The Trump Tax Plan: Who Makes Out and Who Gets Squeezed
INDIANAPOLIS--You may get the short end of the stick with the new Trump tax plan if you're a doctor, lawyer or professional and you make between $250,000 and $500,000 a year.
Matt Will, economics professor at the University of Indianapolis says if you're in that group, you'll lose some deductions.
"The people who make between $260,000 and $400,000-you're getting screwed," said Will, a guest on Tony Katz Today. "Because they lose their deductions, there's caps on what they can deduct, and their rates go up. So, people in that bracket are getting squeezed in the plan."
Will said the plan calls for a 20 percent corporate tax and for better deductions for lower and middle income families.
"It's pure populism. If you're lower or middle income, you make out like a bandit on this thing."
The U.S. House was talking about the plan Thursday afternoon.
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