So we’ve been promised massive tax cuts, hallelujah! And presumably our new President was elected at least partially on the strength of those promises.
Ah, yes. Campaign promises… In the entire history of this country, has even one of them ever been true?
Now we see, studying Mr. Trump’s tax plan, that if you’re a single parent earning $75,000 with two kids who are out of day-care, your taxes would rise by more than $2400.
A married couple earning $50,000, with two school-aged children and no child care costs, would see a tax increase of about $150. A millionaire would get a tax cut of around $317,000. And about half the benefits of the Trump tax cuts will go to the one-percenters.