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PROVIDENCE, RI— A new analysis from the Institute on Taxation and Economic Policy reveals a federal tax reform plan based on President Trump’s April outline would fail to deliver on its promise of largely helping middle-class taxpayers, showering 61.4 percent of the total tax cut on the richest 1 percent nationwide. In Rhode Island, the top 1 percent of the state’s residents would receive an average tax cut of $86,610 compared with an average tax cut of just $430 for the bottom 60 percent of taxpayers in the state.
The 50-state analysis examines the overall effect of the Trump tax plan on federal revenue as well as its impact on taxpayers in each of the 50 states. In sum, the plan would lose $4.8 trillion in federal revenue over the next decade.