“The wealthy are not getting a tax cut under our plan.” That was the assertion Gary Cohn, Donald Trump’s director of the White House Economic Council, told a national television audience yesterday.
Trump World has already repeated quite a few brazen falsehoods about tax policy over the last few days, but Cohn’s 11-word declaration is probably the most offensive, and as Vox noted this afternoon, there’s fresh evidence that helps proves it.
The tax reform “framework” proposed by the Trump administration and Republican leaders in Congress would give the largest benefits to the top 1 and top 0.1 percent of households, according to a new analysis by the nonpartisan Tax Policy Center. The poor and middle class would get comparatively little. And the whole thing would leave a $2.4 trillion hole in federal revenue in the first decade.
The full analysis is available here and. It’s a safe bet GOP leaders aren’t going to like it.
But that doesn’t make it wrong. On the contrary, the independent analysis of the data speaks for itself. The Tax Policy Center found that the wealthiest 1% of Americans would get a tax break of $129,030 under the Republican “framework,” while the wealthiest 0.1% of the country would get, on average, $722,510.
The typical middle-class American would get about $660, while those earning $25,000 or less would get, on average, about $60.
This is ordinarily the point at which conservative readers start shouting at their screens, insisting that those who make more are necessarily going to receive more, since that’s how percentages work. That’s generally true, but it doesn’t work in this case: Vox’s report specifically highlighted the projected percentage gains, and found, based on the TPC data, that those at the bottom would get a 0.5% boost; those in the middle would see an increase of 1.2%; one-percenters would receive 8.5% more; and the wealthiest of the wealthy – those taking home $3.4 million a year or more…