A report from the non-profit Washington-based Tax Policy Center found that taxpayers in the top 1 percent income bracket – above $730,000 – would receive about 50 percent of the total benefit from the overhaul, with their after-tax income forecast to increase an average of 8.5 percent.
The average American family makes $74,000 a year before taxes, or about $26,000 less than that, according to the Bureau of Labor Statistics. The median American family income is only about $55,000.
The GOP plan is expected to primarily benefit corporations as well as the wealthiest Americans, which includes various members of the White House and the Cabinet. The estate tax repeal alone would save Donald Trump $564 million, Wilbur Ross $545 million, Betsy DeVos’ father-in-law Richard $900 million, and Linda McMahon $250 million, reports Bloomberg.
https://www.reuters.com/article/us-usa-economy-taxes/cant-guarantee-tax-cut-for-entire-middle-class-mnuchin-idUSKCN1C61EG
BIG LIE: “The objective of the president is that rich people don’t get tax cuts,” Mnuchin said.