Millions Of Middle-Class Families Will See Tax Increases Under The Trump Plan

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.

“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.

Recent Posts

Biden Negotiates WNBA Star Brittney Griner’s Release From Russian Prison

President Biden will deliver remarks after his administration secured the release of WNBA star Brittney…

6 hours ago

Chuck Schumer Moves To Isolate MAGA Republicans

Senate Majority Leader Chuck Schumer (D-NY) made it clear during a press conference that he…

20 hours ago

Nicolle Wallace Had The Perfect Response To More Stolen Trump Classified Docs Being Found

MSNBC's Nicolle Wallace quickly explained why no one should be surprised that more Trump stolen…

21 hours ago

Rep. Paul Gosar Tweets Then Deletes Support For Terminating The Constitution

Suspected 1/6 co-conspirator Rep. Paul Gosar (R-AZ) tweeted and then deleted support for terminating the…

22 hours ago

Trump Was Hiding More Classified Documents In A Storage Unit

More classified materials were found in a storage unit used by former president Trump in…

24 hours ago

Republicans In Shambles As They Quickly Toss Loser Herschel Walker Overboard

Republicans are wasting no time blaming Herschel Walker and his wife for the GOP defeat…

1 day ago