BEDMINSTER, New Jersey (AP) – President Donald Trump’s top advisers say his proposed tax plan would not cut taxes disproportionately for the rich – despite an early non-partisan analysis that says it will.
The White House and congressional Republicans released a broad plan last week that would dramatically cut corporate tax rates from 35 percent to 20 percent, reduce the number of personal income tax brackets, and boost the standard deduction.
The Tax Policy Center of the Urban Institute and Brookings Institution says the plan would deliver 50 percent of its total tax benefit to taxpayers in the top 1 percent, those with incomes above $730,000 a year.
But White House budget director Mick Mulvaney told CNN it was too early to gauge that figure, because the proposal for now leaves out many details.
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