A ripoff, not a tax plan

New York Daily News - - EDITORIAL -

Tout­ing his brand new tax plan just be­fore its re­lease, Pres­i­dent Trump said “the big­gest win­ners will be mid­dle-class work­ers.” This is ex­actly as cred­i­ble as the Trump Univer­sity prom­ise that you can “make some real money and live the kind of life that you thought was only for ‘rich’ peo­ple.”

A new anal­y­sis by the non­par­ti­san Tax Pol­icy Cen­ter, a project of the Ur­ban In­sti­tute and Brook­ings In­sti­tu­tion, re­veals just how dis­gust­ingly skewed the plan’s ben­e­fits are.

In a na­tion where those in the top 1% have, for a gen­er­a­tion, been pock­et­ing the lion’s share of gains, Trump would de­liver the most cash, even on a per­cent­age ba­sis, to the rich­est among us.

Those on the top fifth of the in­come lad­der would get a 3% boost in in­come as a re­sult of all the plan’s com­po­nents — worth an av­er­age $10,600.

The even more elite, in the top 1%, would win an es­ti­mated 8.7% in­come boost — an av­er­age sav­ings of $207,000 per year, a wind­fall which is two-and-a-half times Amer­ica’s to­tal me­dian house­hold in­come.

Among the wealth­i­est of the wealthy, the top 0.1%, the fig­ure is even higher: a 9.7% boost, worth more than $1 mil­lion a year.

Mean­time, each of the bot­tom four-fifths on the in­come lad­der get less than one per­cent­age­point boost in their in­comes, amount­ing to av­er­age gains be­tween $50 and $450 a year.

And, oh, nearly a third of those with in­comes be­tween $50,000 and $150,000 would see their taxes in­crease.

The man who as a can­di­date promised to un­rig the econ­omy would ram nails even deeper in the cof­fin of what is, for too many Amer­i­cans, a dy­ing Amer­i­can Dream.

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