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Taxpayers Are Losing $323 Billion In Deductions Thanks To Trump’s Tax Changes

Donald Trump was born into wealth and privilege, got a fake doctor’s note to avoid fighting in Vietnam, and has spent his life making shady business deals, marketing useless products, and chasing one vanity project and porn star after another.

So it’s hardly a surprise that he doesn’t understand or simply doesn’t care how economics work for regular people who can’t write off millions in losses and re-finance with another shady loan from a foreign bank. He had no problem instigating the longest government shutdown in history despite the pain it caused working people and his tax changes have resulted in people getting greatly reduced tax returns.

Now according to the Huffington Post  a government report has revealed that 11 million Americans have lost out on $323 billion in tax deductions due to a change in the tax law that caps the amount of local taxes that can be deducted from federal taxes at $10,000.

Why the painful change? Why to pay for a huge cut in the corporate tax rate of course, which was reduced from 35% to 21%.

As usual the rich benefit and everyone else suffers.

h/t: RawStory

Photo: Ted Eytan