{"id":432,"date":"2024-10-05T14:28:15","date_gmt":"2024-10-05T18:28:15","guid":{"rendered":"https:\/\/kawsachunnews.com\/w\/trumps-tax-plan-rich-get-richer-working-class-left-behind\/"},"modified":"2024-10-05T14:28:15","modified_gmt":"2024-10-05T18:28:15","slug":"trumps-tax-plan-rich-get-richer-working-class-left-behind","status":"publish","type":"post","link":"https:\/\/kawsachunnews.com\/w\/trumps-tax-plan-rich-get-richer-working-class-left-behind\/","title":{"rendered":"Trump&#8217;s Tax Plan: Rich Get Richer, Working Class Left Behind!"},"content":{"rendered":"<div class=\"body js-expandable clearfix js-listicle-body  css-listicle-body-2669321365\" data-headline=\"Study Indicates Trump's Tax Proposal Favors Wealthy, Disadvantages Lower-Income Groups\"><\/p>\n<div class=\"body-description\">\n<p>\n    The tax plan proposed by Republican presidential candidate Donald Trump, which aims to lower the U.S. corporate tax rate from 21% to 15%, would disproportionately benefit the wealthiest Americans while adversely affecting those in the lower half of the income spectrum, a study from economists at American University revealed on Thursday.\n<\/p>\n<p>\n    Released just over a month ahead of the critical November 5 election, this analysis evaluates the potential macroeconomic effects and distributional outcomes of the corporate tax rate proposals suggested by Trump and Democratic nominee, Vice President Kamala Harris. Harris advocates for a rise in the corporate tax rate to 28%.\n<\/p>\n<p>\n    According to the study, Trump\u2019s proposal would likely result in a minor reduction in the nation\u2019s gross domestic product (GDP), a decrease in government revenues, and a marked increase in economic inequality. This is primarily because the wealthier segments, who predominantly own corporate stocks, would benefit from the tax reductions proposed by the former president.\n<\/p>\n<p>\n    The findings suggest that &#8220;the income share for the top 5% would rise by approximately 1.6%, whereas it would decline by about 4.8% for the bottom 50%,&#8221; according to the projections.\n<\/p>\n<p>\n    In contrast, Harris\u2019s plan is projected to slightly enhance U.S. GDP, boost federal revenue, and reduce inequality. It would decrease the income share of the top 5% by around 1% and increase that of the bottom 50% by roughly 4.7% compared to the current policy.\n<\/p>\n<p class=\"shortcode-media shortcode-media-rebelmouse-image\">\n<p>\n    This analysis follows a report by the Congressional Budget Office, which indicated that from 1989 to 2022, the richest 1% of Americans saw their portion of national wealth expand to 27%. Meanwhile, families in the bottom half of the income spectrum maintained just 6% of the nation\u2019s wealth over the same period\u2014an imbalance that further cuts in corporate taxes would likely worsen.\n<\/p>\n<p>\n    Trump highlighted the reduction of the corporate tax rate to 15% as a key feature of his speech last month at the Economic Club of New York, as reported by <em>Bloomberg<\/em>.\n<\/p>\n<p>\n    When Trump assumed the presidency in 2017, the official corporate tax rate was 35%. Later that year, he and Republican lawmakers introduced a tax cut initiative that reduced the corporate rate to 21%. This law, which was broadly unpopular, favored the wealthy substantially while offering minimal benefits to the working class.\n<\/p>\n<p>\n    Reducing the corporate tax rate further to 15% would provide about $50 billion in annual tax reductions to the 100 largest and most profitable companies in the U.S., an analysis by the Center for American Progress Action Fund recently found.\n<\/p>\n<\/div>\n<\/div>\n\n\n<div class=\"kk-star-ratings kksr-auto kksr-align-left kksr-valign-bottom\"\n    data-payload='{&quot;align&quot;:&quot;left&quot;,&quot;id&quot;:&quot;432&quot;,&quot;slug&quot;:&quot;default&quot;,&quot;valign&quot;:&quot;bottom&quot;,&quot;ignore&quot;:&quot;&quot;,&quot;reference&quot;:&quot;auto&quot;,&quot;class&quot;:&quot;&quot;,&quot;count&quot;:&quot;0&quot;,&quot;legendonly&quot;:&quot;&quot;,&quot;readonly&quot;:&quot;&quot;,&quot;score&quot;:&quot;0&quot;,&quot;starsonly&quot;:&quot;&quot;,&quot;best&quot;:&quot;5&quot;,&quot;gap&quot;:&quot;5&quot;,&quot;greet&quot;:&quot;Rate this post&quot;,&quot;legend&quot;:&quot;0\\\/5 - (0 votes)&quot;,&quot;size&quot;:&quot;22&quot;,&quot;title&quot;:&quot;Trump\\u0026#039;s Tax Plan: Rich Get Richer, Working Class Left Behind!&quot;,&quot;width&quot;:&quot;0&quot;,&quot;_legend&quot;:&quot;{score}\\\/{best} - ({count} {votes})&quot;,&quot;font_factor&quot;:&quot;1.25&quot;}'>\n            \n<div class=\"kksr-stars\">\n    \n<div class=\"kksr-stars-inactive\">\n            <div class=\"kksr-star\" data-star=\"1\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"2\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"3\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"4\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" data-star=\"5\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n    <\/div>\n    \n<div class=\"kksr-stars-active\" style=\"width: 0px;\">\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n            <div class=\"kksr-star\" style=\"padding-right: 5px\">\n            \n\n<div class=\"kksr-icon\" style=\"width: 22px; height: 22px;\"><\/div>\n        <\/div>\n    <\/div>\n<\/div>\n                \n\n<div class=\"kksr-legend\" style=\"font-size: 17.6px;\">\n            <span class=\"kksr-muted\">Rate this post<\/span>\n    <\/div>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>The tax plan proposed by Republican presidential candidate Donald Trump, which aims to lower the U.S. corporate tax rate from 21% to 15%, would disproportionately benefit &#8230; <a title=\"Trump&#8217;s Tax Plan: Rich Get Richer, Working Class Left Behind!\" class=\"read-more\" href=\"https:\/\/kawsachunnews.com\/w\/trumps-tax-plan-rich-get-richer-working-class-left-behind\/\" aria-label=\"Read more about Trump&#8217;s Tax Plan: Rich Get Richer, Working Class Left Behind!\">Continue Reading &rarr;<\/a><\/p>\n","protected":false},"author":18,"featured_media":433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trump&#039;s Tax Plan: Rich Get Richer, Working Class Left Behind! - Kawsachun News -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kawsachunnews.com\/w\/trumps-tax-plan-rich-get-richer-working-class-left-behind\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump&#039;s Tax Plan: Rich Get Richer, Working Class Left Behind! - Kawsachun News -\" \/>\n<meta property=\"og:description\" content=\"The tax plan proposed by Republican presidential candidate Donald Trump, which aims to lower the U.S. corporate tax rate from 21% to 15%, would disproportionately benefit ... 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