President Donald Trump’s tax plan will cost Americans more than the Obama tax plan.
The new proposal unveiled on Monday by Trump’s administration will have more in common with Mitt Romney’s tax plans than the Republican’s version of the Tax Cuts and Jobs Act of 2017, according to a new analysis from the conservative American Conservative.
Trump’s plan will result in a net tax cut of $2.6 trillion over the next 10 years, according the analysis, which takes into account both the individual and corporate tax cuts.
In addition, the Tax Policy Center found that the plan would save $2,400 per household, $1,900 per family, and $700 per college graduate.
The report comes as Democrats, labor, and other progressive groups are calling for the White House to release the full details of Trump’s proposed tax plan and offer more details about its effects.
“These tax cuts will be among the largest in history,” said Tom Steyer, the billionaire environmental activist.
“The American people deserve a tax cut that is fair to them, works for all Americans, and makes sure that we’re protecting their future.”
The Tax Policy Project analysis also found that under Trump’s proposal, the richest one percent of Americans will see their tax bill jump by $1.1 trillion, while the poorest 10 percent of the population will see a tax hike of $700 billion.
While Democrats and progressive groups have long pressed for a major overhaul of the tax code, the administration has resisted calls for more changes, citing its desire to make tax cuts permanent.
The Tax Foundation, a nonpartisan tax research group, recently estimated that Trump’s revised tax plan would raise $4.5 trillion in revenue over the 10 years and cost $1 trillion more than Romney’s plan.
Trump has already signaled he would like to extend some of the existing tax breaks for corporations and the wealthy, which have already expired under the Obama administration.
Trump is also proposing to extend the Bush-era tax cuts for the middle class for another decade.
In his tax plan, Trump is proposing to repeal a deduction for state and local property taxes and raise the threshold for the mortgage interest deduction.
He’s also proposing a temporary tax cut for companies, which he’s said he will keep if they keep producing and hiring.
“President Trump’s bold tax plan includes the most sweeping tax overhaul in the history of the United States,” said Stephanie Cutter, the president of the Center for American Progress, which advocates for progressive tax policy.
“It also includes sweeping tax relief for the wealthy and businesses, as well as the largest corporate tax cut in American history.
This is the American Dream, and the American people can’t afford another tax hike.”