President Donald Trump’s plan to overhaul the U.S. tax code has some losers, including large corporations and the wealthy, and is unlikely to generate much economic growth, a new report says.
In its report, the Joint Committee on Taxation found that Trump’s overhaul plan is likely to reduce revenues by $1.4 trillion and increase the deficit by $6 trillion over the next decade.
That would be enough to balance the budget for the first time since the Great Depression, according to the Joint committee, which is led by Roberton Williams of the University of California, Berkeley.
The report comes amid growing calls by lawmakers and economists for the tax plan to be re-written to take into account the economic impacts of Trump’s agenda, and amid the possibility of a potential showdown between the president and Congress over the tax bill.
The Joint committee said that under Trump’s proposal, the wealthiest Americans, the biggest losers of his plan, would be hit hardest.
The report said that the wealthiest 1 percent of Americans, who make up around 30 percent of the U,S.
population, would receive a tax cut of about $4,700 in 2019, according the Tax Policy Center, a think tank that studies economic policy.
But the report says that the tax cut would be less than half of what Trump wants for the top 1 percent.
And that the vast majority of the gains for the rich would go to the top 0.1 percent, the report said.
In addition, the JCT report says, Trump’s $1 trillion tax cut for individuals would leave the wealthiest 2.5 percent of earners with just $4.7 trillion in their pockets.
That is just a fraction of the $3.9 trillion that Trump is proposing to cut in the tax cuts for the wealthy and corporations.
The Joint committee did not make any projections on how the cuts would be distributed among Americans, but said that a “very modest” share of the cuts to corporations would go toward dividends and interest payments.
The plan also contains an additional $3 trillion in corporate tax cuts that would raise $1,300 for every $1 earned by the top 2.3 percent of taxpayers, the committee said.
And it estimates that the plan would leave 1.2 million people without health insurance.
The tax plan would also cut taxes for the wealthiest taxpayers and corporations, but would leave nearly 10 million people in poverty.
It’s the biggest tax cut since Reagan’s 1986 tax cut.
Trump has proposed an increase of almost $10,000 per household for everyone, and the Joint report said there would be more than half a million people living in poverty under the plan.
The JCT said that Trump had made a number of changes to the tax code, including eliminating the estate tax, a tax that primarily benefits wealthy people.
But the group said that he also had not increased the child tax credit and other income-based tax breaks.
The nonpartisan Joint Committee for Taxation said that if the tax overhaul passed in Congress, it would be “more broadly shared” than previous tax plans.
Trump said that while the tax changes would be beneficial to individuals and corporations who earn more than $10 million, they would be largely beneficial to the middle class.
The committee also found that the Senate plan to reduce the corporate tax rate to 25 percent would not create enough jobs to pay for its massive tax cuts.