Trump Tax Cuts Cost $7.8 Trillion, Aid Top Earners, Study Finds
- Top 1 percent found to receive about 40% of proposals’ benefit
- Plan’s revenue raisers seen leaving deficit of $3.5 trillion
GOP Drops Tax Cuts for Big Earners in New Health Bill
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President Donald Trump’s proposed tax cuts would lower federal revenue by $7.8 trillion over a decade and mostly benefit the highest earners, according to a new study released Wednesday by the nonpartisan Tax Policy Center.
About 40 percent of the tax cut would go to the top 1 percent of earners, who’d see an average after-tax gain of 17.8 percent. By contrast, the middle one-fifth of Americans would see an average gain of 3.3 percent, the study said.