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source-library/trump/taxes.md
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2020-05-28 21:33:05 -04:00

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Trump on Taxes

  • The Trump tax cut disproportionately benefits the wealthy (Tax Policy Center 2017 / Vox 2017):
    • 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)
  • 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)
    • 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.