By Bryce Covert:
But either way, one thing is clear: the middle class will get less than Trump had originally planned, while the rich will get more. Those in the middle three-fifths of the income scale would have seen their incomes boosted by 2.2 percent, 6 percent, and 7.3 percent under his original proposal; those increases have been sharply reduced to 0.8, 1.3, and 1.9 percent.
Meanwhile, depending on how passthrough income is handled, the richest Americans also see their tax cut pared back, but not by nearly as much. Originally, the top 10 percent would have seen a 13.6 percent increase in its come and the top 1 percent would have gotten a whopping 20.7 percent. Those have been cut back to either 5.4 or 8.3 percent and 10.2 or 16 percent, respectively, depending on the details.
The rich, therefore, still get the majority of the benefit from Trump’s tax plan.
The Tax Foundation has more bad news for Trump. Last week as he unveiled his plans, he claimed they would create as many as 25 million jobs within ten years. But the analysis found that his tax plan would only create somewhere between 1.8 million and 2.2 million jobs over a decade, which would mean the rest of the more than 20 million jobs would have to somehow be a result of his trade, immigration, and energy plans.
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