Would American households really see an average income increase of $4,000 a year if President Donald Trump succeeds in cutting the corporate income tax? Don’t count on it. This claim is dubious at best.
In promoting his plan to overhaul of the nation’s tax system, President Donald Trump claimed “the rich will not be gaining at all with this plan.” But the tax proposal his administration outlined in April would heavily benefit high-income taxpayers, and Trump hasn’t revealed any changes to it.
In advocating for a corporate tax cut, Treasury Secretary Steve Mnuchin overstates the consensus when he says “most economists believe that over 70 percent of corporate taxes are paid for by the workers.”