Simply reinstating the unlimited cap, without also reversing the changes to the alternative minimum tax, would deliver no benefit to low-income and middle-class Americans, according to a new analysis by the Institute on Taxation and Economic Policy, a liberal think tank. More than 85 percent of the benefits would go to the top 5 percent of American income earners. The top 1 percent of income earners would see an average tax cut of $35,000 each.
That math may be difficult to sell to a Democratic base that spent the past year calling the Trump tax cuts a giveaway to the rich. Read more
