It’s a long shot, but Trump’s campaign rhetoric is all about slashing taxes.
And the big question is which company will be able to do the most to pay for it.
The question of which companies will get tax cuts from a Trump presidency is in the spotlight after a slew of recent reports indicated that the top corporate tax rate will drop to 21% from 35%.
The Senate is expected to vote Tuesday on the corporate tax cut proposal that is being developed by Trump’s team.
But a handful of analysts have already warned that the plan would disproportionately benefit the wealthy, while cutting taxes for most working Americans.
Here’s a look at the potential winners and losers in a Trump tax cut:A new report from the Tax Policy Center, which tracks corporate tax rates across the country, projects that Trump’s tax cut plan would benefit the top 1% of earners in the United States, who would pay an average of $17,000 a year on average under the plan, according to analysis from the nonpartisan think tank.
The top 0.1% would receive an average $10,600 tax cut in 2020 under the proposal.
That’s more than double the $7,400 average tax cut for middle-income families under the current proposal, according the Tax Foundation.
The Tax Policy Foundation estimated that the tax cut would be $1.6 trillion in savings over the next 10 years, or an average tax reduction of about $2,000 per family.
A new analysis from Tax Analysts estimates that Trump would be able pay for the tax plan by increasing taxes on households with incomes over $2 million.
The plan would increase taxes on taxpayers with incomes of $100,000 and up to $500,000.
The Tax Analyts analysis suggests that the average taxpayer with incomes under $100 would pay more than $1,200 more under the tax increase.
Another new analysis by the Tax Reform Policy Center estimated that Trump could raise taxes on the bottom 90% of households by $200,000, and the top 10% of taxpayers by $3,200.
The top 1%.
would see a $6,400 tax cut over 10 years under the proposed plan, the Tax Analyzes analysis found.
The House version of the tax bill is expected on Tuesday, and a Senate version will also be unveiled next week.