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Trump’s tax plan won’t benefit the merely rich—but the scions of business empires

The Republicans are no longer the party of the hard-working professional

By James Kwak  


It’s no longer enough to be rich in Donald Trump’s America. Now, it’s only the super-wealthy who matter. That’s the message of the tax plan released by the Trump administration last week.

If you are a garden-variety rich person earning a six-figure salary, like a corporate vice president, President Trump doesn’t actually have much to offer you. The top marginal tax rate will fall from 39.6 per cent to 35 per cent, but today the higher rate only kicks in well above $400,000 per year,…

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