The Trump Tax Bill Wasn’t For You
By Sean Kitchen It’s Tax Day 2018, and you know what that means? The country’s wealthiest Americans are about to experience long-term gains from the Tax Cuts and Jobs Act. The Pennsylvania Budget and Policy Center is concerned about the effects of the tax cut law and legislation that would make temporary tax cuts permenant after 2025. A new report from the Institute of Taxation and Economic Policy shows that the top 1% will receive more federal tax dollars than the bottom 60% in 47 states, and the top 20% will gobble up the majority of returns from the temporary tax provisions that were baked into the bill as tax cuts for the middle class. The top 20% will also receive a larger and more disproportionate tax cut in relation to their income. The report published by the Institute of Taxation and Economic Policy explains that those in the top 20%… Continue reading
