Two narratives that intentionally obscure who benefits from the tax law are emerging. One focuses on the personal income tax cuts that will result in an increase in net take-home pay for many employees once their employers adjust withholding. Anecdotes abound of working people getting a $100 or more increase, after taxes, per paycheck, but the reality is that most workers will receive a lot less than that. Meanwhile, the wealthiest 1 percent of households will receive an average annual tax break of $55,000, an amount that nearly eclipses the nation’s median household income.
Trump Tax Policies
ITEP research is pivotal in explaining the effect of the 2017 Tax Cuts and Jobs Act and other Trump administration tax policy proposals at both the state and national levels, including how current law contributes to regressivity in the tax code and rising inequality. See ITEP’s most recent estimates of the Tax Cuts and Jobs Act.
-
blog February 20, 2018 Why We’re Not Eternally Grateful for $1,000 Crumbs
-
blog December 4, 2017 They Can’t Help Themselves: GOP Leaders Reveal True Intent Behind Tax Overhaul
The hand-written scrawls in the margins of the hastily written 500-page Senate tax bill had barely dried when lawmakers began to reveal the true motivation behind their rush to fundamentally overhaul the nation’s tax code.