Congress is touting its federal tax overhaul as a middle-class tax cut. However, independent analysis, such as conducted by the Tax Policy Center, indicate that corporations and wealthy individuals will benefit the most from the tax changes.
For example, based on what is known about President Trump’s finances, he and his family are projected to benefit by tens of millions to hundreds of millions of dollars in tax savings, perhaps more.
By 2027, the average tax savings for middle-income citizens will decrease, whereas the tax savings for the most well-off will increase. Millions of middle-income Americans will actually pay more in taxes. Many low- and middle-income families will likely be worse off if/when Congress offsets the $1.5 billion increase in federal deficits created by the tax changes by cuts in spending and increases in other taxes.
By about a two-to-one margin, Americans say tax rates should be increased for corporations, large businesses and high-income households compared to want such tax rates lowered, according to the Pew Research Center.
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Does the proposed tax overhaul serve well our country?