death and taxes and more taxes
Approximately 30 percent of taxpayers earning between $50,000 and $150,000 a year will see their taxes increase under the Republican tax proposal, the nonpartisan Urban-Brookings Tax Policy Center reported Friday. And while most Americans making between $150,000 and $300,000 will also see tax increases, the top one percent — earning more than $900,000 a year — will see taxes drop by an average of $200,000, The Washington Post reports.
President Trump has championed the Republican plan as being a major relief for the middle class, although 1 in 4 households would see their taxes go up. Additionally, The New York Times reports that Trump (or his heirs) would personally gain $1.1 billion if the proposal was implemented due in large part to the repeal of the estate tax.
The Tax Policy Center also concluded that the Republican plan would increase the deficit by $2.4 trillion over the next 10 years. "Republicans believe they will offset that lost revenue with increased economic growth prompted by the tax plan," The Washington Post writes. But analysts fret that if "economic growth projected by Republicans fails to materialize," then the massive cuts could "balloon the federal deficit and debt," Reuters reports. A handful of Republicans have already spoken out against the proposal: "The way we handle our finances, we as a nation are the greatest threat to our nation," Sen. Bob Corker (R-Tenn.) said.