A GOP politician proposing a tax cut is almost like Pavlov’s dogs or preprogrammed robots criticizing “tax cuts for the rich. Nancy Pelosi, the House speaker, stated that the GOP’s empty promises to lower taxes for middle-class workers are aimed at the rich.
Pelosi stated that the House GOP’s tax bill would increase taxes for 12% Americans next year. She stated that they need to work with Dems in order to put the middle class before corporations and the wealthy, instead of pushing a deficit-exploding handout to corporations.
The U.S. Internal Revenue Service has data that compares the outcomes of 2017 and 2018, the first year of tax reform implementation. The Tax Cuts and Jobs Act reduced the effective income tax rates for filers in all income brackets. The greatest benefits went to households earning lower and middle incomes.
Tax cuts for filers with adjusted gross income (AGI) between $40-50K and above-average 18.2 percent were received after taking into account all tax credits, deductions, and tax credits. There are many other options. Tax reductions have made people happier, but we don’t mean just the wealthy.
The IRS data also shows that the Tax Cuts and Jobs Act seems to have had an important upward impact on economic mobility. It has seen a drop in the number of filers with adjusted gross incomes between $1 and $25,000 over the past year. The income of households with incomes above $25K increased, but not all income brackets.
Additionally, IRS data showed that those with higher incomes paid a greater share of the total tax burden for 2018 than in 2017. This contradicts the countless criticisms that Dems have made over the past four years that TCJA favors wealthy filers.
Taxpayers who have earned more than $500K in 2017 were responsible for 38.9% of personal income tax revenue. This income bracket was responsible for 41.5 percent in 2018 income tax revenue.
Yes, that’s right. It looks like the wealthy have “paid their fair share,” to borrow a term from the left. What are we learning today, children? Dems lie about Trump’s tax cuts to the wealthy. This would appear to be enough to make them forget that phrase when the GOP president or Congress is asking for tax cuts.
