The new tax plan proposed by the Trump administration offers a wide range of tax cuts, most of which are reserved for the wealthiest 1 percent of Americans.
The plan also aims to cut the corporate tax rate to 20 percent, repeal the estate tax and reduce the number of tax brackets. Some economic analysts believe the plan disproportionately favors the wealthy, and could potentially hinder the economy’s growth. Rounds Consulting President Jim Rounds believe that without offering more cuts for the middle class, the tax plan could see serious pushback from voters. There is time for compromise, Rounds said, as the plan is still in its early stages.