Trump Tax Plan Gives 47% Of Cuts To Richest 1%, New Analysis Finds

[TomCADem]

The one thing that the media continues to push is the idea that Trump is some sort of populist. Just because Trump appeals to the white working class by making appeals to racism does not make him a populist.

http://www.forbes.com/sites/janetnovack/2016/10/11/trump-tax-plan-gives-47-of-cuts-to-richest-1-new-analysis-finds/#5ec0819959fc

A new analysis of tax proposals from the major Presidential candidates shows Democrat Hillary Clinton and Republican Donald Trump have moved even farther apart in their approach to taxing the rich.

According to the nonpartisan Urban-Brookings Tax Policy Center, Trump’s latest proposals would cut taxes by $6.2 trillion over the next decade, with 47% of all cuts in 2017 going to the top 1%. Clinton’s plans, by contrast, would raise taxes by a net $1.4 trillion over a decade, with 92% of the increase in 2017 extracted from the 1%. (By TPC’s definition, it takes expanded cash income in excess of $699,000 to be part of the 1%.)

TPC director Leonard Burman described the Trump and Clinton tax plans as “mirror images.”

The tax cuts that Trump is now proposing are smaller than the $9.5 trillion in cuts he floated last year, but are also more tilted in favor of the wealthy. In his initial plan, by TPC’s figuring, the 1% got 35% of the tax cut. When Trump revamped his tax plan in August, he made cuts for most types of individual income less generous and those for corporate income (as well as business income reported directly on individual returns) more generous. In calculating the distribution of tax burden and tax cuts, TPC includes individual, payroll, estate and corporate taxes, and assumes that 80% of the corporate tax burden is borne by the generally wealthier owners of capital and 20% by workers. In addition, the think tank assumes that Trump’s lower rate for business income–a top 15% rate, versus 33% for salary —will lead half of high wage workers to take steps to convert salary into business income.

[Thinkingabout]

1. Image that, Trump is going to do something but it is not to make America great.

[Foggyhill]

2. So, again more borrowing on the middle class' credit card to give money to the richest.

Most of the top 1% that support this, the GOP, are a kleptocracy.

Its not just they're keeping their money, they're actually stealing from everyone's future.

They know when those below them economically have had enough and start rampaging, they'll have the means to jet out.

They used racist dog whistles and abortion as a diversion so their base didn't know the GOP was robbing them blind.

And ironically, it is still continuing; those same people want to elect someone who will fuck them up for the prize of getting minorities' head on a platter.

Quite ironic how they're lashing out at the only ones that could save them from their tormentor: minorities.

[TomCADem]

3. Yet, for all of his allegations of bias, the MSM describes him as a populist...

...I actually think it is unfortunate that no one is discussing his failure to disclose his tax returns. Trump is proposing tax breaks that he will benefit from to the tune of millions of dollars. (Not billions. I doubt that he is that rich).

[smirkymonkey]

4. K&R