Last updated on July 17th, 2023 at 09:12 pm
The conservative-leaning Tax Foundation has evaluated Donald Trump’s tax plan and found that the plan would cost the US trillions of dollars and grow the incomes of the top one percent by 10%-16%.
Trump claimed last week that his tax plan benefits the middle and working class, “In addition, because we have strongly capped deductions for the wealthy and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer. They will receive the biggest benefit – it won’t even be close. This is a working and middle class tax relief proposal.”
According to analysis from the Tax Foundation,, this was a lie, “On a static basis, the plan would lead to at least 0.8 percent higher after-tax income for all taxpayer quintiles. The plan would lead to at least 10.2 percent higher incomes for the top 1 percent of taxpayers or as much as 16.0 percent higher, depending on the nature of a key business policy provision.”
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Donald Trump’s tax plan is designed to boost the incomes of people like Donald Trump. The wealthiest Americans will see their incomes go up by 10%-16%, while all other taxpayers will see a virtually non-existent gain of 0.8%. In other words, the Trump tax plan is designed to give nothing to 99% of Americans who aren’t at the top of the economic pyramid.
Trump also promised that his tax plan would be deficit neutral, “It will be deficit neutral. If we reach 4% growth, it will reduce the deficit.”
This is going to be next to impossible as the Trump plan will cost $4.4-$5.9 trillion. To make the plan deficit-neutral, Trump would need to drastically slash domestic spending. Since Trump has already promised to increase military spending, it will be virtually impossible for Trump’s tax plan to be deficit neutral.
Donald Trump’s tax plan is more of the same failed Republican attempt to redistribute wealth to the top in the hope that it will trickle down to the rest of us.
Trump is making promises that his tax plan can’t and won’t deliver.
A vote for Donald Trump is a vote for a tax cut for the top one percent.
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
