Never mind the kleptocracy, it’s just the same old conservative con (boldface mine):
President Donald Trump is set to give America’s richest 1% an average annual tax cut of $214,000 when he takes office, while more than eight million families with children are expected to suffer financially under his proposed tax plan….
Batchelder, who wrote an academic paper on Trump’s tax plan published by the Urban-Brookings Tax Policy Center, said that the president-elect’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.
…Single-parent families would suffer the most because Trump would lower the minimum of tax-free earnings to $15,000 per adult no matter how many 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.
…While the poor will face tax increases, the Tax Policy Center research said the rich would received big tax cuts that get even bigger as you work up the income scale. The top 20% of earners would receive an average annual tax cut of $16,660 compared with an overall average cut of $2,940.
The richest 1% will collect 47% of all the tax cuts – an average saving of $214,000.
The 0.1% – the 117,000 households with incomes of more than $3.7m – would receive an average 2017 tax cut of $1.3m, a nearly 19% drop in tax they were due to pay in 2016. The tax savings of the super-rich will increase further in future, with the 0.1%’s estimated 2025 tax bill to fall by $1.5m.
It is a stark contrast to Hillary Clinton’s tax plan, which would have seen taxes rises for the super-wealthy. Under her plan, the top 1% would pay an extra $163,000 a year more on average, and would have made up 93% of all new tax revenue by 2025.
Many areas which voted for Trump just decided to give themselves a tax increase to make gentry class, wealthy, and rich people even better off. They just enriched the ‘coastal elites’ that they so very much despise.
Maybe Trump’s tax policies should have been reported during the campaign? And maybe Democrats should have played up this issue?