Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis.
The report, released Monday by the Institute on Taxation and Economic Policy (ITEP), found that enacting Trump's tax proposals would offer the richest 1% of earners an average tax cut of over $36,300, while the next highest 4% of earners would see average tax cuts of nearly $7,200. The remaining 95% of Americans, however, would see average tax increases, spanning from just over $600 to nearly $1,800 depending on where they fall in the country's income distribution.
