Trump has glibly promised massive tax cuts for "the middle class, the forgotten people, the forgotten men and women of this country, who built our country”. Unfortunately if we take a good look at his tax cuts it appears that the only people who will benefit big time are the richest 1%. Meanwhile more than 8 million with children are to be at a disadvantage and are expected to suffer under his proposed tax plan. Is anyone really surprised by this? Maybe the peolple who voted for him are but I can't imagine anyone else is.
Lily Batchelder, a law professor and tax expert at NYU has stated that “The Trump tax plan is heavily, heavily, skewed to the most wealthy, who will receive huge savings. At the same time, millions of low-income families – particularly single-parent households – will face an increase.”
Ms. Batchelder who wrote an academic paper on Trump's tax plan which was published by the Urban-Brookings Tax Policy Center, has also stated that "The president's plan “significantly raises taxes” for at least 8.5 million families, with “especially large tax increases for working single parents”. More than 26m individuals live in those families. According to Ms. Batchelder’s research Trump’s tax "reforms" – if taken at their “most conservative” – could leave just over half of America’s nearly 11m single-parent households facing an increased tax burden. This figure rises to 61% – or 7m households – if the analysis is run on “reasonable assumptions” that the changes Trump has suggested go ahead.
Single-parent families would suffer the most because Trump is planning on lowering the amount of tax-free earnings to $15,000 per adult, regardless of the number of children in the household. Under current law the threshold is $17,400 for single-parent families with one child and $24,750 for a couple with one child, and the threshold increases by $4,050 for each additional child.
The richest 1% will collect 47% of all the tax cuts – an average saving of $214,000.
So while the poor will face tax increases, the rich will receive big tax cuts that get even bigger as you work up the income scale. So where is the massive tax cut for the forgotten people?
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP) has said. “America is already very unequal, and his proposals would make income inequality a lot worse,” This is obviously quite worrisome. If he rode to victory on a middle-income wave of support, those middle Americans will be very disappointed.”
Well that doth indeed sucketh.
Lily Batchelder, a law professor and tax expert at NYU has stated that “The Trump tax plan is heavily, heavily, skewed to the most wealthy, who will receive huge savings. At the same time, millions of low-income families – particularly single-parent households – will face an increase.”
Ms. Batchelder who wrote an academic paper on Trump's tax plan which was published by the Urban-Brookings Tax Policy Center, has also stated that "The president's plan “significantly raises taxes” for at least 8.5 million families, with “especially large tax increases for working single parents”. More than 26m individuals live in those families. According to Ms. Batchelder’s research Trump’s tax "reforms" – if taken at their “most conservative” – could leave just over half of America’s nearly 11m single-parent households facing an increased tax burden. This figure rises to 61% – or 7m households – if the analysis is run on “reasonable assumptions” that the changes Trump has suggested go ahead.
Single-parent families would suffer the most because Trump is planning on lowering the amount of tax-free earnings to $15,000 per adult, regardless of the number of children in the household. Under current law the threshold is $17,400 for single-parent families with one child and $24,750 for a couple with one child, and the threshold increases by $4,050 for each additional child.
The richest 1% will collect 47% of all the tax cuts – an average saving of $214,000.
So while the poor will face tax increases, the rich will receive big tax cuts that get even bigger as you work up the income scale. So where is the massive tax cut for the forgotten people?
Matt Gardner, a senior fellow at the Institute on Taxation and Economic Policy (ITEP) has said. “America is already very unequal, and his proposals would make income inequality a lot worse,” This is obviously quite worrisome. If he rode to victory on a middle-income wave of support, those middle Americans will be very disappointed.”
Well that doth indeed sucketh.
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