The startlingly brief, one-page tax plan that U.S. President Donald Trump produced on April 26 is, if not the elusive conservative dream of tax-return-on-a-postcard, certainly tax-proposal-on-a-postcard. But the outline, together with the proposals released during the presidential campaign, suggest the most sweeping tax cuts for the rich in the nation’s history. Former Presidents Ronald Reagan and George W. Bush were pikers in comparison.
During the presidential campaign, preelection polls showed that 51 percent of Trump supporters wanted him to raise taxes on the rich, but the current proposal drastically cuts taxes at the top while decimating federal revenues. It is difficult to know by how much precisely, as the plan declines to reveal what income levels would fall under the three simplified tax brackets—ten, 25, and 35 percent—that would replace the current seven, among other details. But analysis from the Tax Policy Center, a nonpartisan think tank, of Trump’s campaign tax proposal, which is similar to his current plan but slightly more detailed, revealed a total tax cut that would be somewhat larger than the Bush tax cuts of 2003–04, with the top one percent getting over half of the total reductions, compared to just one-quarter under Bush. Meanwhile, ordinary
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