Quartz: Two Years into Trump’s Tax Cut, the Results Are Not Promising
media mentionDespite what the Democrats claimed, most people did actually pay less tax. But the wealthy got a far bigger cut than the rest of society, according to various studies. Next year, the richest 20% of taxpayers will save more than double the amount of taxes than the remaining 80% of earners combined—and the top 1% have cut their tax bills by an average of $49,950, according to calculations by the left-leaning Institute on Taxation and Economic Policy (ITEP).
“The tax law has made rich people richer, it’s made some foreign investors richer, and it hasn’t really accomplished very much else,” said Steve Wamhoff, ITEP’s director of federal tax policy. “I think this is the exact opposite of what our society needed in this time of greater inequality.”