According to new analysis released by the Tax Policy Center—a respected, nonpartisan economic organization—Donald Trump’s tax cuts would provide millions for the wealthy and essentially a pittance for the poor and middle class.
Trump boasted in September that his tax plan would close loopholes for rich hedge funds and cut taxes for the middle class while increasing them for the wealthy; his plan was considered populist, and one of the few aspects of his candidacy that people could reconcile. None of what he stated is remotely true.
Trump’s tax plan would cost (with interest) approximately $11.2 trillion and cause $25 trillion to be lost in government revenue. The lowest 20 percent of Americans would receive $128; the top 1 percent would receive $275,257; and the top .1 percent would receive $1.3 million. There are no questions as to who would benefit.
Not only would Trump’s plan add $11 trillion to the debt, but by 2026, this number would ascend to $34.1 trillion.
According to The New York Times, Len Burman, director of the Tax Policy Center, stated that, “The revenue losses from this plan are really enormous. Basically it would negate all the economic benefits if we were running deficits anywhere near as large as we’re projecting here.”
Trump’s plan would only debilitate the economy, while negligibly aiding those who need it most and instead allowing the privileged to once again come out on top.
Just add his tax policies to the growing list of reasons he would make a disastrous leader.
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