What Donald Trump’s tax-plan does for:
WASHINGTON (CP, Nov 29,2017): – Donald Trump promised to govern for America’s forgotten men and women; yet he promoted a tax reform plan on Wednesday that independent analysts say does the exact opposite, transferring tens of billions of dollars in wealth up the income ladder.
The president claimed at a rally in Missouri that the tax plan would be great for the little guy, while clobbering rich guys like him: “It’s gonna cost me a fortune, this thing. Believe me, believe me, this is not good for me.”
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The plan would immediately hike taxes on nine per cent of lower-income Americans, and within a decade hurt the lower 50 per cent of income earners, according to new analysis by the non-partisan Tax Policy Center.
The congressional budget watchdog joined in. It found the poorest Americans would immediately be worse off, and said things would worsen with time: By 2027, it found the treasury would collect about US$60 billion more annually from people earning under $75,000, while disbursing $20 billion more to the upper classes.
In other words, it would be bad for the deficit;terrible for lower-income Americans; and great for Trump.