The Trump administration is not yet “on the cusp” of fulfilling President Donald Trump’s promise to deliver on his campaign promise to “tax the hell out of the rich,” according to an analysis released Monday by the Tax Policy Center.
The analysis found that the administration is “still committed to making the top 1% pay their fair share of taxes,” despite the president’s campaign promise.
“The administration is still committed to ending the loophole that allows millionaires to deduct their personal and corporate income tax from their income taxes, a move that would provide a substantial boost to the economy and make the tax code simpler and fairer,” the analysis said.
The White House did not immediately respond to a request for comment.
The Tax Policy Institute estimates that repealing the estate tax could raise $1.2 trillion over 10 years, and the tax on investment income would add another $1 trillion to the deficit.
It is the latest report to show the Trump administration’s inability to fulfill a promise to crack down on the wealthy, whose income has soared during the presidency.
In September, the Treasury Department reported that only about 15 percent of Americans are paying any federal income taxes at all.
That is more than the share of Americans who pay taxes on their wages or salaries.
The Tax Policy Report said that while the number of Americans filing taxes for the first time dropped slightly in the first quarter, the number filing taxes at the end of last year was still at the same level it was in the year prior.
In the report, the Tax Reform Coalition noted that the U.S. is currently one of the top 10 countries in the world for net corporate tax rate, but only 15 percent are paying the U,S.
federal corporate tax.
The U.K. and the Netherlands are the top two tax havens in the European Union, and China and Mexico have also taken steps to cut corporate taxes.
In a joint statement with the Tax Justice Network, the group said the administration has been too slow to enact the promised tax cuts and is “making it even harder to pay for the billions in tax cuts it has promised, even as it continues to promise tax relief for the middle class.”
The Tax Justice network, a non-profit that advocates for tax fairness, said that the Trump tax plan is “a huge giveaway to the super-rich” and “could make it harder for middle-class families to get ahead and earn the incomes that they need to support their families.”
In the past, the administration made it difficult to file a return with the IRS, so the Tax Freedom Coalition said it is now more difficult to get a tax refund from the IRS.
The groups also said that Trump’s tax plan has failed to achieve its stated goal of raising revenue, and that it has led to a significant increase in tax debt.