Last updated on July 17th, 2023 at 09:36 pm
A Donald Trump presidency would likely mean higher taxes for millions of middle-income families, CBS News reported on Friday, citing analysis from the nonpartisan Tax Policy Center.
Under Trump’s tax plans, eight million middle-class families would be hit with higher taxes under the incoming president’s proposed “Contract With the American Voter,” which Trump released in October.
Among the millions of people slammed with tax hikes under Trump would be a majority of single-parent households – families who likely need a tax cut more than two-parent households. That’s because Trump plans to eliminate the head-of-household filing status, which 22 million Americans took advantage of last year and will no longer be able to if Trump’s proposal becomes reality.
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“If you’re a low- or moderate-income single parent, you’re going to get hurt,” said Tax Policy Center fellow Bob Williams, according to CBS News.
The plan would also hurt taxpayers who have elderly parents living with them.
Another group of income earners likely to be hurt by Trump’s tax proposal are households with three or more children. According to USA Today, a two-parent household with four children could lose nearly $7,000 in tax deductions as a result of the president-elect’s plan to eliminate the personal exemption.
These are parts of the tax code that millions of families use to reduce the amount money they have to give to the government and, if the incoming president has his way, they will no longer be able to.
There are, however, some Americans that will mightily benefit from Trump’s tax proposal: the wealthy.
Under a Trump administration, the wealthiest 1 percent of income earners would have the most to gain as they would see an enormous 14 percent reduction in their tax burden, despite enjoying most of the gains during the recovery.
Ultimately, Donald Trump’s tax proposal is right in line with the failed trickle-down economic policies we’ve seen out of every Republican president in modern history. The only group of Americans that will truly benefit are those who don’t need it.
Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance coverage.
