A Donald Trump presidency would likely mean higher taxes for millions of middle-income families, CBS News reported on Friday, citing analysis from the nonpartisan Tax Policy Center.
Under Trump’s tax plans, eight million middle-class families would be hit with higher taxes under the incoming president’s proposed “Contract With the American Voter,” which Trump released in October.
Among the millions of people slammed with tax hikes under Trump would be a majority of single-parent households – families who likely need a tax cut more than two-parent households. That’s because Trump plans to eliminate the head-of-household filing status, which 22 million Americans took advantage of last year and will no longer be able to if Trump’s proposal becomes reality.
“If you’re a low- or moderate-income single parent, you’re going to get hurt,” said Tax Policy Center fellow Bob Williams, according to CBS News.
The plan would also hurt taxpayers who have elderly parents living with them.
Another group of income earners likely to be hurt by Trump’s tax proposal are households with three or more children. According to USA Today, a two-parent household with four children could lose nearly $7,000 in tax deductions as a result of the president-elect’s plan to eliminate the personal exemption.
These are parts of the tax code that millions of families use to reduce the amount money they have to give to the government and, if the incoming president has his way, they will no longer be able to.
There are, however, some Americans that will mightily benefit from Trump’s tax proposal: the wealthy.
Under a Trump administration, the wealthiest 1 percent of income earners would have the most to gain as they would see an enormous 14 percent reduction in their tax burden, despite enjoying most of the gains during the recovery.
Ultimately, Donald Trump’s tax proposal is right in line with the failed trickle-down economic policies we’ve seen out of every Republican president in modern history. The only group of Americans that will truly benefit are those who don’t need it. Originally Posted by StandinStraight
Wow really before the plan is in place you know what someone will pay. How do you know if even true it means instead of getting 2,000 back they only get 1950 back and do you know the final overall rate they will pay. We all are taxed to hell .
I have paid more then my share . State,County,Local ,Real Estate , Fed . Interest and more. marriage tax plenty so we all need to pay our way.
Obama care is a mess of the 22 million on it. 10 million were sent to medicaid.. Most of the others if making 45,000 will pay 4,000 for a plan and have at least a 2000 deductible if not 3,500.
I admit the Dens will give you nice bike lanes in Pittsburgh. Charge you ten dollars to park on the street.
Just like a liberal to scream and cry wolf and stomp their feet just because someone else is in office. I know you live in Pittsburgh or close by .How do you like the roads and how are all those small towns like Jeannette and New Kensington and others looking.
Those problems were create by both parties and big money politics. The system is broken.
The Media is biased in its reporting they are liberals. Trump while not a great choice was the only choice to at least fix the problems or try.
Hilary Clinton was in government for 35 years and did nothing other then getting people killed and having a email server in her house.