{"id":1052099,"date":"2025-03-19T12:57:46","date_gmt":"2025-03-19T16:57:46","guid":{"rendered":"https:\/\/democrats.org\/?p=1052099"},"modified":"2025-03-19T12:57:46","modified_gmt":"2025-03-19T16:57:46","slug":"new-report-trumps-tax-plan-means-massive-handouts-for-the-ultra-wealthy-and-higher-costs-for-working-families","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/new-report-trumps-tax-plan-means-massive-handouts-for-the-ultra-wealthy-and-higher-costs-for-working-families\/","title":{"rendered":"NEW REPORT: Trump\u2019s Tax Plan Means Massive Handouts for the Ultra-Wealthy \u2014 And Higher Costs for Working Families\u00a0"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

A new report<\/a> today confirms that Donald Trump is working to line the pockets of the ultra-wealthy with another round of tax handouts, which new analysis shows will raise costs on working families to \u201cactively transfer money\u201d<\/a> up to the richest Americans.<\/p>\n\n\n\n

Make no mistake: Trump doesn\u2019t care about what\u2019s best for the American people \u2014 just his billionaire backers and their own bottom lines. <\/p>\n\n\n\n

New research shows that Trump\u2019s disastrous tax scam would raise costs for Americans in the bottom 40% income bracket while giving over $180,000 in handouts to the ultra-wealthy. <\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cThe tax cuts \u2026 concentrated the largest benefit among the wealthiest.<\/strong> Combining an extension <\/strong>\u2014 which would concentrate benefits among the same groups \u2014 with cuts to safety net programs would actively transfer money from low-income people to high-income earners<\/strong>, the Yale researchers found. \u2026 <\/p>\n\n\n\n

\u201cResearchers found that the lowest-income taxpayers would see a loss of $1,125<\/strong>, factoring in their tax rate and the lost value from leaner federal benefit programs. The richest 0.1 percent of taxpayers would see a more than $180,000 benefit <\/strong>from the lower tax rates and would not be affected by the benefit reductions.\u201d<\/p>\n\n\n\n

Yale Budget Lab<\/a>: \u201cTax units at the bottom of the income distribution would see a reduction in after-tax-and-transfer income of 5% \u2026 More than 100% of the net fiscal benefit would accrue to the top quintile.<\/strong> \u2026 <\/p>\n\n\n\n

\u201cNet [Income] Effects of \u2026 House Budget Resolution<\/strong>, 2026 [by] \u2026 Income Group \u2026 <\/p>\n\n\n\n

\u201cBottom Quintile \u2026 -$1,125 \u2026 <\/strong><\/p>\n\n\n\n

\u201cSecond Quintile \u2026 -$430 \u2026 <\/strong><\/p>\n\n\n\n

\u201cTop 10% \u2026 $10,085 \u2026 <\/p>\n\n\n\n

\u201cTop 5% \u2026 $16,835 \u2026 <\/p>\n\n\n\n

\u201cTop 1% \u2026 $43,500 \u2026 <\/strong><\/p>\n\n\n\n

\u201cTop 0.1% \u2026 $180,910\u201d<\/strong><\/p>\n\n\n\n

REMINDER: After promising the ultra-wealthy more tax handouts during the campaign, Trump is rigging the economy for his billionaire backers at the expense of working people \u2014 just like he did during his first term. <\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cYou\u2019re all people that have a lot of money. \u2026 You\u2019re rich as hell. \u2026 We\u2019re gonna give you tax cuts.\u201d<\/strong><\/p>\n\n\n\n

Trump<\/a>: \u201cI will never let the Trump tax cuts \u2026 be taken away.\u201d<\/strong><\/p>\n\n\n\n

Vanity Fair<\/a>: \u201cDonald Trump Wants to Give His Favorite Corporations Another Giant Tax Cut in a Second Term\u201d<\/strong><\/p>\n\n\n\n

Washington Post<\/a>: \u201cFor the first time in history, U.S. billionaires paid a lower tax rate than the working class last year\u201d<\/strong><\/p>\n\n\n\n

Bloomberg<\/a>: \u201cThe Offshoring of U.S. Jobs Increased on Trump\u2019s Watch\u201d<\/strong><\/p>\n\n\n\n

Economic Policy Institute<\/a>: \u201cThe TCJA overwhelmingly benefited the rich and corporations while overlooking working families\u201d<\/strong><\/p>\n\n\n\n

Bureau of Labor Statistics<\/a>: \u201cWhen Trump left office, there were over 170,000 fewer manufacturing jobs than when he started.\u201d<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cTrump told GM workers he could save their plant, but it\u2019s gone for good\u201d <\/strong><\/p>\n\n\n\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

A new report today confirms that Donald Trump is working to line the pockets of the ultra-wealthy with another round of tax handouts, which new analysis shows will raise costs on working families to \u201cactively transfer money\u201d up to the richest Americans. 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