Following in an excerpt from an op-ed by Alan Essig published in Fortune.
In September, shortly after the GOP released the initial framework for its so-called middle-class tax plan, multiple independent analyses revealed that millionaires would reap the greatest benefit, both as a share of the entire tax cut and as a percentage of their income.
The public narrative quickly shifted to the tax plan being a giveaway to the wealthy, and opinion polling revealed the plan was unpopular. So when House leaders unveiled formal legislation on Thursday, they made sure to highlight a provision that maintains a top rate of 39.6% for those reporting income of $1 million or more. Read more