The GOP tax reform plan has been sold as a cut for the middle class. A new study shows that foreign investors could end up benefitting much more from the tax cuts than America’s middle class. The tax plan proposed by President Donald Trump and Republican leaders is touted as a “middle class tax cut” and Trump has repeatedly framed the policy as designed with the average American in mind. “The tax cuts and reforms of the 1980s show that when we empower the American people to pursue their dreams, they will not only achieve greatness and create prosperity beyond imagination, they will build an entirely new world,” Trump wrote in an op-ed for USA Today on Sunday. “It is time to ignite America’s middle class miracle once again.” According to a new study, however, foreign investors could end up being bigger beneficiaries from the GOP’s tax reform plan than America’s middle class.Steven Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, estimated the potential financial benefit for foreign holders of US-domiciled companies’ stock in the first year under Trump’s tax proposal and compared it to the estimated benefit for middle-class Americans, those households making between the 40th and… Read full this story
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