Republican tax cuts

Hey, it seems that Donald Trump’s tax ‘proposal’ (basically one page of notes) has been analyzed. Take a look:

A new analysis by the Tax Policy Center finds that the tax cuts included in the Trump administration’s outline for tax reform released in April could cut federal revenues by as much as $7.8 trillion over 10 years, and that the benefits would go almost exclusively to the top 5 percent of earners.

Even if the plan included some very large tax hikes to offset the cuts (like doing away with personal exemptions and other common deductions) and taking into account effect on economic growth, the cost still comes to $3.4 trillion over 10 years.

The revenue raisers also serve to make Trump’s plan even more regressive. If you just look at the tax cuts he’s proposing, 60.9 percent of the benefits go to the top 1 percent of Americans. That’s a pretty astonishing tilt toward the rich. But if you look at the combined effects of the cuts and the revenue raisers, 76.3 percent of the benefits go to the top 1 percent, and 94.8 percent go to the top 5 percent.

Trump’s proposal gives the vast majority of the tax cuts to the rich and blows a hole in the budget? I’m stunned. Or the opposite of that.

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