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What the Rich Are Doing Now to Reap Trump’s Tax Bonanza
Source:
bloomberg.com
- Nov 28, 2016
For wealthy Americans, the outcome of the 2016 election could be lucrative.
Democratic candidate Hillary Clinton proposed hiking their taxes. Donald Trump, her Republican rival and now the president-elect, proposed the opposite: $6.2 trillion in tax cuts over the next decade, according to the Tax Policy Center’s analysis, with the top 1 percent by income getting almost half the benefit. That translates into a 13.5 percent boost to their after-tax income, compared to a 1.8 percent increase for taxpayers in the middle fifth of incomes.
No one knows if Trump can get such big tax cuts for the rich through Congress, even one controlled by the GOP. They could open the gap between the wealthy and everyone else still further, while ultimately widening the U.S. budget deficit and taking resources from other priorities such as health care and retirement.
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Category: General Business
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