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28 April, 2017

Trump's tax plan is a sweet deal for the 1%

U.S. President Donald Trump unveiled his tax platform on Wednesday, and one thing is clear: the rich will get richer.

In a White House briefing, National Economic Director Gary Cohn and Treasury Secretary Steven Mnuchin announced Trump's plan, which will drastically cut the U.S. corporate tax rate to one of the lowest among the world's developed economies from 35 percent to 15 percent.

"Welcome to Goldman Sachs populism!" said Public Citizen president Robert Weissman. "The Goldman Sachs tax plan will slash taxes on giant corporations and the corporate elite. With the elimination of the alternative minimum and estate taxes, it not so incidentally appears to confer huge benefits on President Trump himself — though of course, we can’t know for sure so as long as Trump’s tax returns remain secret."

The proposal aims to reduce the individual income rates and reduce brackets from seven to three, pegged at 10, 25 and 35 percent. The so-called “death tax” for inheritance will also be scrapped under the proposal.


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