When President Trump isn’t tormenting the families of fallen soldiers, he’s hard at work trying to give rich people a fat tax cut. In fairness, he isn’t the only one trying to give a big handout to wealthy people. The top priority of Republicans in Congress is cutting taxes. The more you look at the tax “reform” plan, the more ridiculous it appears.
Though the tax cut plan is sketchy on details, it appears to be heavily (and I mean heavily) weighted towards the top 1% and the tippy-top 0.1%. Well, that’s because they make more, right? Um, no. The percent of their income that they would receive as a tax cut is much greater the higher you go up the ladder.
For 2018, households with moderate incomes would get a tax cut of about $660, or 1.2% of their after-tax income. But if you’re in the top 0.1% you’d get $720,000, or 10.2% of your income! The disparity gets worse as time goes on. (These guys do a good job of explaining it in much more depth.) Trump, of course, would save over $1 billion if his tax plan is implemented.