Harless Tax Blog

Harless Tax Blog

GOP tax bills tilt toward wealthy despite pitch for middle class

Thursday, November 30, 2017

Source: accountingtoday.com

President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.

A study from Congress’s own think tank provides some of the most recent evidence of this. The nonpartisan Congressional Research Service concluded that under the Senate plan, Americans making between $500,000 and $1 million a year would see the biggest percentage increases in their after-tax income.  See More