Here’s all you need to know about President Trump’s tax plan:
Mr. Trump’s aides have been working on a detailed tax proposal, but that isn’t ready yet. The announcement on Wednesday is expected to focus instead on broader principles….Mr. Trump’s statement last week that he would announce details of his plan later this week caught his team off guard, said people familiar with the matter.
In other words, it’s all theater. On Wednesday we’ll get a vague description of “broader principles” that will include gigantic cuts in the top rates for both individuals and corporations, along with just enough eye candy for the middle class that Trump can pretend it’s a tax cut for everyone. It will basically be a campaign document with a few extra tidbits so that Trump can claim to have released his “tax plan” during his first hundred days.
The benefit of staying vague, by the way, is that it’s impossible to score his plan until every detail is filled in. Still, I expect the usual suspects at the Tax Foundation and the Tax Policy Center will try. So where do you think they’ll end up? My guess is that it will cost $4 trillion, of which 95 percent will go to the top 10 percent. Enter your guess in comments. The winner gets the most precious thing I have to offer: a tweet that announces their victorious prediction.