FOR IMMEDIATE RELEASE
August 17, 2017
Maine millionaires primary recipients of proposed Trump tax breaks
Proposed tax cuts for millionaires and billionaires threaten basic education and health services
AUGUSTA, MAINE (August 17, 2017) – New analysis from the Institute on Taxation and Economic Policy (ITEP) shows Maine’s millionaires would get an average tax cut of $135,220 under President Trump’s proposed tax plan. Maine millionaires represent only 0.3 percent of all Maine households, yet would receive more than a quarter of all tax breaks.
The president’s tax proposal would cut national revenue by more than $4.8 trillion over 10 years and would trigger major cuts to basic health and education services that strengthen the middle class.
“From this analysis, one thing is crystal clear. The Trump tax plan represents the interests of millionaires and billionaires and completely fails working people,” stated Sarah Austin, policy analyst at the Maine Center for Economic Policy. “These enormous tax breaks are paid for by taking away services that help keep seniors and working people from falling through the cracks. Ultimately, the cost of these tax breaks for the wealthiest Americans would fall on state and local tax payers as Maine lawmakers work to replace key investments lost at the federal level.”
Nationally, millionaires would receive an average of 48.8 percent of the tax breaks—despite making up just half of one percent of Americans—while the approximately 45 percent of Americans earning less than $45,000 would receive just 4.4 percent of the tax cuts.
The Trump tax proposal is expected to be the basis for tax legislation pursued by House GOP leadership when Congress returns in September.
You can view ITEP’s full analysis here.