© Shannon Stapleton / Reuters
Republicans in Congress will likely enact President-elect Donald Trump's tax plan within the first 100 days after his inauguration. Trump's proposal will cut taxes primarily for businesses and the wealthy, but would include across-the-board cuts as well.
Trump's proposal, which was ever-changing over the course of his presidential campaign, would cut taxes by $6.2 trillion over the next decade, according to a Tax Policy Center (TPC)
analysis of the most recent version of his plan. If interest costs are included, then the federal debt would rise by $7.2 trillion over the first ten years and by $20.9 trillion by 2036.
"His tax plan is very traditional Republican fare in that it is geared toward business tax reduction under the premise that higher business taxes are a burden that holds back capital formation and job creation," said Edward Harrison, producer of RT America's award-winning financial show, 'Boom Bust'. "Liberals would dispute this claim and see his plan as favoring business owners at the expense of wage earners, thus increasing income inequality."Taxes would be cut for all income levels, but would mostly benefit the highest-income households, despite Trump saying during an NBC
town hall meeting that he believes in raising taxes on the wealthy. The plan would also reduce tax rates, simplify many provisions and reform taxes on business.
"If you look at the most wealthy, the top 1 percent would get about half of the benefits of his tax cuts, and a millionaire, for example, would get an average tax cut of $317,000," Lily Batchelder, a law professor at New York University and visiting fellow at the TPC, told NPR.
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