Does Trump's Simplified Tax Code Mean a Cut or a Hike for the Middle Class?

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Does Trump's Simplified Tax Code Mean a Cut or a Hike for the Middle Class?

Dec, 23rd 2016

Let it rain! Donald Trump pledged during his campaign to deliver tax cuts for everybody, especially for working-class Americans. And with Republicans taking charge in both the House and the Senate, it looks like the president-elect will get his chance.

But what does that really mean for you?

“First and foremost, Trump’s income tax reform is a simplification: He wants to cut down the number of tax bands from seven to three,” writes HowMuch.net’s Raul Amoros. “But simplifying is not necessarily the same as reducing taxes.”

The cost-estimating website used this chart to illustrate his point:

“As this graph demonstrates, some taxpayers would definitely benefit from Trump’s tax reform – especially those at the higher end of the income scale,” Amoros said. “There are others, however, who would see their...

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