Trump Tax Agenda: 'Astonishing' Cuts for Rich Like Him and Hikes for Middle Class

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Published on
Wednesday, July 12, 2017
by
Common Dreams
Trump Tax Agenda: 'Astonishing' Cuts for Rich Like Him and Hikes for Middle Class
https://www.commondreams.org/news/2017/07/12/trump-tax-agenda-astonishing-cuts-rich-him-and-hikes-middle-class

Trump's tax proposals "would result in an increase in taxes for nearly 1 in 5 American households" while cutting taxes drastically for the wealthiest Americans
by
Jake Johnson, staff writer
10 Comments

"Among those in the middle class, almost a quarter would see their taxes go up" if Trump's tax proposals are enacted, argued the Washington Post's Max Ehrenfreund. (Photo: Michael Fleshman/Flickr/cc)

As Trumpcare withers away in the Senate in the face of fierce grassroots opposition, two new analyses published on Wednesday show that President Donald Trump's tax agenda—billed as his next big domestic endeavor—would primarily benefit Trump himself and other wealthy Americans while pushing a larger share of the tax burden onto middle class families.

"The top 0.1 percent, earning above $3.4 million a year, would get an average tax cut of $937,700, or a 13.3 percent boost in after-tax income."
—Dylan Matthews, Vox

Although Trump has yet to release a detailed version of his tax plan, a new analysis by the nonpartisan Tax Policy Center (TPC), released Wednesday, concludes the proposals his administration has floated so far would, if enacted, "provide the bulk of the benefits to the highest-income households."

TPC found that under Trump's tax plan, around "40 percent of the tax cut would flow to households in the top one percent of the income distribution, giving those earners an annual tax cut of around $270,000."

In this regard, Trump's tax agenda is perfectly in line with the Senate GOP's healthcare bill, which would provide hefty tax cuts to the ultra-rich while deeply slashing Medicaid.

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[riversedge]

1. The Republican cruelty never ends