FACT!
The Institute on Taxation and Economic Policy, a non-partisan tax policy organization that does extensive analyses of tax and economic proposals, released a report last week showing the implications of Trump’s proposed tax policies. According to the report, his proposals would lead to a tax cut for the richest 5% of Americans and a tax increase for all other income groups.
- Richest 1% would receive an average tax cut of about $36,300
- Next richest 4% would receive an average tax cut of about $7,200
- Middle 20% income earners would endure a tax increase of about $1,500
- Lowest-income 20% would endure a tax increase of about $800
Trump also proposes to:
- Lower corporate tax rate from 21% to 20%, and to 15% for goods made in America
- Repeal green energy tax credits from the Inflation Reduction Act
- Impose a new 60% tariff on goods imported from China and 20% from other countries
