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Two reasons for that: 1) These are the first year income tax cuts, but most of these income tax cuts are getting phased out over time after the first year. By
by a_humean 9y ago
Two reasons for that:
1) These are the first year income tax cuts, but most of these income tax cuts are getting phased out over time after the first year. By 2027 some of these income groups may see tax increases, and most won't see much benefit at all.
2) The temporary income tax cuts are peanuts compared to what is happening with the corporate rate, pass-throughs, capital gains, and estate tax (all permanent), which benefit people that own companies and/or inherit wealth - which is predominately the richest people. The richest people in the country don't get their wealth from their income, but rather from returns on capital.
- ryanwaggoner 9y agoI thought capital gains rates weren't changing?