IRS data proves Trump tax cuts benefited middle, working-class Americans most
Congressional Democrats have argued that one of the best ways to pay for the legislation is to raise taxes on wealthy households, which, according to many on the left, have benefited disproportionately and unfairly from the 2017 tax reform law passed by Republicans and signed by former President Trump. The latest data, however, proves that this claim is pure mythology.
OH, and what do the REAL numbers show?
- filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent
- Filers who earned $50,000 to $100,000 received a tax break of about 15 percent to 17 percent
- those earning $100,000 to $500,000 in adjusted gross income saw their personal income taxes cut by around 11 percent to 13 percent.
And the higher earners?
- at least $500,000 received an average tax cut exceeding 9 percent
- brackets starting at $1 million was less than 6 percent
That means…
IRS data shows earners in higher income brackets contributed a bigger slice of the total income tax revenue pie following the passage of the tax reform law than they had in the previous year.
And that also means…
That means that Republicans’ tax reform law resulted in the tax code becoming slightly more progressive – the exact opposite of what Democrats have claimed over the past four years.
SHOCKING! The dems making false claims.
So with the dems plan to reverse this reform tax law plus their desire to increase taxes on the higher earners, the Build Back Better on the Back’s of the American’s Bank Balances.
The dems want your TAX FREEDOM DAY to come later, IMHO.
Here is Canada, google said we had our TFD on May 24, 2021.
But in the US, google said American’s had their TFD on April 16, 2021.
That is 38 days earlier.
And we know the dems want to close THAT gap and are wetting themselves with the dreams of what they can do with those extra TAXes.
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