Even hedge fund managers will get a tax cut under Trump plan
The New York Times “Upshot” points out that even hedge fund managers will pay less tax under the Trump plan. They currently are paying a 23.4% capital gains rate. Trump would eliminate the loophole that allows them to classify their income as capital gains, but he’s lowering the top rate from 39% to 25%, so there’s only a small increase on their income previously classified as capital gains, but a big decrease in the portion of their income previously classified as ordinary income.
The Times column also points out that there’s no way that eliminating deductions and loopholes could possibly make up for the huge lowering of tax rates in the Trump plan. Did Trump actually hire any tax law experts? The New York Times was quickly able to tear his plan apart.
This is so disappointing, Trump is just is another Republican bozo with a stupid tax plan.