Report: Dems Plot United Front Against Trump Tax Plan
According to reports, the Democrats are plotting to undermine President-elect Donald Trump’s proposed tax plan.
“His populist image and the reality of his policies are on a collision course,” Rep. Keith Ellison (Minn.), who is running for chairman of the Democratic National Committee, told Bloomberg. “And they’re going to crash.”
The Hill reports:
The tax plans from Trump and House Speaker Paul Ryan (R-Wisc.) include reducing the number of tax brackets from seven to three. For a middle-class taxpayer, that would mean, at most, a rate drop from 28 percent to 25 percent. For the wealthiest Americans, it would mean a drop from 39.6 percent to 33 percent — more than twice the tax cut in terms of total salary.
Both plans also advocate removing the estate tax, which only ever applies to properties worth more than $5.5 million.
Independent analysis by two non-partisan tax think tanks — the liberal Tax Policy Center and more conservative Tax Foundation — both found that the wealthiest taxpayers would see after-tax income swell by around 15 percent. By the conservative estimates, that would be nearly twice the national average.
Trump made a campaign pledge that “the largest tax reductions are for the middle class.”
“There’s going to be opposition if these tax cuts are directed to the people at the top again,” said Rep. Richard Neal (D-Mass.).
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