Most people — but not all — would save money under the tax overhaul proposed by President Donald Trump, according to an analysis of the plan. But who stands to gain the most? Across the board, it’s those who already earn the most.
Using an analysis from the Tax Policy Center, Business Insider broke down the financial implications of Trump’s most recent tax plan — he has teased the release of an updated plan in the coming weeks — for a variety of tax filers.
By and large, the more you make, the better you would fare under Trump’s proposed plan. Those earning over $US1 million would see the largest tax break — not just in terms of dollars, but also tax-rate reduction and per cent increase to after-tax income.
It’s important to keep in mind that no law has been passed, so nothing is a given. If Trump releases a new plan, it’s possible there will be some significant changes.
Moreover, Trump and House Republicans don’t agree on everything, and he may not get everything he wants in a tax plan. That said, read on to see the breakdown of how the top American earners would fare under Trump’s current tax proposal.
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