1. Gives huge tax breaks to the rich and corporations, loses $6.2 trillion over 10 years, and if paid for will require deep cuts to domestic services. 47 percent of the tax cuts will go to the top 1 percent of households; each one will get an average tax break of nearly $215,000 a year. The bottom 20 percent will get a tax cut of $110. Trump's plan will increase the deficit by $7 trillion, unless massive cuts are made to benefits and services that working Americans depend on.
2. Slashes corporate tax rates by nearly 60 percent -- from 35 percent to 15 percent -- losing $2.6 trillion over 10 years.
3. Gives multinational corporations with profits stashed offshore a tax cut of more than $550 billion.
4. Increases taxes on nearly 9 million families while
reducing the top tax rate on the wealthy from about 40 percent to
33 percent. Even as taxes would decline a
lot for the rich, they would increase for 8.7 million mostly low-and middle-income families with children, including more than half of single parents.
5. Cuts taxes on hedge funds and other "pass-through"
businesses by $900 billion -- personally benefiting Trump -- and allows
high-wage employees to dodge another $600 billion.
6. Eliminates the estate tax to boost the inheritances of
millionaires and billionaires -- which could give Trump's heirs a tax
break of billions of dollars.