Is Trump’s Tax Plan Actually a Windfall for the Richest Americans?

 

by Martha C. White

Donald Trump promised on the campaign trail to bring tax relief to middle-class families, but economists worry this will come in the form of a huge windfall for big businesses and the richest Americans. 

"We don't really know what the Trump team will propose," said Gary Hufbauer, senior fellow at the Peterson Institute for International Economics. "It'll be someplace between Trump's campaign statements and the Ryan-Brady plan."

Treasury Secretary and former Goldman Sachs executive Steven Mnuchin said on CNBC Thursday the administration was working on "very significant" tax plans it hoped to have ready by Congress's August recess.

He said middle-income tax cuts would be a focus, along with lower taxes and fewer regulations on businesses, but provided little in the way of new details or more clarification about what that would look like for the average American taxpayer. 

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Source: NBC News