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.
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…
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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.
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