The White House has outlined a plan to give the nation’s millionaires and billionaires a massive tax break while adding trillions of dollars to the U.S. deficit. The plan would lower the corporate tax rate to 15 percent, end the estate tax and end the alternative minimum tax—a move that would solely benefit the richest Americans, including President Trump. A leaked 2005 tax return shows Trump paid out $36.6 million in federal income taxes that year—most of it due to the alternative minimum tax. Former Labor Secretary Robert Reich described Trump’s tax plan as a form of class warfare. The tax plan was unveiled on Wednesday by two former executives at Goldman Sachs—Trump’s chief economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin—who hailed the tax cuts.
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