As Trump is reportedly about to unveil his tax bill this afternoon, the President will likely make a major announcement regarding the tax plan, which is scheduled to be unveiled on Friday.
According to the White House, Trump is expected to unveil a tax plan that would increase taxes on the middle class, decrease the number of taxes paid by high earners and reduce the overall size of the federal budget.
The administration has said that Trump is committed to lowering taxes for the middle and working class, as well as for the wealthy, and to increasing the size of government.
But experts are skeptical that the plan will do anything to help the middle or low-income earners who are the main drivers of the US government.
According the New York Times, the administration has been making efforts to soften the impact of the tax cuts on middle-class Americans.
“The White House wants to use this as a way to help middle-income people get through the transition period,” Peter Orszag, the former director of the Office of Management and Budget, told the Times.
“The idea is to help people get their head around that, and the idea is that the middle will feel better.”
But experts say that the economic benefits of the proposed tax cuts may not be enough to convince middle- and lower-income Americans to accept the proposed changes to their tax rates and rates of return.
The Associated Press reported on Friday that the White, House and Treasury Department have said that the proposal will create “a tax cut for the rich.”
The White, Treasury and White House say the plan would raise $1 trillion over 10 years, mostly through a $400 tax cut on individual income.
The AP reported that the tax cut would benefit only 1.7 million households.
The proposed changes would also reduce the corporate tax rate from 35% to 21% and the top corporate tax from 39.6% to 20%.