Trump-GOP Tax Law

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Mississippi would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,108,300 in 2018. They would receive 47.8 percent of the tax cuts that go to Mississippi’s residents and would enjoy an average cut of $62,390 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Virginia would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,718,600 in 2018.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Connecticut would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $3,682,800 in 2018. They would receive 62.8 percent of the tax cuts that go to Connecticut’s residents and would enjoy an average cut of $253,050 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Delaware would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,798,100 in 2018. They would receive 46.6 percent of the tax cuts that go to Delaware’s residents and would enjoy an average cut of $84,310 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Louisiana would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,521,500 in 2018. They would receive 55.6 percent of the tax cuts that go to Louisiana’s residents and would enjoy an average cut of $155,290 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Arizona would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,355,400 in 2018. They would receive 51 percent of the tax cuts that go to Arizona’s residents and would enjoy an average cut of $99,090 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Maine would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,212,000 in 2018. They would receive 33.9 percent of the tax cuts that go to Maine’s residents and would enjoy an average cut of $53,220 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Rhode Island would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,795,500 in 2018.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in South Carolina would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,134,000 in 2018.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in South Dakota would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,770,700 in 2018.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Michigan would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,621,600 in 2018. They would receive 53.2 percent of the tax cuts that go to Michigan’s residents and would enjoy an average cut of $120,010 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Nevada would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $2,498,000 in 2018. They would receive 62.7 percent of the tax cuts that go to Nevada’s residents and would enjoy an average cut of $170,150 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Minnesota would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $2,589,800 in 2018. They would receive 50.8 percent of the tax cuts that go to Minnesota’s residents and would enjoy an average cut of $120,420 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Maryland would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,802,700 in 2018. They would receive 69.7 percent of the tax cuts that go to Maryland’s residents and would enjoy an average cut of $123,720 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Massachusetts would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $3,010,300 in 2018. They would receive 63.2 percent of the tax cuts that go to Massachusetts’s residents and would enjoy an average cut of $215,670 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in New Mexico would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,264,600 in 2018. They would receive 42 percent of the tax cuts that go to New Mexico’s residents and would enjoy an average cut of $73,070 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Kentucky would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,313,400 in 2018. They would receive 42.8 percent of the tax cuts that go to Kentucky’s residents and would enjoy an average cut of $68,550 in 2018 alone.

The broadly outlined tax proposals released by the Trump administration would not benefit all taxpayers equally and they would not benefit all states equally either. Several states would receive a share of the total resulting tax cuts that is less than their share of the U.S. population. Of the dozen states receiving the least by this measure, seven are in the South. The others are New Mexico, Oregon, Maine, Idaho and Hawaii.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in California would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $2,746,600 in 2018. They would receive 64.7 percent of the tax cuts that go to California’s residents and would enjoy an average cut of $149,710 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Idaho would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,418,700 in 2018. They would receive 48 percent of the tax cuts that go to Idaho’s residents and would enjoy an average cut of $90,670 in 2018 alone.

Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Illinois would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $2,726,200 in 2018. They would receive 56.1 percent of the tax cuts that go to Illinois’s residents and would enjoy an average cut of $134,270 in 2018 alone.

Last month, the Trump Administration released a budget proposal that relies on unrealistic projections of economic growth to create the illusion that it will balance the budget by 2027. By making the federal budget outlook appear more favorable than it actually is, the administration is seeking to bolster its case for enacting a multi-trillion-dollar tax cut. Fortunately, Congress has its own independent forecaster that just chimed in with a more rational assessment of the economy.

The Trump Administration recently released its proposed budget for Fiscal Year 2018. The administration claims that its proposals would reduce the deficit in nearly every year over the next decade before eventually achieving a balanced budget in 2027, but the assumptions it uses to reach this conclusion are deeply flawed. This report explains these flaws and their consequences for the debate over major federal tax changes.

A truly populist budget would seek to ensure that middle- and low-income families have the resources that they need to get ahead, that the wealthy and corporations are paying their fair share in taxes, and that our country is making the public investments we need to ensure full employment and improve productivity over the long term. The Congressional Progressive Caucus’s (CPC) 2018 budget proposal would make real progress on all of these fronts.

A couple weeks ago, a billionaire set the Internet ablaze when on 60 Minutes Australia he chided millennials to stop buying avocado toast and fancy coffee if they wanted to buy a home. The backlash was swift and deserved. Twenty- and early thirty-something people rightly took offense to the suggestion that they haven’t purchased homes […]