The Tax Law has been criticized by the lying Dems as raising taxes on average Americans to benefit the rich. They are lying, as the CATO table clearly shows. Middle income taxes
The conclusions of the Joint Committee on Taxation (JCT) provided even more good news for Americans related to the Republican tax plan that is now law.
They released their distributional analysis of the final version which President has now signed, and it provides a better than expected cut in the tax rate for wage earners and families at the middle of the income spectrum than expected, than what was in the two reconciled versions of the legislation.
The law requires higher income wage earners to pay a larger share of the overall income tax percentages than they presently do. Chris Edwards reports for the CATO Institute that the percentage cuts are fairly similar across the board for groups from $20,000 to $1,000,000 in income. He believes the table under-measures the percentage of cuts for the middle income groups when compared to the upper income Americans.
He explains, “The table below takes estimated payroll and excise taxes out of the JCT data. It shows individual and corporate income tax cuts as a percentage of estimated individual and corporate income taxes paid under current law. Middle-income households will receive by far the largest percentage income tax cuts in 2019.”
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