Donald Trump Wants to Raise Your Taxes
Virtually any future deficit-reduction plan — except for a repeal of the Trump tax plan — would hurt most families more than his plan helps them.
Meanwhile, Trump and other Republican leaders keep repeating “middle class,” “middle class,” “middle class.”
Yet there is also a major difference between the current plan and George W. Bush’s tax cut or Ronald Reagan’s.
Trump’s plan would not actually cut taxes for many middle-class families.
And the deduction for state and local taxes — also a target for cuts — now benefits 30 percent of households nationwide.
Having lavished so much money on the wealthy, the tax package — or at least the vague framework
that the administration has released — doesn’t have much remaining to spend on middle class and poor families.
Their plan would deliver an average tax cut of $700,000 to the nation’s 175,000 richest families.
Trump and his allies are feverishly trying to claim their plan really would benefit the middle class.
The old formula for passing a big tax cut for the rich was simple: Package it with a modest
tax cut for the middle class — and talk endlessly about the middle-class part.
Share of each income group whose taxes would increase under the Trump plan, both immediately and after a decade.
First, Trump’s plan takes a skimpy approach to inflation adjustments, which will push many families into higher tax brackets over time.