Trump's tax cuts benefited lower-income people the most

[JohnT]

@Guest-starring_Id

That’s odd - here I was thinking this was giving the Indian Removal Act of 1830 a run for its money.

Gee I wonder when JohnT will give this a gander.

Hey, I resemble that remark!

You know, this message board is truly a treasure trove of information. And guess what I found?

A Forbes magazine citation by @running_coach which talks about how the middle class will initially benefit from the 2017 tax cuts… but!

Let me quote RC quoting Forbes from December, 2017:

Ah…that middle class…the very group of taxpayers for whom this plan was designed, according to those who built it. While the majority of middle-income taxpayers will enjoy a tax cut right away, some won’t be so lucky, with the Tax Policy Center estimating that 15% - 20% of those earning between $86,000 and $300,000 will experience an immediate tax increase, resulting from the confluence of lost itemized deductions, eliminated personal exemptions, and slower indexing of the individual tax brackets.

By the time the budget gimmicks prevalent throughout the plan run their course in 2027, however, things are much different for the middle class. If the individual cuts are not extended at the end of 2025, the middle class will not only be left with nothing by 2027, nearly 60% of those earning between $86,00 and $300,000 will pay more than if these cuts were never enacted. Oddly enough, even IF the individual cuts expire, by virtue of the steep corporate cuts, the richest 1% do just fine, with only 16% experiencing an increase relative to current law.

Link to post/thread: Tax plan passes Senate - #48 by running_coach

Link to Forbes magazine article: Winners And Losers Of The Senate Tax Bill

Let me repeat the key sentence for you TLDR’s:

nearly 60% of those earning between $86,000 and $300,000 will pay more than if these cuts were never enacted

TY, Running Coach, for your contributions in the fight against ignorance.