In the The Wall Street Journal, there were some news regarding Trump’s tax policies. According to that report that the top 1% will benefit from everyone paying less taxes. The middle class will get a tax cut but also the rich will get the same. In Trump’s plan, the top 1% of earners would pay a smaller share of total federal taxes than it does right now. 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”
Another complication with this policy is that the tax breaks for individuals are unevenly distributed. So high earners are more able to pay more taxes than lower earners, yet lower earners still paying higher taxes.
Trump promised he will make America Great again, however, there are so many questions regarding how he can deal with the current tax code. Like it has been said before regarding a Trump administration: only time will tell.
Donald Trump’s proposed tax plan sends nearly half the benefits to the top 1%, households earning more than about $700,000 annually, while reducing their relative contribution, according to the nonpartisan Tax Policy Center in Washington. Read the full story