April 12, 2019

Think Progress: Trump Tax ‘Cut’ Actually Increased Taxes for 10 Million American Families, Report Finds

media mention

The Center for American Progress released its calculations on Friday, based on data from the non-partisan Institute on Taxation and Economic Policy. It found that 10,260,263 American families saw a tax hike last year, thanks to the president’s 2017 Tax Cut and Jobs Act. (ThinkProgress in an editorially independent news site housed at the Center for American Progress Action Fund.) Steve Wamhoff, who authored the Institute on Taxation and Economic Policy’s study, told ThinkProgress that the 10 million estimate is correct. “Most families did receive a tax cut from the Trump tax law,” he observed. “The real problem is that vast majority of the tax cuts went to people who do not need help. Half the tax cuts went to the richest five percent, which about a quarter going to the richest one percent. Those among the top five percent got bigger tax cuts not just in dollar terms but even when measured as a share of their total income.” Read more