Monday, November 06, 2017

Surprise! Repug tax plan favors the rich

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From the Institute on Taxation and Economic Policy:


...Some of the provisions in the House bill that benefit the middle-class — like lower tax rates and fewer brackets, an increased standard deduction, and a $300 tax credit for each adult in a household — are designed to expire or become less generous over time. 

Some of the provisions that benefit the wealthy, such as the reduction and eventual repeal of the estate tax, become more generous over time. The result is that by 2027, the benefits of the House bill become increasingly generous for the richest one percent compared to other income groups...

Even when measured as a percentage of income, the richest one percent receive a larger average tax break in 2018 and 2027 than any other income group. As illustrated in the graph below[above], the richest one percent receive an average tax cut equal to about two and a half percent of their income in 2018 and 2027. The middle fifth of income-earners receive a break equal to 1.4 percent of their income in 2018, falling to just 0.6 percent of their income in 2027...

Thanks to Daily Kos.

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