Trump’s Tax Plan: Tax Cuts for All But Especially the Richest

Diane Ravitch's blog

The Wall Street Journal reports today that Trump plans tax cuts for everyone but the biggest cuts go to those in the 1%. To see the graphs, buy today’s WSJ.


“Nearly half the benefits of the plan, and a higher proportion of savings, would go to the top 1%
Steven Mnuchin, the likely next Treasury secretary, this week said rich U.S. taxpayers won’t get “an absolute tax cut” under President-elect Donald Trump. But that is not what Mr. Trump says in his taxation plan. In fact, under his approach the wealthy would receive an average tax cut of about $215,000 per household, experts say.
“In Mr. Trump’s plan, Americans in different income ranges would divide up several hundred billion dollars of revenue cuts for 2017. As a result, Americans would, on average, receive a lower tax bill for 2017 compared with current law.
“The way to think of the plan…

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