Save this content for laterSave this content on your device for later, even while offline Sign in with FacebookSign in with your Facebook account Close

Poor Americans don't fare well under Trump's tax cut plan

By: STEPHEN OHLEMACHER, Associated Press
October 7, 2017 Updated: October 7, 2017 at 1:47 am
0
photo - In this Sept. 27, 2017 file photo, President Donald Trump speaks in Indianapolis. Trump promised Americans “the largest tax cut in our country’s history,” but there’s not much in Trump’s plan to help low-income households. One independent analysis says low-income families would save about $60 a year. Another says their incomes would go up less than 1 percent. Congressional Republicans say the critiques are premature because the plan is incomplete.(AP Photo/Michael Conroy)
In this Sept. 27, 2017 file photo, President Donald Trump speaks in Indianapolis. Trump promised Americans “the largest tax cut in our country’s history,” but there’s not much in Trump’s plan to help low-income households. One independent analysis says low-income families would save about $60 a year. Another says their incomes would go up less than 1 percent. Congressional Republicans say the critiques are premature because the plan is incomplete.(AP Photo/Michael Conroy) 

WASHINGTON (AP) — Low-income households in the United States may not see much from President Donald Trump's proposed tax cut.

While Trump calls it the largest tax cut in the country's history, the return for the poorest Americans would amount to about $60 a year.

The analysis by the Tax Policy Center also finds that the average middle-income family would get about $300.

The center's analysis says most of the Trump tax cuts would go to the wealthiest Americans. Families making about $700,000 a year, the top 1 percent, would get an average tax cut of $129,000.

Do tax cuts put money back into the economy? A senior research associate at the Tax Policy Center, Elaine Maag, says low-income families tend to spend the money they get while high-income families save it.

Register to the Colorado Springs Gazette
Incognito Mode Your browser is in Incognito mode

You vanished!

We welcome you to read all of our stories by signing into your account. If you don't have a subscription, please subscribe today for daily award winning journalism.

Register to the Colorado Springs Gazette
Register to the Colorado Springs Gazette
Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Already a Subscriber? LOGIN HERE

Subscribe to the Colorado Springs Gazette

It appears that you value local journalism. Thank you.

Subscribe today for unlimited digital access with 50% fewer ads for a faster browsing experience.

Subscribe to the Colorado Springs Gazette

Some news is free.
Exceptional journalism takes time, effort and your support.

Already a Subscriber? LOGIN HERE

articles remaining
×
Thank you for your interest in local journalism.
Gain unlimited access, 50% fewer ads and a faster browsing experience.