Last updated on July 17th, 2023 at 06:56 pm
Donald Trump plans to make America great by cutting taxes for millionaires by $3.2 trillion while cutting programs and services for ordinary Americans.
The Center for Budget and Policy Priorities analyzed both Donald Trump and Ted Cruz’s tax plans.
What they found was not surprising:
At a time of exceptionally wide levels of income inequality, the tax-cut proposals from Republican presidential candidates Donald Trump and Ted Cruz would produce extremely large and unprecedented tax-cut windfalls for people with incomes exceeding $1 million a year, almost certainly at the expense of low- and middle-income households once budget cuts to pay for the tax cuts are taken into account. Both tax plans would ultimately increase the already substantial incomes of people who make over $1 million a year by about 20 percent, with the revenues lost due to the tax cuts for millionaires exceeding $3 trillion over the coming decade.
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Although millionaires represent less than 1 percent of the population, in 2025 they would receive 38 percent of the Trump tax cuts and nearly half — 47 percent — of the Cruz tax cuts. In contrast, the bottom 80 percent of the population would receive just 32 percent of the Trump cuts and 19 percent of Cruz’s. Thus, in aggregate, millionaires would gain more than the bottom 80 percent of households combined under Trump’s plan and more than twice as much as the bottom 80 percent of households combined under Senator Cruz’s plan.
Multi-millionaires would fare best of all. The TPC data indicate that in 2025, the richest 0.1 percent of the population — those with incomes of more than $5.2 million — would receive a larger share of the tax cuts than more than 60 percent of the U.S. population under Trump and more than 80 percent of the population under Cruz.
In other words, the Trump tax plan is a scam to redistribute $3.2 trillion upwards to millionaires and billionaires. Anybody who thought that Trump would be looking out for the best interests of the non-millionaire class has not been listening. Donald Trump devoted a great deal of campaign time to telling his supporters about how rich he is. Trump is not about to get elected to the White House and do anything that he could make him less wealthy.
Trump and Cruz’s tax plans are Mitt Romney and Paul Ryan on steroids. Mitt Romney’s tax plan was estimated to cost the country $480 billion, but Trump’s tax plan is more than six times more expensive. The Trump tax plan will cost the country $3 tillion with millionaires gaining more than 80% of the population.
Donald Trump will never talk about the fact that almost all of his tax cuts will be going to the wealthy. Trump is running a con. The only thing that Trump will make great is the size of the bank accounts of the wealthiest Americans if he is elected president.
A tax plan that only helps the wealthy is another reason why America must dump Trump.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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