Dec 302016
 
hillary-clinton-gettyimages

 

Photo Credit: Democratic nominee Hillary Clinton smiles during the final presidential debate at the Thomas & Mack Center on the campus of the University of Las Vegas, Nevada on October 19, 2016. (ROBYN BECK/AFP/Getty Images)

Billionaires who shilled for former Secretary of State Hillary Clinton’s presidential campaign are doing quite well since President-elect Donald Trump won the White House, adding billions to their respective fortunes since Election Day.

Warren Buffett, long-time Democratic donor and ardent Clinton supporter, saw his net worth increase by $11.8 billion since Trump was elected. Berkshire Hathaway, Buffet’s investment firm, saw its airline and banking positions rise dramatically over the last month. The two sectors have soared on Trump’s promises of massive deregulation and spending on infrastructure.

(RELATED: Here Is How The Market Looks One Month After A Trump Win)

While Buffet has brought in the largest year-end sum, other Clinton-backing billionaires have fared well since Election Day.

Microsoft founder Bill Gates watched his net worth climb by $9.8 billion as of Dec. 28, bringing his total net worth to $91.8 billion. With the Trump bump, Gates is now the richest man in the world.

Gates and his wife Melinda are long-time supporters of the Clinton cause. The pair have donated over $25 million to the Clinton Foundation, and Gates was even on a short list for potential vice presidential picks for Hillary Clinton.

Possibly the funniest example in the set is Amazon CEO and owner of The Washington Post Jeff Bezos. Trump took aim at Bezos multiple times on the campaign trail, decrying that Amazon had “a huge antitrust problem,” and WaPo was not covering the election in an unbiased fashion.

Bezos fired back at Trump on Twitter, saying he would send the president-elect to space on one of his startup’s rockets.

After a tech summit with the president-elect at Trump Tower on Dec. 14 and 15, Amazon’s shares made big gains, as the president-elect appeared to be favorable to the tech industry. As a result of Amazon’s recent surge, Bezos is up $7.5 billion on the year, the New York Post reports.

Facebook founder and CEO Mark Zuckerberg is also up $5.4 billion on the year.

Read more: http://dailycaller.com/2016/12/29/billionaire-clinton-backers-are-richer-since-trump-won/#ixzz4UOXGo8qJ

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Dec 302016
 
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Daily Caller News Foundation

Some Wealthy Americans May Not Get The Trump Tax Break Liberals Are Crying Over 

Photo of Robert Donachie

ROBERT DONACHIE
Finance Reporter

The dominant liberal narrative concludes that the wealthy only stand to get richer under President-elect Donald Trump’s tax plan. There is, however, a group of wealthy Americans who could legitimately wind up paying more in taxes under Trump than in recent years.

Outlets from The Washington Post to Vox to The Atlantic ran stories decrying the president-elect’s plan once Trump released his tax proposal last summer. A closer look reveals they may have missed a few things.

Taxpayers whose taxable income falls into one of these two categories will likely pay more in taxes once Trump takes office, Market Watch reports. For individual filers, this would mean income levels between $112,500 and $190,150. For joint or married filers, this would be between $225,000 and $231,450.

Americans who earn in those ranges will see their marginal tax rate increase from its current level of 28 percent to 33 percent under Trump’s plan, according to analysis by The Tax Foundation. For a single filer making $190,150, this would mean an extra $3,000 in taxes a year. Joint filers should also expect a similar increase in their tax payments.

While some might claim that individuals who earn in these ranges are not wealthy, a cursory glance at the median income level for American households may change their tune. The median household income in the U.S. is just over $55,000, according to the U.S. Census Bureau.

A key feature of the president-elect’s proposal is his plan shrink the tax brackets from seven down to three. The new tax brackets would set income tax rates at 12, 25, and 33 percent. While this would push many Americans into lower tax brackets, some would move into a higher tax rate.

Essentially, the new tax bracket under Trump would look like this:

final-trump-taxes-impact-you

The figure shows the niche group of wealthy taxpayers in the upper brackets that would likely get hurt. Single filers making between between $112,500 and $190,150, and joint filers earning between $225,000 and $231,450 end up getting squeezed into higher tax brackets. While this would only be around 2 percent of Americans, it surely works to wither some of the arguments that the wealthy are making out.

The outcry is not completely unfounded though. The Tax Foundation estimates Trump’s plan could cost as much as $6 trillion in federal revenue over the next decade. Experts say that one of two things will happen if Trump’s plan is enacted as it currently reads.

Either the deficit “will go up tremendously or Congress would need to find a significant area of federal spending to cut. Of course, the majority of federal spending is on Social Security, Medicare, other health programs, and defense. So if the Trump plan were enacted in full and Congress didn’t want the deficit to go up, they would almost certainly have to cut from one of those areas,” Scott Greenberg, analyst with The Tax Foundation, tells The Daily Caller News Foundation.

Greenberg concluded by saying that the “Trump plan is huge. There’s no other way to put it. There is good and bad to that. The effects of the plan will but huge both on the economy and the deficit.”

Read more: http://dailycaller.com/2016/12/30/some-wealthy-americans-may-not-get-the-trump-tax-break-liberals-are-crying-over/#ixzz4UNxc1el8

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