Latest estimate of what the Trump tax plan entails (with the rates given in ) from the is summarized in the plots below (for income tax). The average tax cut by income group is given below:
As a percentage of income that tax cut is:
The income group share of population and share of tax cuts is:
That means that the top 0.5% (income $1M/yr or more) will get nearly half (48.8%) of these income tax cuts while the bottom 45% of people (incomes <$43,000/yr) will only get 4.4% of those cuts.
These numbers are different in detail than the Tax Policy Center’s analysis given in the lead-off post in the topic. But the theme is the same.
I do not know whether or not this reflects the ending of the loopholes that Trump claimed was part of his plan in his speech today - no details given of course and his word means nothing (to me). I hope that some more equitable deal is made with ending these loopholes (or by Congress). Most likely the Congressional Plan will be done in secret by the GOP.
These cuts (along with the planned corporate tax cuts) will result in much greater annual deficits.
This is not “reform” it is merely a big gift to rich people and corporations who will just squirrel away their gains. This on top of 40 years of great tilting of the economic playing field (both individual and corporate) towards the top wage earners and the corporations (mostly large ones).
Trickle down has never worked (as the 1980’s and 2000’s proved). Corporations will only invest more when there are more people able to spend more money. Do not believe the Trumpian claim of his tax plan is a “pro growth” plan or will result in great gains in jobs or wages for “most Americans”.
William ignores graphs. Others, please pay attention and talk with your Reps and Senators.
Informed by Data.
Driven by the SPIRIT and JESUS’s Example.
Promoting the Kingdom of GOD on Earth.