Analysts: Donald Trump’s new tax plan is even more tilted toward the rich than his old one

[applegrove]

Analysts: Donald Trump’s new tax plan is even more tilted toward the rich than his old one

by Dylan Matthews at Vox

http://www.vox.com/policy-and-politics/2016/10/11/13241764/donald-trump-new-tax-plan-tpc-clinton

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o upon winning the GOP nomination, Trump came up with a second and then a third plan. The rates would be slightly higher, with a top bracket of 33 percent, just like Paul Ryan has proposed, so that it was less ridiculously costly. Trump's massive expansion of the standard deduction was dialed back. Measures to promote child care were included to show the middle class could benefit too.

Just one problem: The plan is still a massively expensive giveaway to the rich. A new analysis released by the Tax Policy Center on Tuesday reveals that the latest version of Trump's plan would cost $7.2 trillion — less than his first plan, but still an astonishing figure. It more than doubles the size of George W. Bush's tax cuts.

Astonishingly, the new plan is even more tilted toward the rich than Trump's first plan. That plan spent 35 percent of its price tag giving the top 1 percent tax breaks; the new plan spends 47.3 percent of its cost on the top 1 percent. Nearly a quarter of the cost comes from cuts to the top 0.1 percent alone.

Meanwhile, TPC also unveiled a new analysis of Hillary Clinton’s tax plans, showing they’d have nearly the opposite effect: They’d raise $1.4 trillion, cut taxes on the bottom 80 percent of Americans, but sharply increase them for the top 1 and 0.1 percent. It’s practically a mirror image of the Trump proposal.


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