The final details of Trump's Tax Plan will be released soon, but it looks like we already know that Trump’s tax plan provides the largest cuts for the wealthiest 0.1% of Americans and may even raise taxes on middle-income families with children.
According to the nonpartisan Tax Policy Center, households in the top 1% income bracket would receive an average tax cut of over $275,000 (17.5% cut) under the Trump plan, and households with incomes over 3.7 million dollars, would experience a tax cut of $1.3 million dollars (~19% cut). In contrast, middle-income households would experience tax cuts of less than 3,000 dollars (less than 5% cut).
These differences are starker when considering families with children. Under the Trump plan, middle-income families with children will on average experience a tax increase resulting from repeal to personal exemptions and “Head of household” filing status. Under the Trump plan, a single parent earning $75,000 with 2 children would face a tax increase of almost $2,500. A married couple earning $50,000 would face an increase of around $150 with 2 children, and a tax increase over $1,000 with 4 children. According to the New York Labor department, average wages in Central and Western New York are less than $50,000, meaning that the majority of households with children in our districts would experience a tax increase under the Trump plan. In effect, our communities are the most likely to lose under the Trump tax plan.
Trump has filled his administration with Wall Street insiders such as Steven Mnuchin who is most famous for robo-signing foreclosures on the mortgages of middle-income families without proper review. It may thus be no big mystery why we keep seeing enormous giveaways to Wall Street at the expense of middle-income families.
Trump Tax Plan Sources:
Tax Policy Center Full Analysis -- With information on how it increases deficit
Tax Policy Center Analysis for Families with Children
Business Insider Article with more in depth analysis and good figures
New York Labor Department Statistics
Steven Mnuchin Sources:
Mnuchin lies about robo-signing
Mnuchin foreclosures evidence
Politico Article on Mnuchin
Mnuchin Tax Havens
Republican health care bill provides tax cuts to richest at expense to middle-class Americans
Trump's budget, who wins and who loses
Older article, one of many, on tax cuts and economy