Trump Tax Plan Gives $1.3M To Each Of The Top 0.1%
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It must be nice to be King Donald, if indeed he ever gets elected king.
…the Tax Policy Center — one of the only nonpartisan economic think tanks respected on both sides of the aisle in Washington — is out with an analysis of the tax plan of the Republican frontrunner, Donald Trump.
Trump’s plan, TPC estimates, will cost $9.5 trillion, not including interest payments on the debt incurred as a result; with interest included, the cost rises to $11.2 trillion. That’s substantially more than the $6.8 trillion/$8.1 trillion cost of Bush’s plan. And like Bush’s plan, TPC finds that Trump’s is hugely regressive…
TPC finds that the most expensive part of the plan — costing nearly $4 trillion over the first 10 years — is Trump’s collapsing of the seven current tax brackets, ranging from 10 percent to 39.6 percent, to just three: 10, 20, and 25 percent. Nearly as pricey, at $3.3 trillion, is his increasing of the standard deduction to $25,000 for singles and $50,000 for couples, a near quadrupling of the current deduction, which is $6,300 for singles and $12,600 for couples. Slashing the corporate rate to 15 percent — it’s currently a flat 35 percent for companies with profits over $18.3 million — costs another $2.4 trillion for good measure..
The typical low-income American will get $128 under Trump’s plan. The typical one-percenter will get $275,257. The typical 0.1-percenter will get $1.3 million. Overall, TPC finds that 67 percent of the cost of the cut comes from tax breaks to the top 20 percent, and 35 percent from breaks to the top 1 percent.
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