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

One thought on “Populist Inequality

  1. The government will need every dollar it can get, as the costs of existing programs like Medicare and Medicaid will increase the national debt to $45 trillion in 20 years (Congressional Budget Office).

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