On the final night of the Republican National Convention, president Donald Trump warned that former vice president and Democratic candidate Joseph Biden would raise taxes on “almost all American families” and impose corporate taxes that would lead to the collapse of the stock market and the economy.
This isn’t true, experts say. And when it comes to tax plans, Trump offered little in the way of concrete policy or figures.
Craig Wild, senior partner at Wild, Maney & Resnick, LLP, said the President’s accomplishments on the tax front promised more than they delivered, particularly for ordinary Americans.
“The tax reductions, first of all did not help the middle class,” Wild said. That’s especially true in high cost-of-living states where the amount of property tax and mortgage interest taxpayers could deduct dropped sharply. “Wealthier people were helped, as were corporations.” Continue reading.