President Trump was explicit when he rolled out his tax plan last month. The proposals he was putting forward would “protect low-income and middle-income households, not the wealthy and well-connected.”
“It’s not good for me,” he added. “Believe me.”
Of course, the proposal is good for him, as one of the wealthier people in the United States. It would eliminate the alternative minimum tax, one of the taxes we know Trump has had to pay in recent years. It cuts the top tax bracket, reducing their tax obligation. It gets rid of the estate tax, which, admittedly, is better for Ivanka and Eric Trump than their father.
An analysis of the tax plan conducted by the Institute on Taxation and Economic Policy determined that the richest 1 percent of Americans would see more than two-thirds of the benefit from Trump’s proposal. Taxes would go up for a sixth of Americans, mostly concentrated in the income range of $111,000 to $241,000 a year, among whom 4 in 10 would see an increase.
ITEP went further in its analysis, though, breaking out the average effects of the proposal in each state by each income bracket. We took that data and made an interactive that allows you to view the effects on people in your tax bracket in your state.
It’s critical to note that theses are estimates. Relying on this tool to file your taxes in the event that the Trump bill is signed into law is not recommended. What it offers is a look at how someone in your income bracket would be affected by the law and, for context, how the wealthiest people in your state would see their tax burden shift.
If you don’t feel like using the interactive, we’ll spoil it for you: They will fare better.