Trump’s plan to cut taxes for the wealthy and corporations is going to add to a growing crisis of economic anxiety among Americans.
The White House has been struggling to explain how the tax cuts would work, but the new tax proposal will leave many millions of people worse off.
The new tax plan would raise taxes on companies that earn $1 billion or more a year, a group that includes some of the wealthiest individuals in the world, and will eliminate many deductions and credits that benefit small businesses and households.
But those who are hurt most by the plan will also likely be the people who have been hit hardest by the recession.
The Tax Policy Center, a nonpartisan Washington think tank, estimated that between $1 trillion and $2 trillion would be lost in economic growth over the next decade as a result of the tax cut plan.
“The economy is still recovering from the Great Recession,” said Laura S. Smith, a senior fellow at the Center, in a statement.
“But many Americans will be left worse off.”
Here are some of some of Trump’s most controversial economic policies, according to the Tax Policy Institute.
Source The Hill article Trump: Tax cuts will create “jobs, growth and prosperity” article Trump has promised to boost the U.S. economy by creating “jobs and growth and Prosperity.”
But the new president is also proposing major cuts to the federal government, which will be the largest single source of federal revenue in the next few decades.
Trump is also threatening to eliminate federal funding for the Affordable Care Act, the health care law that has helped millions of Americans get affordable coverage.
According to the nonpartisan Tax Policy Project, the Republican tax plan will increase taxes on the wealthy by $5.9 trillion over the decade.
The GOP plan would eliminate tax breaks for low- and middle-income households by $2.3 trillion over that same time period.
The tax cuts also would eliminate the estate tax, a tax that primarily affects the wealthiest Americans.
Trump’s economic plan would add to the economic woes of millions of middle-class Americans.
But Trump also has proposed eliminating the estate taxes, which are set to hit the wealthiest estates at least $5 million a year.
In a recent speech, Trump said the estate deduction would be eliminated.
“It will be eliminated, and the estate will be taxed at a lower rate than it is now,” he said.
“And it will be a very important tool to encourage the wealthiest people to give their estate to the government.”
Trump also proposed slashing the number of tax brackets and the rates that people can itemize on their taxes.
He also proposed lowering the rate for those who itemize their deductions.
In the tax plan, Trump says he is proposing “tough and fair” tax reform.
But the tax reform would also raise taxes for people making more than $1 million a decade, a measure that would likely hit the poorest and most vulnerable Americans hardest.
“When you take the richest families out of the equation, and you leave middle- and working-class families out, you have a real problem,” said Daniel Gross, a professor at Georgetown University’s Center on Budget and Policy Priorities, who previously served as White House economic adviser.
“We need to keep the tax code simpler, and we need to raise revenue.”
Trump has also proposed cutting federal spending and lowering taxes on business.
But as Trump’s proposals become more clear, the GOP has struggled to explain what they will actually do.
“This is going back to the Bush years.
This is a big difference,” said Steve Moore, a former chief economist at the White House Office of Management and Budget and now a senior policy
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