, in Ancap Utopia what happens to people who don’t have money?

I get more deductions, I mean I can tell you this, I get more deductions, they have deductions for birds flying across America, they have deductions for everything. There are more deductions … now you’re going to get an interest deduction, and a charitable deduction. But we’re not going to have all this nonsense that they have right now that complicates things and makes it … you know when we put out that one page, I said, we should really put out a, you know, a big thing, and then I looked at the one page, honestly it’s pretty well covered. Hard to believe.
—  Donald Trump. word-salading about his estate tax “plan.”
Well...

It seems Trump has released his new tax plan (no details of course, just generalities).  Let’s see, a massive cut in corporate taxes, an end to the estate tax (which only effects those whose estate is worth more than $10.9 million for a married couple and $5.4 million for a single person, and then only taxes the the estate above that, with that amount excluded from taxation), cut in the tax bracket rate for the the wealthy, etc.  And for regular human beings…well, we lose all tax deductions except mortgage (for those well enough employed to afford a home) and charitable deductions (aimed more at the wealthy, who shelter income through donations, rather than at the $50 or $100 most people donate to worthy causes).  Oh, and special considerations for investment bankers and real estate developers (but no, self-interest there).  The dude is such a “populist” <gag>.  Is anyone surprised?  

2

Warren Buffet shuts Trump all the way down on taxes

Last night, Donald Trump tried to defend not paying taxes by claiming that Warren Buffet also takes a “massive deduction.” Unfortunately for Trump, Buffet has receipts. Buffet revealed how much he’s deducted after charitable donation and that he’s paid taxes every year since 1944. This is a scorching burn against Donald for two reasons.