Subject: Makeover Attempts Won’t Work: Experts Say Trump's Tax Plan Would Overwhelmingtly Benefit the Wealthiest Americans
From: Hillary for America Press <[email-masked]>
To: Hillary for America Press <[email-masked]>
Date: Sun, 8 May 2016 14:27:52 -0400
List-Id: <nationalpress2016.hillaryclinton.com>

*​Makeover Attempts Won’t Work: Experts Say Trump's Tax Plan Would
Overwhelmingtly Benefit the Wealthiest Americans*

Donald Trump has proposed a tax plan that would overwhelmingly benefit the
wealthiest Americans - Citizens For Tax Justice
<https://www.washingtonpost.com/news/wonk/wp/2015/10/02/donald-trump-revealed-he-wants-to-give-hedge-fund-guys-a-huge-tax-cut/>
estimates that the top 1% wealthiest Americans would get 34% of Trump's tax
cuts, while the Tax Policy Center
<http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full>
found that his plan would give an average tax cut of over $1.3 million to
the top 0.1%. The Center On Budget And Policy Priorities
<http://www.cbpp.org/research/federal-tax/millionaires-would-gain-trillions-under-trump-and-cruz-tax-plans>
has stated that Trump's plan would produce "extremely large and
unprecedented tax-cut windfalls" for millionaires, which would come "almost
certainly at the expense of low- and middle-income households." For working
and middle class Americans, it's clear that a Trump presidency would be too
great a risk.

"Don't believe Donald Trump's weak attempts at a general election
'makeover' for even a second. Trump's economic plans take direct aim at
working Americans - his proposal to cut trillions in taxes for the top one
percent would almost certainly come at the expense of working and middle
class families. Americans just can’t afford Trump’s economic plans,"
*said Hillary for America Deputy Communications Director Christina
Reynolds.*

*What experts are saying:*

*Tax Policy Center Estimated The Top 1% Would Get An Average Tax Cut Of
Over $275,000 And The Top 0.1% Would Get An Average Tax Cut Of Over $1.3
Million.* “The proposal would reduce taxes throughout the income
distribution. It would cut taxes by an average of about $5,100, or about
7percent of after-tax income (table 5). On average, households at all
income levels would receive tax cuts, but the highest-income households
would receive the largest cuts, both in dollars and as a percentage of
income. The highest-income 1.0 percent would get an average tax cut of over
$275,000 (17.5percent of after-tax income), and the top 0.1 percent would
get an average tax cut worth over $1.3 million, nearly 19 percent of
after-tax income.” [Tax Policy Center, 12/22/15
<http://www.taxpolicycenter.org/publications/analysis-donald-trumps-tax-plan/full>
]

*Citizens For Tax Justice: The Top 1% Wealthiest Americans Would Get 34
Percent Of Trump’s Tax Cuts.*  “Now, there are three things to know about
Trump's tax plan…. The second is, well, did I mention it would help the
rich the most? The liberal Citizens for Tax Justice calculates that the top
1 percent would get 34 percent of Trump's total tax cut. That is actually
what passes for egalitarian among Republicans—Jeb would give 53 percent of
his tax cuts to our country's most exclusive centile—but it's still a
bigger giveaway than anybody else's because Trump's tax cuts are bigger
too.” [Wonkblog, Washington Post, *10/2/15*
<https://www.washingtonpost.com/news/wonk/wp/2015/10/02/donald-trump-revealed-he-wants-to-give-hedge-fund-guys-a-huge-tax-cut/>
]

*New York Times, 2015: “Donald J. Trump’s Tax Plan Would Benefit The
Wealthiest Americans The Most While Saddling The Economy With Trillions Of
Dollars In New Debt.” *According to the New York Times, “Donald J. Trump’s
tax plan would benefit the wealthiest Americans the most while saddling the
economy with trillions of dollars in new debt, according to an analysis
released on Tuesday by the Tax Policy Center. Mr. Trump, the Republican
presidential candidate who is leading most polls, released his plan in
September after vowing to crack down on loopholes that benefit rich hedge
fund and private equity managers, while eliminating provisions that
encourage companies to park their cash in overseas tax havens.” [New York
Times, 12/22/15
<http://www.nytimes.com/politics/first-draft/2015/12/22/analysis-of-donald-trump-tax-plan-sees-a-boon-for-wealthy-and-trillions-in-debt/>
]

*Vox: Donald Trump’s Tax Plan “Substantially” Helps Households Making Six
Figures Per Year, But Forty Percent Of Households That Currently Pay No
Income Taxes “Won’t Get Anything Out Of His Proposal.”* “While everyone who
pays income tax would benefit from the bigger initial exemption in Trump's
plan, the elimination of the 28, 33, 35, and 39.6 percent tax brackets only
helps households making six figures a year, and it helps them
substantially. Those households also benefit from the higher kick-in of the
10 percent, 15 percent, and 25 percent brackets. Given that Trump doesn't
call for expansions of the Earned Income Tax Credit or the Child Tax
Credit, the 40.4 percent of households already not paying any income tax
won't get anything out of his proposal.” [Vox, 9/28/15
<http://www.vox.com/2015/9/28/9408923/donald-trump-tax-plan>]

*The Center On Budget And Policy Priorities Wrote Trump’s Tax Plan “Would
Produce Extremely Large And Unprecedented Tax-Cut” For The Wealthiest
Americans.* “At a time of exceptionally wide levels of income inequality,
the tax-cut proposals from Republican presidential candidates Donald Trump
and Ted Cruz would produce extremely large and unprecedented tax-cut
windfalls for people with incomes exceeding $1 million a year, almost
certainly at the expense of low- and middle-income households once budget
cuts to pay for the tax cuts are taken into account.  Both tax plans would
ultimately increase the already substantial incomes of people who make over
$1 million a year by about 20 percent, with the revenues lost due to the
tax cuts for millionaires exceeding $3 trillion over the coming decade. “
[Center on Budget and Policy Priorities, 4/28/16
<http://www.cbpp.org/research/federal-tax/millionaires-would-gain-trillions-under-trump-and-cruz-tax-plans>
]

*Norquist: “Trump’s Plan Is Dead Center Of Reagan Republican Thinking...”*
“Grover says that the plan would make us more competitive for business
amidst the global market. Norquist even goes as far to say, ‘Trump’s plan
is dead center of Reagan Republican thinking, when it comes to what would
create growth in the United States.’” [ATR, 9/28/15
<https://www.atr.org/episode35>]

###

For Immediate Release, May 8, 2016
Contact: [email-masked]

PAID FOR BY HILLARY FOR AMERICA
Contributions or gifts to Hillary for America are not tax deductible.
Hillary for America, PO Box 5256, New York

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