Trump’s tax plan tilts toward the top 1%
LETTERS LETTERS@USATODAY.COM
President Trump claims in his
USA TODAY column that his new tax plan will usher in “Morning in America.” But unless you’re a billionaire, Trump’s plan could cause you to wake up to big tax increases.
The non-partisan Tax Policy Center found that 80% of Trump’s proposed tax cuts would go the top 1%. His elimination of the estate tax, new “pass through” loophole for the rich and slashing the corporate tax rate would provide huge windfalls to the wealthy and corporate insiders.
These changes would provide little benefit to middle-class Americans, one-third of whom would end up paying more in taxes under Trump’s plan.
To add insult to injury, Republicans in Congress have floated a proposal to pay for these tax cuts by hamstringing working Americans’ ability to save for retirement. The GOP consideration to cap 401(k) contributions would do little to harm the 344 richest families in America, a group that would get an average $20 million break from Trump’s estate tax cut. But it would hurt thousands of middle-class families who’ve worked hard to count their pennies and save for retirement.
Trump’s tax cuts further stack the deck in favor of the wealthy and well-connected, and if passed will lead to some long nights for working families across America. Nicole Gill, executive director Tax March Washington, D.C.
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This could be the best tax reform in the history of tax reforms, but the Democratic Party will reject it because it was proposed by President Trump.
Earl Tucker
Trump is smart in this one thing: People vote with their pockets. America will vote him back in if inflation is down, gas prices are good, job growth is solid and taxes are low for the middle class.
Scott Hudson