TAX PLAN IS Su­PER — FOR Su­PER RICH

New York Daily News - - NEWS - BY KEN­NETH LOVETT

AL­BANY – While Pres­i­dent Trump trum­pets his tax re­form plan as a boon for the mid­dle class, it’s re­ally the rich who would ben­e­fit the most at the ex­pense of lower-in­come Amer­i­cans, ac­cord­ing to a fis­cal anal­y­sis re­leased Fri­day. Ac­cord­ing to the non­par­ti­san Tax Pol­icy Cen­ter of the Ur­ban In­sti­tute and Brook­ings In­sti­tu­tion, tax­pay­ers in the top 1%, with an­nual in­comes above $730,000, would re­ceive about 50% of the to­tal tax ben­e­fit. Their af­ter­tax in­come in 2018 would ac­tu­ally grow by an av­er­age of 8.5%, the re­port found, while tax­pay­ers in the bot­tom 95% would see a mod­est 1.2% tax cut. And about 12% of tax­pay­ers would ac­tu­ally face an av­er­age tax in­crease of roughly $1,800 in 2018, the Tax Pol­icy Cen­ter found.

“More than a third of tax­pay­ers mak­ing be­tween about $150,000 and $300,000 would pay more, mainly be­cause most item­ized de­duc­tions would be re­pealed,” the re­port says.

The av­er­age tax cut as a share of af­ter-tax in­come would fall for all in­come groups be­tween 2018 and 2027.

In 2027, those mak­ing be­tween $150,000 and $300,000 would see on av­er­age a slight tax in­crease, the Tax Pol­icy Cen­ter found.

By 2027, the lower fifth of the in­come bracket would save about $50 a year on taxes – while the top .1% would be sav­ing over $1 mil­lion a year.

In an op-ed in Fri­day’s Daily News, Pulitzer Prize-win­ning in­ves­tiga­tive re­porter David Cay John­ston noted the tax plan could be even more prof­itable for the Pres­i­dent’s fam­ily. They’d save an es­ti­mated $4 bil­lion in es­tate taxes when their dad passes away.

And de­spite his say­ing he wouldn’t per­son­ally ben­e­fit from the tax cut, a 2005 copy of Trump’s tax re­turn John­ston ob­tained shows he would have saved $31 mil­lion that year un­der his plan.

House Ways and Means Chair­man Kevin Brady (R-Tex.) dis­missed the Tax Pol­icy re­port Fri­day as “mis­lead­ing, un­founded and bi­ased.”

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