Trump says his tax plan won’t benefit the rich, but this 5 second GIF utterly destroys that notion

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Gage Skidmore / Flickr donald trump...
Gage Skidmore / Flickr

After failing to achieve the rest of his agenda, Donald Trump has moved on to tax cuts, or as Republicans call it “tax reform.” On Wednesday, he flatly claimed, “The rich will not be gaining at all with this plan.” From Politico:

“The rich will not be gaining at all with this plan,” he told reporters ahead of a meeting with a bipartisan group of House members at the White House.

No formal plan currently exists, but Republicans in Congress expect to unveil details of its effort to reform the nation’s tax code by the week of Sept. 25.

For his part, Trump outlined four principles for tax reform on Wednesday: Simplify the tax code and make it fair; slash taxes “substantially”; encourage companies to hire Americans and grow in America; and return trillions of dollars that businesses have parked overseas.

But, Trump’s words do not match reality. To illustrate the point, here’s a five-second GIF that shows how starkly different the tax cut would affect the average middle class family versus the average millionaire. 

Trump keeps saying his tax plan isn't going to favor the rich. But here's his average tax cut for ordinary families vs. millionaires: pic.twitter.com/VNmmRrL8xF

— Michael Linden (@MichaelSLinden) September 14, 2017

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As Richard Rubin of the Wall Street Journal noted, Trump’s comments seem to directly contradict the proposal the rest of the GOP is drafting:

That's one crystal-clear lede sentence from @RichardRubinDC: pic.twitter.com/3vKlPB4Zm7

— David Leonhardt (@DLeonhardt) September 14, 2017

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Michael Linden, a Fellow at the Roosevelt Institute, broke down the cuts even further:

This is a fair question and I want to answer it. First, even as a % of income, Trump's tax cuts are overwhelming skewed to the top. https://t.co/8Dzd2fYskI

— Michael Linden (@MichaelSLinden) September 14, 2017

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For example, Trump's proposals would mean millionaires get a 12.3% of income tax cut, while middle income get less than 0.5%.

— Michael Linden (@MichaelSLinden) September 14, 2017

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Secondly, declining marginal utility of money means that each additional $ actually has less value to a rich person than it does to middle.

— Michael Linden (@MichaelSLinden) September 14, 2017

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Finally, in a world with limited resources, it's important to show how much actual real money goes to people who already have the most.

— Michael Linden (@MichaelSLinden) September 14, 2017

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