One of Donald Trump’s biggest campaign promises – along with building of a wall across the U.S.-Mexico border and surveilling Muslim Americans with nazi-like vigilance – was to cut taxes for all Americans. Experts have looked closely at the president-elect’s tax plan, and have come to the conclusion that taxes will, indeed, be cut, but the people receiving the largest breaks are the top 0.1 percent of Americans.

Donald Trump’s tax plan is, essentially, to quote Hillary Clinton, “trumped up” trickle-down economics. Kurt Rademacher, a partner at the law firm Butler Snow, explained on CNBC the basic premise behind the president-elect’s plan:

‘Trump’s theory, of course, is that these tax cuts that benefit mostly the wealthy individuals, and in some cases large corporations, would generate additional jobs and growth that would fund the economy and fuel changes for people who feel left out.’

Upon closer inspection, it doesn’t seem that much wealth is going to trickle down as a result of Trump’s proposals. According to Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, in the event that Donald Trump’s tax plan goes through as proposed, those who make between $48,000 and $83,000 a year will save about $1,000. Those who make $3.7 million or more annually, however, can look forward to saving around $1 million in yearly taxes.

Donald Trump promised throughout his campaign that middle-class Americans would see huge savings. Based on the analyses of Gleckman and other tax experts, though, it is not the middle-class Americans to whom Trump appealed so heavily who will benefit from his presidency. Instead, it will be the wealthiest Americans, the “Establishment,” the people Trump claimed to be running against, who will reap the greatest benefits.

Gleckman said about Trump’s proposal, “He is proposing tax cuts for the very people he ran against in his campaign.”

Trump’s tax plan is also troubling because the president-elect has not offered up any information about what budget cuts he will make in order to offset the large tax cuts he has promised the American people. Without large cuts from other areas of the budget, the Committee for a Responsible Federal Budget estimates that Trump’s plan will lead to a $7 trillion debt increase.

Commenting on Trump’s lack of information regarding this subject, co-director of the Tax Policy Center William Gale said, “I’m guessing Trump is going to care less about the details than just getting tax reform passed.”

This lack of attention to detail is going to hurt the people Trump has promised to protect. Howard Gleckman explained this in detail in a contributing article for Forbes. The money has to come from somewhere, and Congress would be faced with two options should Trump’s plan be carried out exactly as written. The first option is to cut spending on programs that help the poor and middle-class, such as Medicaid, homeland security, transportation, and veterans benefits – remember how much Donald Trump claimed to love veterans? The second option is to borrow the money, which will likely raise interest rates for Americans on credit cards, home loans, and auto loans.

Gleckman also pointed out that it will be harder for Trump to follow through on other promises if money is borrowed because “higher borrowing costs would make it more expensive for firms to build those new US factories Trump has been promising.”

Despite his many promises to the contrary, the only people who will really benefit from Trump’s tax plan are the big banks that he has decried repeatedly and the other members of the wealthiest 0.1 percent of Americans.

Featured image via Mark Taylor/Flickr, available under a Creative Commons license.