By Yuqi Wang, Policy Analyst, Economic Policy Project, NCLR
In an attempt to squeak in a policy win during his first 100 days, President Trump released a tax reform outline this week. Unfortunately, the big tax reform reveal was simply a one-page outline that was thin on details. The little content that was shared makes it clear that the president plans to line the pockets of the rich and provide very little support to working families. The tax reform outline also runs directly counter to the Trump administration’s pre-election promises about tax reform—that reform would not reduce revenues, not cut taxes for the wealthy, and benefit working families.
The proposal places too much emphasis on rewarding the wealthy and corporations. Plus, there’s no way to pay for it, which means we’re looking at either a very large increase in the national debt, or huge reductions in federal spending, neither of which benefits middle-class workers.