New studies confirm that under Republican tax handout “The wealthy got roughly twice as big a break”
Frank Newport: “The 2017 Tax Cuts and Jobs Act is not turning out like President Donald Trump and the Republicans hoped it would”
Washington Republicans all breathed a sigh of relief as a new flood of analysis dropped right before Thanksgiving that showed their signature achievement, a tax handout to the wealthiest Americans, was just as bad, if not worse for everyday working Americans, as previous studies projected.
Over the holiday, McClatchy reported:
“A congressional district-by-district analysis of benefits by the nonpartisan Tax Foundation found that regardless of the state, city or locale, the pattern holds: The wealthy got roughly twice as big a break, as measured by the percent change in after-tax income, than those with an adjusted gross income of less than $200,000.”
And remember, here’s what the Tax Policy Center found in their 2017 study:
“…by 2027, 28% of Americans would see an increase in their tax burden due to the tax-code overhaul proposed in the bill.”
Two years after the passage of their singular accomplishment, new reporting shows once again that the Republican tax bill was designed for the wealthy and corporations to get the biggest gains, while the rest of us foot the bill.
DCCC Spokesperson Cole Leiter released the following statement:
“Washington Republicans put their priorities on display when they wrote a giant tax handout to the ultra-rich and their special interest donors, paid for by working Americans. Republicans in Washington putting special interests first strikes a stark contrast with Democrats who are working to bring down the cost of health care and stand up to drug manufacturers on behalf of everyday people.”
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IN CASE YOU MISSED IT
Here’s why Donald Trump is talking about another tax cut
McClatchy DC || By David Lightman
KEY POINTS:
- A congressional district-by-district analysis of benefits by the nonpartisan Tax Foundation found that regardless of the state, city or locale, the pattern holds: The wealthy got roughly twice as big a break, as measured by the percent change in after-tax income, than those with an adjusted gross income of less than $200,000.
- “The 2017 Tax Cuts and Jobs Act is not turning out like President Donald Trump and the Republicans hoped it would — at least, based on the public opinion data we have to date,” Frank Newport, senior scientist at the Gallup Poll, wrote as the income tax filing season ended in April.
- “A majority of Americans have long believed that upper-income Americans and corporations pay too little in taxes. Did the new law address this situation? Americans say no,” Newport said.
- Polls showed that “Americans (correctly) perceived that the law did little to change this and in fact benefited corporations and the rich,” he said.
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