Ryan-McConnell Tax Reform Plan is a Far Cry From a 'Middle Class Miracle'

In his big speech in Indiana, President Trump claimed the Ryan-McConnell tax ‘reform' plan is a ‘Middle Class miracle,' but in reality, nothing about the GOP proposal provides ‘historic tax relief' for hard-working Americans. It's nothing more than a massive tax giveaway for Trump and his rich friends. Here's why:

WHAT PRESIDENT TRUMP SAYS ABOUT RYAN-MCCONNELL TAX ‘REFORM' PLAN:

"By eliminating tax breaks and loopholes we will ensure that the benefits are focused on the Middle Class, the working men and women, not the highest income earners … I'm doing the right thing, and it's not good for me, believe me."

WHAT THE RYAN-MCCONNELL TAX ‘REFORM' PLAN ACTUALLY DOES:

Americans for Tax Fairness: Trump's Unpaid-For Tax Cuts May Total $5 Trillion In New Tax Plan

The idea that this plan would help average Americans instead of the wealthy and big corporations has been a hoax all along.

LA Times Op-Ed: Don't buy the spin: The new tax plan is a huge giveaway to the rich

Don't buy the spin. Judging from the scanty details in the framework, low- and middle-income Americans may or may not see a tax cut, and if they do, it will be modest. Wealthy Americans, however, will be granted immense benefits. Their most cherished tax breaks will be protected, other tax breaks will be added and they'll even see a reduction in their top marginal tax rate.

ITEP: Trump Tax Proposals Would Provide Richest One Percent in Indiana with 46.1 Percent of the State's Tax Cuts

Officials in the Trump administration have said that their tax plan will help the middle-class, but that is not true of the proposals they have put forward so far. For example, in Indiana, the middle fifth of taxpayers in terms of income are projected to make an average income of $52,400 in 2018. This group would receive just 7.2 percent of the tax cuts next year in Indiana compared to the 46.1 percent of the tax cuts received by the richest one percent of the state's residents.