On the recordNovember 30, 2017
Not only do we have the dynasty loophole, we also have a sweetheart deal for very well-off LLCs--the type of LLCs President Trump has. He is rumored to have hundreds. I keep hearing the number 500. We don't actually have a document that tells us how many. These high-end LLCs already get a big advantage over C corporations because C corporations pay a tax at the corporate level, and then they pay a tax at the individual level when the dividends are received. Here we have it: a sweetheart deal that would create a windfall of $362 billion with almost 90 percent of that going to the richest 1 percent of Americans. Time after time after time, what we see are not benefits to the middle class; what we see are sweetheart deals for the very rich.
