On Sunday night during a “town hall” broadcast on Fox News, Greta Van Sustren asked Donald Trump about his tax plan. Specifically, she asked him if everyone in the country would get a tax break, “even the very rich.” This is how Trump responded:
The very rich are going to be paying — well, first of all on the very rich, let me explain. We have things in the very rich that are so unfair to the general public, especially the hedge funds guys, like carried interest and different provisions, that are very complex that a lot of people wouldn’t understand. But I’m getting rid of carried interest and frankly the ones that I’m really concerned about — you know, I like the workers — I call them the workers of this country — the best. I don’t necessarily like the very rich, even though I’m one of the very rich. But the very rich are going to end up probably paying more but there’s an incentive for them to invest in the country and to create jobs.
Trump is either completely unfamiliar with his actual tax plan or is blatantly lying about it.
According to an analysis by the Tax Policy Center, the top 0.1 percent of taxpayers — a group that includes those with incomes over $3.7 million — would receive an average tax cut of $1.3 million under Trump’s plan. Those in the bottom 20 percent of income, meanwhile, would receive an average tax cut of $128. Overall, 35 percent of the benefits of Trump’s tax cuts go to the top 1 percent of earners.
Trump does get rid of the carried interest loophole, which provides tax advantages to hedge fund managers and others, but the impact of that change is swamped by massive cuts to the rates on income and capital gains.
This analysis shows that the idea the very wealthy will “probably pay more” under Trump’s tax plan is completely false. The very wealthy under Trump’s tax plan will pay much less.
Trump paid no price for his obvious falsehood on Fox News, however. Van Sustren simply moved on to the next question.