Trump Tax Gives $17 Billion Break to Richest Americans, Hurts Workers

The more we learn about the Trump tax, the worse it gets. Here’s the latest:


A special Trump tax loophole gives a $17 billion break to the richest Americans, including Trump himself.


NBC News: “The wealthiest Americans will benefit the most from President Donald Trump's tax deduction for owners of “pass-through” businesses, according to a congressional report released Monday. […] In 2018, the lion's share of the benefit — $17.4 billion, or 44.3 percent of the total — will go to roughly 200,000 Americans making $1 million or more who claim the pass-through deduction, the committee said.”


Despite Republican promises, two-thirds of business economists say the Trump tax hasn't boosted their firms’ hiring or investment plans.


CBS News: “At the same time, nearly two-thirds of respondents in the latest survey by the National Association for Business Economics say President Donald Trump's tax cuts, which were promoted as likely to spur hiring and investment, haven't affected their plans.”


Associated Press: “The survey being released Monday appears to suggest instead that the economy’s momentum is being driven primarily by solid growth worldwide and by the nearly nine-year-old U.S. expansion from the depths of the Great Recession.”


Nearly half of the economic growth from the Trump tax will flow to foreign investors rather than Americans over the next decade.


ITEP: “Over the coming decade, 43 percent of the growth in economic output resulting from TCJA will flow to foreign investors rather than Americans. This figure is projected to vary from year to year, and in 2028 it will reach 71 percent.”


ITEP: “This year alone, ITEP estimates that foreign investors will receive $47 billion in benefits from TCJA, which is more than the bottom three-fifths of Americans will receive this year.”


Meanwhile, the vast majority of Americans say they haven’t seen any benefit from the Trump tax.


Washington Post: “In a Gallup survey this month, only 18percent of respondents said they believe the GOP tax overhaul is lowering their federal income taxes.”