Trump tax cut- 80 Percent of it goes to Top 1 Percent, super-rich end up getting $1 million a year.
This is a disgusting and massive give away to the super rich
The rest of us get nothing but crumbs
And it blows a huge hole in the deficit
Trump voters are being rolled and played as fools .....
Trump Hands 80 Percent of Proposed Tax Cut to Top 1 Percent
New study shows the super-rich will end up getting $1 million per year.
http://www.motherjones.com/politics/2017/09/trump-hands-80-percent-of-proposed-tax-cut-to-top-1-percent/
?w=990
President Donald Trump is insisting that he won’t personally benefit from his new tax plan. That’s been obviously false from the start. Now a new analysis from the nonpartisan Tax Policy Center shows just how detached that claim is from reality.
According to TPC’s preliminary estimate, the top 1 percent of Americans will get 53 percent of the benefits under Trump’s plan next year, and 79.7 percent by 2027. The numbers for the top 0.1 percent of Americans are even more extreme. By 2027, the top 0.1 percent would get an annual average tax cut of $1.02 million. The bottom 60 percent of Americans would get $233 on average, or 8.7 percent of all cuts. In other words, the average tax cut for the top 0.1 percent is 4,386 larger than what most Americans would get. Americans who make between $150,000 and $300,000 would actually pay about $800 more under Trump’s plan.
TPC estimates that the plan would reduce total tax revenue by $2.4 trillion over the next decade. Republicans’ plan to eliminate some tax deductions would increase individual tax revenue by almost $500 billion over the next decade. But those gains would be wiped out by $2.6 trillion of business tax cuts. (Another $240 billion in losses would come from eliminating estate taxes on the share of inheritances exceeding $5.5 million for individuals and $11 million for couples.)
-snip-
The day before, Trump attacked the Alternative Minimum Tax (AMT), a provision that blocks wealthy people from using loopholes to pay next to nothing in taxes. “You’re all familiar with it,” Trump said. That seems unlikely. Almost no one who makes less than $200,00 per year pays the AMT. But we know Trump is intimately familiar with it. In 2005, the AMT cost him $31 million. Without it, he would have ended up paying $5.3 million in income tax on $150 million of income. Trump’s tax plan eliminates the AMT.
.
= new reply since forum marked as read
