Trump’s tax plan is very different from the one he campaigned on. Ana Kasparian and John Iadarola, hosts of The Young Turks, break it down…
On CNBC this morning, President-elect Donald Trump’s pick to head the Treasury Department, Steven Mnuchin, described a very interesting tax plan. However, it bears little resemblance to any of the multiple plans that Trump proposed during the campaign.
For instance, Mnuchin said, “Any reductions we have in upper-income taxes will be offset by less deductions, so there will be no absolute tax cut for the upper class.” I don’t know what Mnuchin means by the upper class. However, the Tax Policy Center estimates that under Trump’s most recent plan, the average net tax cut for the highest income 1 percent of households (those making $700,000 or more) would be $215,000 in 2017. The top 0.1 percent, who make north of $3.7 million, would enjoy an average tax cut of more than $1 million, boosting their after-tax income by 14.2 percent.
At the same time, Mnuchin implied that the bulk of Trump’s tax cuts would go to middle-income households. Asked if “the lion’s share of the tax cuts go to the wealthy,” Mnuchin replied, “Well, that’s not the case at all. There will be big tax cuts for the middle-class.”
Read more here: http://www.forbes.com/sites/beltway/2...
