From fd07e20f1c636531691af7dd5a410694a7471e6f Mon Sep 17 00:00:00 2001
From: Nate B <43703496+NB419@users.noreply.github.com>
Date: Thu, 28 May 2020 21:33:05 -0400
Subject: [PATCH] Create taxes.md

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+## Trump on Taxes
+
+*   The Trump tax cut disproportionately benefits the wealthy ([Tax Policy Center 2017](https://www.taxpolicycenter.org/publications/implications-what-we-know-and-dont-know-about-president-trumps-tax-plan/full) / [Vox 2017](https://www.vox.com/policy-and-politics/2017/7/12/15959210/trump-tax-cuts-reform-tax-policy-center)):
+    *   Family earning under $25,000 per year: $40 tax cut / **0.3 percent boost** in after-tax income.
+    *   Top .1% earning $3.4 million a year: $937,700 tax cut / **13.3 percent boost** in after-tax income
+*   The Trump **deficit** has also reached a **7-year high** at **$1 trillion** ([AP 2019](https://apnews.com/caeb6d6c4eff45e4bc5da12db06004bc))
+*   On his first day in office, Trump **reversed a middle class tax cut** in mortgage insurance premiums issued by the Federal Housing Administration. ([The Intercept 2017](https://theintercept.com/2017/01/20/on-his-first-day-in-office-trump-raises-taxes-on-middle-class-homebuyers/))
+    *   These insurance fees are effectively a tax on **middle-class homeownership**. For a mortgage worth $200,000, this **adds $500** to a homebuyer’s **annual costs**.