D.N.C.: “We have the power to create an economy that works for all of us.”
Washington: Trump’s business tax reform plan would create a $1.5 trillion tax break for the nation’s wealthiest Americans and the top 0.1 percent of earners.
But it would also unleash a $10 trillion national debt and unleash an economic crisis that would destroy the American middle class.
Trump’s tax reform would help companies like Boeing, General Electric and Amazon, which are already laying off workers.
The proposal also would help corporations like the automakers that have been building cars and trucks at plants across the country.
It would also benefit workers, as it would reduce the federal tax burden on corporations and individuals, which has ballooned under President Obama.
It is unclear how the plan will impact corporate profits and job creation, said Jeff Zients, an analyst at the investment bank Bank of America.
He said it will not help the struggling economy in a way that would help workers, either.
“It’s hard to say how it would help the average American,” he said.
“It’s not a big impact on the top one-tenth of 1 percent of income earners.
And the average one-thousandth of one percent of the population has seen their taxes go up significantly under this plan.”
The plan would also help businesses that depend on international trade.
For example, manufacturers in the automotive and aerospace industries that have relied on exports to the U.S. could see their prices drop because of the tax break, said Paul Camp, an economist at the left-leaning Economic Policy Institute.
“You would see that trade shrink substantially, because you’re losing some of the jobs,” he told The Associated Press.
“But it would not do much to hurt U.s. manufacturers, because they would see a huge boost in revenue and profits.”
Trump has long promised to cut taxes on the wealthiest Americans, and he has promised to raise them on the middle class as well.
But his plan would boost corporate profits at the expense of workers.
The president has also promised to lower taxes on businesses.
That could benefit businesses that rely on outsourcing, but the tax cuts would also disproportionately affect workers.
“I think it’s a very significant tax cut,” said Matthew J. Caulfield, a senior fellow at the conservative Center for Economic and Policy Research.
“If you’re a small business that has an owner who’s paying taxes on an employee that is paying taxes, you are going to get hit.”
Trump’s plan would have major effects on workers.
About 8 million workers would see their wages and benefits go up, he said in a campaign speech earlier this month.
And businesses that employ 1 million workers or more would see taxes go down.
The average tax rate would go down from 35 percent to 23 percent, he added.
Trump’s proposal would also boost the economy by reducing the amount of government spending, which economists have said would cause economic growth to slow.
But there is some uncertainty about how the tax plan would affect the deficit and the debt, as well as whether it would benefit the nation in a sustainable way.
Trump has proposed eliminating the estate tax, which would reduce how much estates can be passed down to heirs.
But he has not proposed abolishing the Alternative Minimum Tax, which limits how much companies pay in taxes on overseas profits.
Trump would also eliminate the corporate income tax, a provision that has been popular with the GOP.