Donald Trump’s tax plan was revealed with a message for millions of Americans: “You win!”
But like everything linked to taxes, not everyone would win equally under his plan, which the Republican presidential candidate says is geared toward providing tax relief for the middle class and giving the U.S. economy a boost by lowering business income taxes.
To be sure, there’s a long road ahead before the general election in November 2016, but Trump’s proposal raises evergreen questions about the country’s tax system, such as why it’s so complicated and whether struggling middle-class families should get more of a break. Trump’s plan is geared to appeal to his supporters, one-third of whom earn less than $50,000 a year — the group that the candidate claims would benefit the most from his plan.
Yet the biggest winners under Trump’s plan would be, well, people just like Trump: America’s richest citizens. That’s because he’s proposing a big reduction in income taxes for married couples earning at least $300,000, as well as a plan to eliminate the estate tax, which only kicks in at about $10 million per couple, said Edward Zelinsky, a law professor at the Cardozo School of Law, who specializes in tax issues