‘Off Message’
Ahead of Trump’s Missouri trip, a coalition of groups released a statement saying the White House tax proposal would mean an average tax cut of $190,560 for people making more than $1 million a year -- and $240 for people making less than $45,000 a year.
As for pass-through entities like Bass Pro, Trump’s 15 percent rate would provide a windfall to wealthy individuals who own the entities, according to the Center on Budget and Policy Priorities. At that rate, more than three-quarters of the cut would go to the top 1 percent of households, which make at least $700,000 a year, according to the Tax Policy Center. Those filers would get an average annual tax cut of about $76,000.
Now lawmakers will be waiting to see if Trump’s tax tour will hurt or help the push to get an overhaul signed before the end of the year. So far at least one Senate Republican is skeptical.
“I think the President has gotten off message too often, and hasn’t been able to be an effective spokesman for his own agenda,” Senator Pat Toomey, a member of the tax-writing Senate Finance Committee, said in a radio interview earlier this week. “I want to get things done.”
This article was provided by Bloomberg News.