Another Trump SCAM to Benefit the Rich
“WHY does it benefit the rich and not everyone else? I’m reliably wobbly about financial news but I THINK a key element is, such a deduction only benefits those who take itemized deductions. That’s only about 9% of taxpayers from something I read. The rich, of course, use itemized deductions for their various sources of getting richer. Most people quit using itemized deductions as a result of Trump’s tax-cuts-for-the-rich scam about midway through his presidency. So, as I understand it, a tax deduction on a car loan is meaningless for the average American since they don’t use itemized deductions anymore.” – VinceWade.com, Vince Wade, October 10, 2024
FACT: “Borrowers with prime credit scores are responsible for the majority of retail vehicle financing. Borrowers with credit scores of 661 and higher account for 69.4% of retail vehicle financing, according to Experian, versus 14.9% for subprime borrowers with credit scores of 600 or lower.” – LendingTree.com, Maggie Davis, Dan Shepard, September 20, 2024 – Average Car Payment and Auto Loan Statistics: 2024
FACT: Only people with good credit scores generally are approved for car loans. Thus, it is the rich that benefit. Folks on the lower economic income still struggle with regular title loans and other such schemes. – BankRate.com, Pippin Wilbers, September 6, 2024 – What’s the minimum credit score to buy a car?
FACT: Almost all people own cars. Rich folks often own more than 1 car, many own 3 or more. Almost all these cars will have loans. Thus, the rich win again! – Federal Reserve Bank of Chicago, Jonathan Lanning, Juy 15, 2022 – The Importance of Cars and Car Loans for People with Low and Moderate Incomes
FACT: Lower income folks many times don’t even own cars. They take urban transportation such as buses, Ubers, and Lyfts. The tax savings means nothing to them.
FACT: Who benefits from car loans? Folks like Elon Musk who benefits from selling high end cars. – Forbes.com, October 31, 2022 – Tesla Earnings: How Much Does Tesla Earn Per Car?
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The Trump Tax Shelter: Avoid taxes like the king of debt
Pay NO taxes on your wealth Avoid future tax increases Create a $500,000 tax-FREE account Boost your savings by 30% You may not have started work with a $100-200 million boost from your father like Trump, but you can create your own tax-FREE stream of income like his. Clearly the Trump tax plan helps businesses and the wealthy. There is no reason why you cannot benefit from the tax code too. Using § 408 of the IRS code, you can create an unlimited account that grows without current or future tax. It eliminates taxes when taken out for your needs and can pass to your heirs totally tax FREE. No matter what your income, this helps you avoid future taxes to pay off the national debt. Using the new “pass-through” form, you can avoid tax on the first 20% of your business profits. Using debt financing like the “king of debt,” you can structure your income so you avoid taxation. The loan, used as ‘income’ is not taxed. With the recent increase in the national debt, you can avoid the future tax increases that are sure to strike most working Americans. Many American corporations and wealthy people have moved their wealth, corporations and the good-paying jobs to other countries. http://www.nytimes.com/2014/07/06/business/ when-taxes-and-profits-are-oceans-apart.html Many avoid taxes with complex tax shelters and subsidiaries. Luckily, there is a way for you to avoid paying their taxes. You can use a FREE special IRS-approved tax shelter to protect all your savings and investment earnings. You can build a $1/2 million fund by investing $250 a month over time. You can use the tax laws for your benefit like the people in the top 1% income bracket do! Trump’s new law allows anyone to use the Trump Tax Shelter. You can set up your Trump Tax Shelter in 1 hour
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