Trump advisers say tax cut proposal won’t favour rich
BEDMINSTER, N.J. — President Donald Trump’s top advisers say his proposed tax plan would not cut taxes disproportionately for the rich — despite an early non-partisan analysis that says it will.
The White House and congressional Republicans released the broad strokes of a plan last week that would dramatically cut corporate tax rates from 35 per cent to 20 per cent, reduce the number of personal income tax brackets and boost the standard deduction.
The Tax Policy Center of the Urban Institute and Brookings Institution released an analysis Friday that found the plan would deliver 50 per cent of its total tax benefit to taxpayers in the top 1 per cent, those with incomes above $730,000 a year.
But White House budget director Mick Mulvaney told CNN’s “State of the Union” Sunday that it was too early for analysts to gauge that figure because the plan leaves out for now many crucial details, such as which income levels the new tax brackets would apply to.