Poor Americans don't fare well under Trump's tax cut plan | iNFOnews | Thompson-Okanagan's News Source

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Poor Americans don't fare well under Trump's tax cut plan

In this Sept. 27, 2017 file photo, President Donald Trump speaks in Indianapolis. Trump promised Americans “the largest tax cut in our country’s history,” but there’s not much in Trump’s plan to help low-income households. One independent analysis says low-income families would save about $60 a year. Another says their incomes would go up less than 1 percent. Congressional Republicans say the critiques are premature because the plan is incomplete.(AP Photo/Michael Conroy)
October 06, 2017 - 11:49 PM

WASHINGTON - Low-income households in the United States may not see much from President Donald Trump's proposed tax cut.

While Trump calls it the largest tax cut in the country's history, the return for the poorest Americans would amount to about $60 a year.

The analysis by the Tax Policy Center also finds that the average middle-income family would get about $300.

The centre's analysis says most of the Trump tax cuts would go to the wealthiest Americans. Families making about $700,000 a year, the top 1 per cent, would get an average tax cut of $129,000.

Do tax cuts put money back into the economy? A senior research associate at the Tax Policy Center, Elaine Maag, says low-income families tend to spend the money they get while high-income families save it.

News from © The Associated Press, 2017
The Associated Press

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