Trump’s trickle-down tax plan: What it does to the rich, the poor, and Canada
WASHINGTON — Donald Trump promised to govern for America’s forgotten men and women; yet he promoted a tax reform plan on Wednesday that independent analysts say does the exact opposite, transferring tens of billions of dollars in wealth up the income ladder.
The president claimed at a rally in Missouri that the tax plan would be great for the little guy, while clobbering rich guys like him: “It’s gonna cost me a fortune, this thing. Believe me, believe me, this is not good for me.”
Analysts are piling on to pummel that analysis.
The plan would immediately hike taxes on nine per cent of lower-income Americans, and within a decade hurt the lower 50 per cent of income earners, according to new analysis by the non-partisan Tax Policy Center.