Populist Inequality

The Tax Policy Center estimates that 50% of the benefits from the Trump tax plan will go to the top 1% of households – those earning more than about $700,000.  Consequently the plan will reduce federal revenue by an estimated $3.5 trillion over 10 years (WSJ).  The plan has only 3 tax brackets, aligned as the red lines over current tax policy.  The lowest bracket would move up to 12% from 10%, while the top three brackets top out at 33%.

taxes