President Donald Trump’s plan to raise taxes on the wealthy and corporations would reduce the size of the federal estate tax, according to an estate tax analysis published on Wednesday by the Tax Policy Center.
The analysis also found that Trump’s proposal would increase the number of millionaires and billionaires by about 12 million by 2027, and the average income of the richest 1 percent by $4.3 million.
The Trump plan would raise taxes in five ways.
The top tax rate would increase from 35 percent to 39.6 percent.
It would also cut corporate taxes, cutting their rate from 35 to 28 percent.
And it would lower the estate tax rate to 10 percent.
The Tax Policy Actuarial Analysis also estimated that Trump would save $1.7 trillion over the next decade, largely from lower taxes on capital gains and dividends.
That would translate into a $1 trillion increase in tax revenue in 2027.
The Tax Policy Foundation estimated the tax cuts would result in an additional $2.5 trillion in economic growth in 2026.
Tax experts also say Trump’s proposed changes to the estate taxes are largely a wash.
The proposal includes the biggest tax cut ever in the U.S. history, but only the top two brackets would see significant tax increases.
Under the Trump plan, all income earned after $1 million in taxable income would go to the top 2 percent of Americans.
Trump’s overall plan would reduce taxes on a wider array of individuals, but the top 1 percent would see a bigger tax cut.
“There’s nothing that really offsets the loss of capital gains tax cuts that we would have from the Trump tax plan,” said John Mulhern, a senior fellow at the Tax Foundation, a nonprofit tax policy think tank.
“It’s a pretty significant cut.”
Trump’s proposal for the estate would include a cut of $1,000 per year for each $1 of taxable estate.
The proposal also includes a tax credit of up to $1m for a single person and $1 for married couples.
The total tax savings would be about $2 trillion over a decade.
The nonpartisan Tax Policy Project, a nonpartisan research and analysis organization, estimated that the estate Tax would save the U:T.P.P.: $8 trillion over 10 years, or about 20 percent of all income.
Tax analysts at the Urban Institute, a Washington think tank, also estimated the plan would save taxpayers $1 in taxes per year.
“In 2027 [Trump’s plan] would save a little over $1 billion annually on estate taxes,” the report said.
The tax cut for wealthy individuals would be $9,000 a year for individuals who are at least $1million, according the Tax Reform Institute, another nonpartisan tax policy research and assessment organization.
The plan also includes tax credits of up the $1 to $4 million range for married individuals and $5,000 for a couple.
The report also found the estate of a billionaire would be reduced by $11.5 million under the Trump Tax plan.
The estate tax cut would be more than offset by a reduction in the estate value, according Tax Reform, which said the tax credit would be “about $1 on the $4 billion of capital gain or dividend income that would be subject to the new tax rate.”
Trump did not respond to a request for comment.