Last updated on July 17th, 2023 at 09:20 pm
Donald Trump’s updated tax plan was examined by non-partisan experts and deemed to give an even bigger tax cut to the wealthy than his old tax plan.
According to the Tax Policy Center:
Under Trump’s plan, households would receive an average tax cut of about $3,000 in 2017, or 4.1 percent of after-tax income. While all income groups would get a tax cut on average, those in the top 1 percent would enjoy a tax cut of nearly $215,000—a 13.5 percent increase in their after-tax income. Middle-income households would receive a tax cut averaging about $1,000, or 1.8 percent of their after-tax income and low-income households would get a tax reduction of about $100, boosting their after-tax income by 0.8 percent. However, some single parents and large families would pay higher taxes under Trump’s proposal than they do today.
To get more stories like this, subscribe to our newsletter The Daily.
….
Compared to his initial version, his current plan is about one-third less costly, though it would still add trillions of dollars to the federal debt. While his first proposal would have reduced taxes by an average of $5,000 and cut overall tax revenues by $9.5 trillion over 10 years, this version would reduce taxes by an average of $3,000, and slash federal revenues by $6.2 trillion. Both plans are similarly regressive.
Trump’s tax plan would raise taxes on families while cutting them for the wealthiest Americans. Hillary Clinton’s tax plan does the opposite. It raises taxes on the wealthy. Clinton also provides additional tax credits to middle-class and poor Americans that the Trump plan lacks.
Donald Trump’s tax plan would be great for wealthy people like himself, but it would harm the economy by causing the deficit to go up by trillions of dollars. Trump’s tax plans keep getting reworked into more extreme versions of trickle down economics.
Beyond his behavior and lack of fitness for office, the analysis of Trump’s tax plan reveals that his policies are also bad for America.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
