The Tax Policy Center has published a new estimate of Donald Trump’s tax plan. But wait! Don’t go away yet! You’re right that the results are pretty much the same thing we’ve seen from every Trump tax plan—and, for that matter, from every Republican tax plan over the past few decades:
The poor and the middle class get a teensy little benefit while the rich get a huge benefit. But then TPC asked another question: eventually this tax cut will be paid for, either in spending cuts or future tax increases. Spending cuts seem most likely as long as Republicans are in charge. If we generously assume that everyone shoulders an equal share of the spending cuts—as opposed to the more likely scenario of the poor shouldering most of the cuts—what does the Trump tax plan look like then?
Over the long term, this is most likely what Trump’s tax plan will look like. The poor, the middle class, and even the upper middle class see their incomes go down, while the top 10 percent see an increase and the top 1 percent see a huge increase. Welcome to Trumpland.