President Trump has always been known to favor those with the most wealth among the American people. In fact, the president once stated, during a presidential rally, that he was fine with poor people, as long as they were not in his cabinet. The fact that Trump favors wealthy folk over the rest of the American people he is supposed to be serving becomes clearer with every move he makes.
Yet again, the richest Americans will be benefiting under a new tax plan put together by Trump administration officials and GOP leaders.
Wealthy Americans will now be paying a top tax rate of 35 percent. President Trump has stated in the past that those within the wealthier class would not be receiving any sort of tax cuts under the new reform plan that was being devised.
This information came to light as details on the previously tightly guarded tax reform plans were leaked. The tax reform was agreed upon secretly between what is known as the “Bix Six,” the congressional leaders and administration officials working on the plan. Trump is expected to announce the plan on Wednesday in Indiana.
Also within the plan, the current number of tax brackets will be reduced from seven to three. Tax brackets for individuals are expected to be lowered to 35 percent. There is no further information released, as of now, that indicates what the other two rates will be.
However, Trump is actually fulfilling one of his promises with this new plan. It is reported that corporate tax rate is to be slashed from 35 percent to 20 percent.
While Trump may think it is all smooth sailing from here, Democrats have stated that they will not stand behind a tax plan which cuts rates for wealthy Americans or one that raises the deficit, both of which are likely to occur within the reform plan.
It is also possible that the plan could be faced with pushback from members of Freedom Caucus. Freedom Caucus has not been involved in putting together the proposal alongside the “Big Six.” In fact, they have called for a 16 percent corporate tax rate.
You can see the president speaking on tax reform earlier in the month below.
Featured Image via Getty Images