Paul Ryan is finding a lot to like in Donald Trump’s plan to give millionaires and billionaires massive tax breaks, but the rest of us should be nervous. Trump’s tax plan “would make the national debt skyrocket by $10 trillion or more,” because it would slash income taxes on the wealthy and eliminate inheritance taxes entirely — all to ensure that Trump and his billionaire friends and donors get massive, disproportionate tax breaks. According to the Tax Policy Center, Trump’s plan would:
Top income-earning households “would receive the largest cuts.” The top 0.1 percent would receive “an average tax cut worth over $1.3 million, nearly 19 percent of after-tax income.”
But “lowest-income households” would only get an “average tax cut of $128,” amounting to 1% of after-tax income.
In sum: Trump’s plan “would produce extremely large and unprecedented tax-cut windfalls for people with incomes exceeding $1 million a year, almost certainly at the expense […]Read more after the jump.