What Does The Trump Tax Plan Mean For You?
PHILADELPHIA (CBS) -- President Trump was in Harrisburg to tout his tax overhaul proposal. A Pennsylvania public policy expert says the plan will mostly benefit the wealthy.
Pennsylvania Budget and Policy Center Director Marc Stier says folks with an average income of $1.7 million will see a cut of around $67,000. Middle earners will get a break of about $440 a year. Some in the middle class could actually end up paying more.
"If you're in the bottom 20% with an average income of $13,700, you get 1% of the total tax cut, and that comes to about $1.35 a week," he explained.
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Stier says putting more money in the pockets of the rich will actually mean leaner times for most Americans.
"To cover a lot of these tax cuts, there're going to be cuts to benefits. They're talking about a trillion-dollar cut to Medicare, cuts to Medicaid. It's not a good deal for most Americans," he said. "It's a really good deal for Donald Trump and for his friends in the Republican party."
The president has repeatedly claimed that the United State is the world's most highly taxed nation. But Stier says it's not even close.
"That is absolutely and totally nonsense," he said. "Of all the rich developed countries, we are very close to the bottom in terms of how heavily taxed we are."