income tax / income taxes

Wealthy likely to get huge tax cut under Trump propsal

As reported December 2, 2016 by the conservative Wall Street Journal, despite promises of big tax cuts, the middle class is likely to pay higher taxes under Trump while the wealthy enjoy big tax cuts under trump’s proposed tax plan. Bottom line: big increase in the federal deficit under this Republican administration. Trump;s pick for Treasury secretary, Steven Mnuchin, worked for Goldman Sachs and will have the wealthy in mind as he helps craft tax policies. WSJ writer Laura Sanders reports “the wealthy would receive an average tax cut of about $215,000 per household.” The top 1% of taxpayers would receive a tax cut of 26.9%. Middle income tax payers would shoulder a larger portion of the federal tax burden. “According to the Tax Policy Center’s analysis, nearly half the benefits of Mr. Trump’s tax plan would go to the top 1%, households earning more than about $700,000 annually.”

Taxes Under Trump: Almost Everyone Pays Less and the Richest Pay a Lot Less

Source: Financial Planning for Women