Masses got ‘forgotten’

WASHINGTON — President Trump’s “new” tax plan closely tracks with the substance of what he promised as a candidate, but falls far short of his campaign rhetoric to help the “forgotten man.”

His proposals largely recycle his campaign plan, which despite Trump’s claims to the contrary, would give huge benefits to the wealthy, especially business owners, and blow a massive hole in the federal budget while doing little to boost the average Joe, tax analysts say.

The plan does call for lower taxes for lower-income people, but does away with many deductions designed to help lower and middle-class Americans.

Trump officials refused to get into details of the plan, but the proposed changes don’t jibe with his and his presidential transition team’s guarantee that there wouldn’t be a big tax cut for wealthy people. It also clashes with his pledge on the campaign trail to eliminate the national debt.

The Committee for a Responsible Federal Budget estimated the total lost revenue at between $3 and $7 trillion.

“Unfortunately, it seems the administration is using economic growth like magic beans — the cheap solution to all our problems. But there is no golden goose at the top of the tax cut beanstalk, just mountains of debt,” warned committee President Maya MacGuineas.

The most concrete portion of the plan would be slashing the corporate tax rate to 15% from its current top rate of 35%, and let “pass-through” companies like Trump’s be taxed at the same rate (the current top rate is 39.6%). That’d deliver huge savings to corporations.

The plan also promises to let companies bring back money that’s been stuck overseas at a “one-time tax” rate.