Advertisement

Poor Americans don't fare well under Trump's tax cut plan

Donald Trump Donald Trump |  Photo: AP

By STEPHEN OHLEMACHER
October 07, 2017 04:23 PM

WASHINGTON (AP) — Low-income households in the United States may not see much from President Donald Trump's proposed tax cut.

Advertisement

While Trump calls it the largest tax cut in the country's history, the return for the poorest Americans would amount to about $60 a year.

The analysis by the Tax Policy Center also finds that the average middle-income family would get about $300.

The center's analysis says most of the Trump tax cuts would go to the wealthiest Americans. Families making about $700,000 a year, the top 1 percent, would get an average tax cut of $129,000.

Do tax cuts put money back into the economy? A senior research associate at the Tax Policy Center, Elaine Maag, says low-income families tend to spend the money they get while high-income families save it.

Credits

By STEPHEN OHLEMACHER

Copyright 2017 The Associated Press. All rights reserved.

Advertisement


Relay Media Amp

Advertisement


Halloween Costume Photo Contest


Advertisement




Like Us on Facebook Follow Us on Twitter Follow Us on LinkedIn Follow Us on Google+ RSS Email Newsletters Android Apps iOS Apps



Why we fought to unseal records detailing abuse by NM priests, and what's next

Middle ground still not reached on proposed changes to science standards

Car enthusiasts, city leaders work to change image of local motor culture

Judge rejects plea deal in vehicular homicide case, sending it to trial

Remaining mayoral candidates receive key endorsements