Trump’s Tax Plan Is A Con That Benefits Corporations And The Wealthiest Americans

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Donald Trump unveiled a tax plan that is a massive con job. The plan doesn’t benefit the poor and middle class. Trump’s vision for taxes is a windfall for corporations and the wealthiest Americans.

Politico’s Danny Vinik summed up who the big winners are under Trump’s plan, “Who would be the winners of the Trump tax plan? The rich. The top tax rate falling from 39.6 percent to 25 percent will give them a huge windfall, as will eliminating the AMT, the estate tax for their heirs, and the Obamacare surtax on capital gains and dividends. The huge cut in the corporate income tax will also benefit the well-off. Even worse: Trump doesn’t say what we will do with the Earned Income Tax Credit, which is a financial lifeline for low-income Americans. Eliminating it would cause significant hardship for the poor—while also going against the current political agreement around the effectiveness of the EITC. (The campaign didn’t return an email asking for more information.)”

Trump’s plan, like every other Republican tax cut for the rich, blows a hole in the deficit to the tune of $2.3 trillion.

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The Republican candidate claims that people earning less than $25,000 won’t pay any federal income taxes, but according to the IRS, 76% of people who are earning $25,000 or less already pay no federal income taxes. In reality, Trump isn’t giving anything to people who earn $25,000 or less that they don’t already have. Eighty-three percent of people who earn less than $30,000 are already not paying federal income taxes.

Donald Trump is trying to disguise a plan that gives the rich a big tax break as having something for everyone. What Trump left out of his press conference is what he will do with the Earned Income Tax Credit (EITC).

The chart below shows that Trump’s plan would take money away from low and middle income people:

tax-2014-chart

In 2014, people earning up to $47,300 paid a net negative percentage in federal income taxes. By bringing them up to zero, as Trump proposes, his tax plan will be costing them money.

It is likely that Trump’s plan reduces the federal income tax rate to zero for lower income Americans, but also takes away their tax refunds. Trump’s plan would leave lower income workers with less money while giving the wealthy and corporations a wave of tax breaks.

In other words, Donald Trump has dressed up the same old failed Republican tax cuts for the rich in the disguise of lower tax rates for all.

The media is helping Trump con voters by running with headlines about raising taxes on the wealthy. However, Trump’s plan is designed to benefit the wealthy at the expense of everyone else.

Donald Trump’s “populist” tax plan helps the wealthy and corporations while giving little to everyone else. It’s a scam, and our lazy media is helping Trump fool hard working Americans.

17 Replies to “Trump’s Tax Plan Is A Con That Benefits Corporations And The Wealthiest Americans”

  1. Trumps gotta’ tyrade! Nutters gotta’ be nuts! T-Rump does BOTH!! And all of those poor, I mean REALLY poor people out there will eat this plan up because their STUPID! Just like T-Rump! STUPID!!

  2. Hay a CON-MAN has to do what CON must do. It’s in his DNA/and psychic. Expect nothing LESS, but prepare for the NOTHING he has to offer.

  3. I doubt Trump fans read anything beyond the article headlines anyway. You can bet they’ll eat it up….this is not a “deep thinking” kind of crowd, after all. He wants to get rid of people of color that they think are beneath them, beyond that I doubt they care about anything else.

  4. Of course, it’s a con job that benefits the rich! Was anyone ever stupid enough to imagine otherwise? Donald Trump was never part of the solution. He is a greedy, rich asshole, the very reason America is on the brink of no return.

  5. Reverse Robin Hood taxation just repackaged to look
    like genius economics to the knuckle-draggers who
    actually think that Trump’s going to make them rich
    too. Once the prey is mesmerized, the blonde scaled
    cobra strikes! Bless up.

  6. This is unfortunately very typical of Repubs.. all of them. They buy off the poor/working/middle class people by claiming tax cuts for them… or they give them $600 checks a la George W. Bush… While they give uber-wealthy and corporations mega-tax cuts amounting to billions and trillions. Then they mount wars and/or built up the military… Then they claim that we need to cut the budget and complain about debts and deficits.

    So, so typical. And the “average” voter supports these losers because someone is throwing them a small carrot.

  7. tRump is nothing but a old west medicine man going all over the country trying to sell his snake oil. He’s not even a good con man. He’s a trash mouth bully, without a humble bone in his body. He’s got all of his competition running scared except for Rubio. Suggestion to others, confront him, don’t let up and I promise he’ll fade away.

  8. The Wealthy are no longer helping to pull The American Wagon!

    Check this historical Tax Rate Chart:
    (Note the years we could afford New Highways, Schools and Bridges)

    This chart is obsolete, the rich now pay even less.

    http://s158.photobucket.com/user/OnlyObvious/media/Tax_Rates/TopTaxBracket_TaxRate.jpg.html

    “The U.S. Collects Less In Taxes Than All But Two Industrialized Countries”

    Scroll Down:
    http://thinkprogress.org/economy/2013/04/08/1834981/the-us-collects-less-in-taxes-than-all-but-two-industrialized-countries/?upw&mobile=nc

  9. Trump will only fade away when the press stops giving him coverage, good, bad or indifferent, anything said about him keeps his ego-maniac flame lit. Please, blow it out already.

  10. No surprise here after all t-Rump is a Republican, the sad part is many poor working class will vote for this loud mouth even while he is taking what little they have and give it 2 the 1%.
    However you cant fix stupid, especially while FAUX,CNN, MSNBC,ABC,NBC,CBS,all corporate so called news outlets are spewing miss information.

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