"It is extremely regressive," Gleckman said of Trump's plan. "The more you make, the bigger the tax cut. It's interesting for a guy like Trump who ran as a populist, and all of the rhetoric was that he was going to protect the little guys from all of the elites… So big tax cuts for rich people, big tax cuts for corporations? Again these are the entities that he bashed enthusiastically throughout the campaign. It's an interesting contrast."
If passed intact, Trump's plan will consolidate America's current system of seven tax brackets into just three, raising the lowest tier to 12% (up from 10%) and reducing the high end to 33% (down from 40%). Middle-income earners will pay 25%, while the standard deductions for both single and married filers will more than double.
For low-income taxpayers, those making less than $25,000 per year, this will amount to a tax cut of about $100, or a 0.8% bump to take home pay.
Middle-income taxpayers, those who earn roughly $48,000 to $84,000 per year, will benefit by approximately $1,000, or a 1.8% increase in take home pay.
High-income taxpayers will do considerably better. According to the Tax Policy Center's analysis, the top 1% of earners will get an average tax cut of $215,000, a 13.5% increase in take home pay.
Out of the total cost of these tax cuts, $1.55 trillion is earmarked for the wealthiest 0.1% of Americans. Half the cost of these cuts go to the top 1%. This is in addition to the administration's plan to end the estate tax, which only the wealthiest 1% of Americans pay.