A new report analyzed how Governor Bruce Rauner would benefit under a new tax reform plan proposed by President Trump.
Based on Rauner’s 2015 reported income of $188.2 million, the report by the Service Employees International Union found that Rauner would net an extra $3.7 million annually. The elimination of the estate tax, as proposed by the plan, would give Rauner a one-time windfall of $294 million.
The billionaire, who described himself as a member of the “point zero one percent,” has been repeatedly criticized for supporting policies that would benefit himself rather than the middle class.
The plan actually contains numerous provisions that would aid the top 1% of earners, a designation that both Trump and Rauner share.
To start, a cut in the top income tax rate would, according to the Center on Budget and Policy Priorities, save a married couple with $1 million in taxable income $24,000 per year.
Other provisions adjust tax code that only affect the richest Americans, including eliminating the estate tax (estates worth more than $5.49 million), cutting the tax rate of “pass-through entities,” frequently affecting hedge funds and lawyers, ending the Alternative Minimum Tax (earning more than $500,000 a year), and protecting the carried interest loophole which benefits Wall Street financial managers.