Not only will 47% of Donald Trump’s proposed tax cuts go to the top one percent, but his tax plan will raise taxes on 26 million Americans who are part of 8.5 million low-income families.
“The Trump tax plan is heavily, heavily, skewed to the most wealthy, who will receive huge savings,” said Lily Batchelder, a law professor and tax expert at New York University. “At the same time, millions of low-income families – particularly single-parent households – will face an increase.”
Batchelder, who wrote an academic paper on Trump’s tax plan published by the Urban-Brookings Tax Policy Center, said that the president-elect’s plan “significantly raises taxes” for at least 8.5 million families, with “especially large tax increases for working single parents”. More than 26m individuals live in those families.
Fifty-one percent of single parent households, 32% of black households, and 24% of Hispanic or Latino households will see a tax increase under Trump. Meanwhile, 47% of the cuts in Trump’s tax plan go to the wealthiest one percent.
The dynamics of Trump’s tax plan have been known for months, but the media chose to pay no attention to issues, so it went largely unreported with the exception of digital and print outlets such as this one.
In September, it was reported that Trump’s tax plan would cost $4.4-$5.9 trillion over the next ten years, and would increase the incomes of the wealthiest Americans by 10%-16%.
Donald Trump and the Republican Party are planning a massive upward redistribution of the nation’s wealth that will come at the expense of the some of the most economically vulnerable individuals and families in US society.
The fact that Trump will get to implement a tax plan that will hurt many while benefitting the few is another consequence of an election that was covered as entertainment, not a serious choice about the future direction of the nation.
If you are rich, it appears that Donald Trump is going to make America great again for you. For everyone else, the next four years could mean more economic uncertainty for millions of people who are already battling to make ends meet.