For months, Republican presidential nominee Donald Trump had distanced himself from his own tax plan, released during the primary campaign, and promised to put out a new version. He finally followed through on that promise last week, releasing details as part of what he called an “economic policy package.”
But while Trump had originally disavowed his own proposal because he wanted to give the middle class a bigger benefit, his new plan ends up doing the opposite.
In May, he was asked about analyses that found most of the tax cuts went to the richest 1 percent of Americans. “I will say this, and I’m not necessarily a huge fan of that,” he responded. “I’m so much more into the middle class who have just been absolutely forgotten in our country.”
Later he said of the new plan that the wealthy would end up paying more, while under his new plan, “Everybody’s getting a tax cut, especially the middle class.”
But the new plan is out, as is a new analysis from the Tax Foundation. And it does not find this to be the case.More ...