Analysis: Middle class would suffer most with Trump tax plan
Contrary to what Trump tells his adoring fans, his tax plan favors the rich and hurts almost everyone else.
Click here for reuse options!For instance, at a rally in Scranton, Pa., Trump promised to “massively cut taxes for the middle class, the forgotten people, the forgotten men and women of this country, who built our country.” During a town hall meeting on NBC’s Today show, he said he believes in raising taxes on the wealthy…
But Trump’s plan does the opposite, says Lily Batchelder, a law professor at New York University and visiting fellow at the Tax Policy Center.
“If you look at the most wealthy, the top 1 percent would get about half of the benefits of his tax cuts, and a millionaire, for example, would get an average tax cut of $317,000,” she says…
But a family earning between $40,000 and $50,000 a year would get a tax cut of only $560, she says, and millions of middle-class working families will see their tax bills rise under Trump’s plan — especially single-parent families.
“A single parent who’s earning $75,000 and has two school-age children, they would face a tax increase of over $2,400,” Batchelder says. That’s if they had no child-care deductions; the increase in taxes comes partly because the Trump plan eliminates the $4,000 exemption for each person in a household.
Copyright 2016 Liberaland
9 responses to Analysis: Middle class would suffer most with Trump tax plan
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Ned Nutley November 14th, 2016 at 17:09
For workers who voted for him:
hey workers, Trump has his products made in
slave labor overseas countries and shipped
back here to sell them to fools like you, go buy
one of the ties from the Groper in Chief and
help support Malaysia, hope you all enjoy
the third Bush / Cheney term.
Jungle_Bhoy November 14th, 2016 at 18:24
So Trump is just continuing Ronald Regan’s war on the middle class. No surprise there.
Jack E Raynbeau November 14th, 2016 at 18:27
He’s going to cut corporate tax rates from 35% to 15%. That’s huge. The trickle down should be enormous. The best trickle down.
oldfart November 15th, 2016 at 00:46
I love the thought of the Trumpanzes getting trickled on…
Jungle_Bhoy November 16th, 2016 at 18:31
I’m still waiting for the trickle down from the twin morons Bush and Regan’s tax cuts.
robert November 14th, 2016 at 18:31
Tax or no tax plan The middle class always will have a target on its back
amersham1046 November 14th, 2016 at 18:43
A tax cut, for a class that will no longer exist, good planning
allison1050 November 14th, 2016 at 21:13
Who is that pumpkin in the photo that has waay too much blush?
Warman1138 November 15th, 2016 at 01:34
Well Trumpers, what do you think of that? Enjoy your ”tax break”, Trump and friends sure will.