Meanwhile, President Trump’s $1.5 trillion tax cut — like previous massive tax cuts — has failed to trickle down to average workers in a meaningful way, and many of his policies are hurting American workers. Just 4 percent of workers at Fortune 500 companies received a bonus or wage increase as a result of the tax cut, according to an analysis by Americans for Tax Fairness, an advocacy group dedicated to tax reform.
The tax cuts helped the one group that didn’t need a boost. The richest 1 percent of taxpayers will receive an average tax cut of more than $55,000, while the middle fifth of taxpayers will receive a tax cut of $800 in 2019, according to an analysis by the Institute on Taxation and Economic Policy, a non-partisan think tank. Read more