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I'm not sure what you're referring to - the tax break that was passed objectively saved regular folks money. • The double-digit percentage decreases in average

I'm not sure what you're referring to - the tax break that was passed objectively saved regular folks money. • The double-digit percentage decreases in average tax liability started with a 12.5% drop for people making $15,000 to $20,000 a year. Double-digit percentage reductions in liability continued for people making $25,000 to $30,000 (down 11.2%) through $100,000 to $200,000 (down 10.96%). • Taxpayers making between $40,000 and $50,000 a year had the largest fall in average tax liability, a 14.5% drop, while high-end households making between $250,000 and $500,000 had the second largest decrease, with a 14.4% liability reduction. • Taxpayers making at least $1 million had a 4.3% decrease in average tax liability. Source: https://www.marketwatch.com/story/this-is-how-much-american-workers-saved-during-the-first-year-after-trumps-tax-reform-2020-03-03 https://www.marketwatch.com/story/this-is-how-much-american-...

kibwen 6y ago
Meanwhile: "The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019." "The current poverty line for a family of four is $26,200: People with incomes between $10,000 and $30,000 — nearly one-quarter of Americans — are among those scheduled to pay a higher average tax rate in 2021 than in years before the tax “cut” was passed." "By 2027, when the law’s provisions are set to be fully enacted, with the stealth tax increases complete, the country will be neatly divided into two groups: Those making over $100,000 will on average get a tax cut. Those earning under $100,000 — an income bracket encompassing three-quarters of taxpayers — will not." "At the same time, Trump has given his peers, people with annual incomes in excess of $1 million dollars, or the top 0.3 percent in the country, a huge gift: The Joint Committee on Taxation estimated the average tax rate in 2019 for this group to be 2.3 percentage points lower than before the tax cut, saving the average taxpayer in this group over $64,000 — more than the average American family makes in a year." Source: https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html https://www.nytimes.com/2020/10/31/opinion/republicans-biden...

kibwen 6y ago

Meanwhile: "The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019." "The current poverty line for a family of four is $26,200: People with incomes between $10,000 and $30,000 — nearly one-quarter of Americans — are among those scheduled to pay a higher average tax rate in 2021 than in years before the tax “cut” was passed." "By 2027, when the law’s provisions are set to be fully enacted, with the stealth tax increases complete, the country will be neatly divided into two groups: Those making over $100,000 will on average get a tax cut. Those earning under $100,000 — an income bracket encompassing three-quarters of taxpayers — will not." "At the same time, Trump has given his peers, people with annual incomes in excess of $1 million dollars, or the top 0.3 percent in the country, a huge gift: The Joint Committee on Taxation estimated the average tax rate in 2019 for this group to be 2.3 percentage points lower than before the tax cut, saving the average taxpayer in this group over $64,000 — more than the average American family makes in a year." Source: https://www.nytimes.com/2020/10/31/opinion/republicans-biden-taxes.html https://www.nytimes.com/2020/10/31/opinion/republicans-biden...