From the Institute on Taxation and Economic Policy (http://www.itep.org/):
President Trump and GOP leaders have been traversing the country attempting to convince the public that corporate and individual tax cuts are in the country’s best interest. So far, the only semblance of a tax plan is the sketch the White House released in April. ITEP’s latest analysis of the plan reveals it would be an upward redistribution of wealth on an unprecedented scale. The analysis examined the nation’s federal, state and local tax systems and found that under the Trump plan, every income group except the top 1 percent would pay a bigger share of the nation’s tax bill. Further, Trump’s proposals would lower effective tax rates so substantially for the top 1 percent that they would pay an average tax rate on par with what middle-income families pay, and their rate would be lower than upper-middle class taxpayers. Read a summary or the full analysis
GOP tax proposals could reverse modest economic gains for working people. This piece discusses trends in poverty and income as revealed Tuesday by U.S. Census Bureau data and argues that if policymakers are truly concerned about the economic lot of working people, trends in poverty and income must be part of any tax overhaul policy debates. Read more
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