The nation’s important economic stimulus bill has bundled a few last-minute modifications to the country’s tax code. The current distraction has claimed the purpose of these tax cuts is to provide economic stimulus to the country. How do these tax cuts really work though?
How Do These Improvements Affect Americans
The perks to these tax adjustments are not going to be distributed equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportionate burden on our society’s lowest earners.
Which Families Benefit the Greatest From the Bill?
The wealthiest people or people generating over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
People Earning Over 200k Yearly Get Better Help
When you add in people who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new changes.
What About Everyone Else?
If you look at the rest of the population and add up the total benefit they receive from the new tax changes they only receive 5 percent of the total benefit.
What About American Business?
So far the current administration’s policies have led to an surge in the wealth gap in American society. We can expect that these changes will further grow the divide that exists between citizens’ classes in our country currently. The tax changes will also likely supply a boost to large businesses that could be reflected by exaggerated stock prices.
More information is at The Guardian