Forbes - Trump's tax cuts are a kick to the middle class & a gift to thewealthy

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Trump Plan Delivers Massive Tax Cuts To The 1% And Sharp Kick To The Upper Middle Class

Corporations, business owners and the 1% are the big winners. Highly paid employees and the nation’s fiscal health are the big losers. The analysis, issued today by the Tax Policy Center projects that over the next decade the Trump/GOP plan would actually increase taxes on non-business individual income by $470 billion, while reducing taxes on business income by $2.6 trillion, and federal receipts from estate and gift taxes by $200 billion. In 2018, all income groups would get at least a small tax cut, with the bottom 95% seeing an average 1.2% increase in their after tax income, compared to a hefty 8.5% increase for the top 1%. In dollar terms, 53% of the cut would go to the top 1% and 30% to the top 0.1%.

Meanwhile, 12% of taxpayers—and more than a third of those making between $150,000 and $300,000 ---would pay more in 2018, in large part because certain itemized deductions, including for state and local taxes, would be eliminated. (That deduction is a big deal for residents of highly taxed Democratic leaning states like California, New York and New Jersey. But eliminating it could face resistance from some GOP House members too; according to TPC co-founder Len Burman, nearly half of the 20 House districts where the highest percentage of residents claim this deduction have Republican representatives in Congress.)

The Trump plan’s tilt to the rich and its penalty on some members of the upper middle class become  more pronounced over time. In 2027, TPC projects, 80% of the dollar value of the tax cut would go to the 1% and 40% of the benefit to the 0.1%.  Meanwhile, 60% of families earning $150,000 to $300,000 and nearly 30% of those earning $50,000 to $150,000 would pay more under the Trump plan than under current law.

https://www.forbes.com/sites/janetnovack/2017/09/29/trump-plan-delivers-massive-tax-cuts-to-the-1-and-sharp-kick-to-upper-middle-class/#581cddb31099

Forbes of all, is criticizing Trump for a specially targeted tax cut for the uber wealthy while giving nothing for the middle class !

[#gravelgang #lessiglad]

Trump Plan Delivers Massive Tax Cuts To The 1% And Sharp Kick To The Upper Middle Class

Corporations, business owners and the 1% are the big winners. Highly paid employees and the nation’s fiscal health are the big losers. The analysis, issued today by the Tax Policy Center projects that over the next decade the Trump/GOP plan would actually increase taxes on non-business individual income by $470 billion, while reducing taxes on business income by $2.6 trillion, and federal receipts from estate and gift taxes by $200 billion. In 2018, all income groups would get at least a small tax cut, with the bottom 95% seeing an average 1.2% increase in their after tax income, compared to a hefty 8.5% increase for the top 1%. In dollar terms, 53% of the cut would go to the top 1% and 30% to the top 0.1%.

Meanwhile, 12% of taxpayers—and more than a third of those making between $150,000 and $300,000 ---would pay more in 2018, in large part because certain itemized deductions, including for state and local taxes, would be eliminated. (That deduction is a big deal for residents of highly taxed Democratic leaning states like California, New York and New Jersey. But eliminating it could face resistance from some GOP House members too; according to TPC co-founder Len Burman, nearly half of the 20 House districts where the highest percentage of residents claim this deduction have Republican representatives in Congress.)

The Trump plan’s tilt to the rich and its penalty on some members of the upper middle class become  more pronounced over time. In 2027, TPC projects, 80% of the dollar value of the tax cut would go to the 1% and 40% of the benefit to the 0.1%.  Meanwhile, 60% of families earning $150,000 to $300,000 and nearly 30% of those earning $50,000 to $150,000 would pay more under the Trump plan than under current law.

https://www.forbes.com/sites/janetnovack/2017/09/29/trump-plan-delivers-massive-tax-cuts-to-the-1-and-sharp-kick-to-upper-middle-class/#581cddb31099

Forbes of all, is criticizing Trump for a specially targeted tax cut for the uber wealthy while giving nothing for the middle class !

I would be shocked if the SALT deduction goes away. 1) Cohn already signaled that it's negotiable and if you're offering to keep something off the bat, it was never really gone to begin with. 2) Peter Roskam is on the tax writing committee and his district is one of the most reliant on the SALT deduction, among Republican reps.