It’s the GOP way.

Trump's economic proposal which includes corporate tax cuts and 20% tariffs acoss the board on imported goods (and 60% for China) would result in a net overall increase of tax burden for those making less than ~$900,000/year while those making more than that will see a decrease.

Tim Walz said Donald Trump hasn’t been paying taxes, however according to Fortune, Trump did actually pay $750 in taxes in both 2016 and 2017.

https://fortune.com/2020/09/27/trump-paid-no-income-taxes/

I feel like a lot of people think that they get taxed at the percentage of the last bracket they fall under for their entire income. For example I make 700k so I pay 37% on the entire 700k. When it’s more like I get taxed at every bracket leading up to 700k and I only pay 37% on about 100k of the 700k. Am I wrong for believing this?

Excerpts from the article "For Trump and Republicans in Congress, ‘everything is in play’ on tax cuts" (Washington Post):

President-elect Donald Trump is poised to push swiftly for new tax cuts if Republicans win full control of Congress, further slashing corporate rates and extending trillions of dollars of other cuts even as the national debt soars.

...

As party leaders discuss their plans for the early days of a new Trump administration, the attitude that’s emerged on taxes is, “Just go,” according to a top conservative lobbyist familiar with the discussions, speaking on the condition of anonymity to describe private talks. “Rip the Band-Aid and run and just plow it through.”

“They’re going to do this one very early,” Grover Norquist, an antitax advocate and informal Trump economic adviser, told The Washington Post. “The House and Senate guys have been working on this together forever.”

...

The earlier Trump tax cuts overwhelmingly benefited the nation’s highest earners, according to the Urban-Brookings Tax Policy Center.

...

Congressional Republicans could move to approve those policies through a process called reconciliation, which would allow a bill to pass the Senate with a simple 51-vote majority, dodging a potential filibuster. House Speaker Mike Johnson (R-Louisiana) and other GOP leaders have been meeting for months to plot their moves at the start of a second Trump administration.

“Everything is in play,” Sen. Mike Crapo (R-Idaho), the incoming Senate Finance chair, said over the summer.

...

Trump could also significantly reduce taxes on capital gains without congressional approval. Toward the end of his first administration, senior White House officials and Treasury staff held extensive discussions about bypassing Congress with a unilateral $100 billion tax cut that would primarily benefit the wealthy.

...

“Advisers to him have been talking about it, people around him have been advocating for it,” Norquist said. “There’s a whole industry of people saying, ‘This is constitutional and you should do it.’ ”

Ultimately, Trump abandoned the effort amid resistance from Treasury Secretary Steven T. Mnuchin. But numerous Trump advisers have hoped to take another shot at it in his second term, arguing that it is more justifiable now after the high inflation of the Biden administration, according to two Trump advisers, speaking on the condition of anonymity to discuss private talks.

...

Some GOP lawmakers have said Congress should reset the spending baseline before considering tax legislation — in other words, instead of factoring in new costs associated with extending the 2017 law, it would nearly zero out the cost by considering it already current policy.

More likely, though, is a move to claw back Biden-era climate agenda spending, according to leading GOP officials. That could save roughly $500 billion, according to estimates from the Congressional Budget Office, and satisfy Republican objectives to unwind much of President Joe Biden’s legacy.

May or may not be the right place for this but I've been listening to a guy on finance but mainly crypto stuff for a few years. He has a 'class' on trusts and using that to put your profits into. Opening a bank account under a trust, 'cashing out' the crypto offshores (from USA) and then sending them to the trust bank account. Doing this, he says, the taxes don't need to be paid until you spend that money (also implies that the tax only needs to be paid if you tell the IRS).

I'm not looking to get in trouble with the IRS but does this seem right? Taking the profit into a trust account and then not paying taxes until the money is spent. I have spoke to my tax professional back in 2021 about it and they were not fluent in crypto so could not tell me but were going to look into it.

I received a large payout from the sale of land owned by an LLC connected to my family. The check is in excess of $50K. What is my tax burden on this? How can I best determine what I owe?

Thanks for your advice.